<p>Several opposition parties in the Business Advisory Committee meeting that took place early on Monday afternoon chaired by the Lok Sabha Speaker Om Birla, objected to the government presenting paperless Union Budget and Economic Survey.</p>

<p>Sources said that these Lok Sabha leaders conveyed to the government via the speaker that it would be impossible to download every document from the Internet, read it and process it in time for reactions. As per the sources, privy to the details of the meeting Adhir Ranjan Chowdhury floor leader of the Lok Sabha for the Congress, Sudip Bandyopadhyay from the TMC, Vinayak Raut from Shiv Sena, and Supriya Sule of NCP were some of the leaders who spoke about the subject.</p>

<p>Vinayak Raut told ANI, "Our concern is very genuine and we have requested the Speaker to intervene so we will hope that at least the part one speech of the finance minister is given to us in a physical copy."</p>

<p>"We have raised a very important issue because it is not practically possible to download everything from the website et cetera. Speaker has stepped in so we will have to see what the government does," Sudip Bandyopadhyay told ANI.</p>

<p>Sources further stated that during the meeting, the Lok Sabha Speaker asked the government to see what can be done to address the concern of the opposition MPs.</p>

<p>It is being said that in the meeting, Parliamentary Affairs Minister Pralhad Joshi told the opposition that he would take note of their concerns, although the people`s budget and the survey was a huge boost to promote contactless documentation.</p>

<p>The Parliamentary Affairs Minister is also said to have told the members that he will be speaking to the Finance Minister Nirmala Sitharaman about their concerns.</p>

<p><a href="https://www.wionews.com/business-economy/india-budget-2022-india-can-become-worlds-fastest-growing-economy-economic-survey-449214"><strong>Also read |&nbsp;India Budget 2022: India can become world’s fastest growing economy: Economic Survey</strong></a></p>

<p>The Finance Ministry, on January 27, through a statement had said," In a historic move, the Union Budget of 2021-22 was delivered in paperless form for the first time."</p>

<p>"A "Union Budget Mobile App" was also launched for hassle-free access of Budgetdocuments by Members of Parliament (MPs) and the general public.</p>

<p>The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed on February 1, 2022, in the Parliament," the statement read.</p>

<p>According to the statement, the mobile application allows complete access to 14 Union Budget documents, including the BudgetSpeech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill, etc. as prescribed by the Constitution.</p>

<p>The mobile app is bilingual (English and Hindi) and is available on both Android and iOS platforms.</p>


Several opposition parties in the Business Advisory Committee meeting that took place early on Monday afternoon chaired by the Lok Sabha Speaker Om Birla, objected to the government presenting paperless Union Budget and Economic Survey.

Several opposition parties in the Business Advisory Committee meeting that took place early on Monday afternoon chaired by the Lok Sabha Speaker Om Birla, objected to the government presenting paperless Union Budget and Economic Survey. Sources said that these Lok Sabha leaders conveyed to the government via the speaker that it would be impossible to download every document from the Internet, read it and process it in time for reactions. As per the sources, privy to the details of the meeting Adhir Ranjan Chowdhury floor leader of the Lok Sabha for the Congress, Sudip Bandyopadhyay from the TMC, Vinayak Raut from Shiv Sena, and Supriya Sule of NCP were some of the leaders who spoke about the subject. Vinayak Raut told ANI, "Our concern is very genuine and we have requested the Speaker to intervene so we will hope that at least the part one speech of the finance minister is given to us in a physical copy." "We have raised a very important issue because it is not practically possible to download everything from the website et cetera. Speaker has stepped in so we will have to see what the government does," Sudip Bandyopadhyay told ANI. Sources further stated that during the meeting, the Lok Sabha Speaker asked the government to see what can be done to address the concern of the opposition MPs. It is being said that in the meeting, Parliamentary Affairs Minister Pralhad Joshi told the opposition that he would take note of their concerns, although the people`s budget and the survey was a huge boost to promote contactless documentation. The Parliamentary Affairs Minister is also said to have told the members that he will be speaking to the Finance Minister Nirmala Sitharaman about their concerns. Also read | India Budget 2022: India can become world’s fastest growing economy: Economic Survey The Finance Ministry, on January 27, through a statement had said," In a historic move, the Union Budget of 2021-22 was delivered in paperless form for the first time." "A "Union Budget Mobile App" was also launched for hassle-free access of Budgetdocuments by Members of Parliament (MPs) and the general public. The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed on February 1, 2022, in the Parliament," the statement read. According to the statement, the mobile application allows complete access to 14 Union Budget documents, including the BudgetSpeech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill, etc. as prescribed by the Constitution. The mobile app is bilingual (English and Hindi) and is available on both Android and iOS platforms.

Indian Budget 2022: Opposition raises objection to govt's presentation of paperless Budget

<p>Following the success of the Indian athletes at the Tokyo Olympics, the Indian government on Tuesday allocated a sports budget of Rs 3062.60 crore for the financial year 2022-23. It sees an increase of Rs 305.8 crore from last year.</p>

<p>In the last financial year, the government had allocated Rs 2596.14 crore for sports, which was later revised to Rs 2757.02 crore.</p>

<p>India won 7 medals, including a historic track and field gold from Neeraj Chopra, at the Tokyo Olympics. The sporting activities have also resumed in a phased manner in the country and 2022 is an important season because of two global events -- the Birmingham Commonwealth Games and Hangzhou Asian Games -- lined up.</p>

<p>Considering all of it, the government may have decided to spend more on sporting activities.</p>

<p>The government's flagship Khelo India programme witnessed an increase of Rs 316.29 crore in the 2021-22 budget, presented by Finance Minister Nirmala Sitharaman on Tuesday.</p>

<p>The financial allocation towards the Khelo India program, which got Rs 657.71 crore in the last budget, was increased to Rs 974 crore.</p>

<p>The total encouragement and awards to sportspersons have seen a substantial increase from Rs 245 crore to Rs 357 crore.</p>

<p><strong>SAI's BUDGET REDUCED</strong></p>

<p>The Sports Authority of India's budget had been reduced by Rs 7.41 crore to Rs 653 crore.</p>

<p>The SAI is the nodal organisation to manage nationals camps, provide infrastructure, equipment and other logistics to the country's sportspersons.</p>

<p>The allocation towards National Sports Development Fund has been reduced by Rs 9 crore to Rs 16 crore.</p>

<p>The National service scheme has witnessed a whopping jump of Rs 118.50 crore from Rs 165 crore to Rs 283.50 core.</p>

<p>The allocation towards National Sports Federations (NSFs)remained untouched at Rs 280 crore.</p>

<p>As far as incentives for sportspersons are concerned, the budget has proposed a minimal hike of Rs crore to Rs 55 crore.</p>

<p>The budget for National Sports Development Fund has been further reduced to Rs Rs 16 crore from Rs 25 crore.Live TV</p>


Following the success of the Indian athletes at the Tokyo Olympics, the Indian government on Tuesday allocated a sports budget of Rs 3062.60 crore for the financial year 2022-23.

Following the success of the Indian athletes at the Tokyo Olympics, the Indian government on Tuesday allocated a sports budget of Rs 3062.60 crore for the financial year 2022-23. It sees an increase of Rs 305.8 crore from last year. In the last financial year, the government had allocated Rs 2596.14 crore for sports, which was later revised to Rs 2757.02 crore. India won 7 medals, including a historic track and field gold from Neeraj Chopra, at the Tokyo Olympics. The sporting activities have also resumed in a phased manner in the country and 2022 is an important season because of two global events -- the Birmingham Commonwealth Games and Hangzhou Asian Games -- lined up. Considering all of it, the government may have decided to spend more on sporting activities. The government's flagship Khelo India programme witnessed an increase of Rs 316.29 crore in the 2021-22 budget, presented by Finance Minister Nirmala Sitharaman on Tuesday. The financial allocation towards the Khelo India program, which got Rs 657.71 crore in the last budget, was increased to Rs 974 crore. The total encouragement and awards to sportspersons have seen a substantial increase from Rs 245 crore to Rs 357 crore. SAI's BUDGET REDUCED The Sports Authority of India's budget had been reduced by Rs 7.41 crore to Rs 653 crore. The SAI is the nodal organisation to manage nationals camps, provide infrastructure, equipment and other logistics to the country's sportspersons. The allocation towards National Sports Development Fund has been reduced by Rs 9 crore to Rs 16 crore. The National service scheme has witnessed a whopping jump of Rs 118.50 crore from Rs 165 crore to Rs 283.50 core. The allocation towards National Sports Federations (NSFs)remained untouched at Rs 280 crore. As far as incentives for sportspersons are concerned, the budget has proposed a minimal hike of Rs crore to Rs 55 crore. The budget for National Sports Development Fund has been further reduced to Rs Rs 16 crore from Rs 25 crore.Live TV

Sports Budget increased by Rs 305.58 crore, emphasis on Khelo India and National Youth Schemes

Indian finance minister Nirmala Sitharaman during the Budget 2022 presentation in Parliament announced a plan to boost the defence sector. Here are the key takeaways.

India Union Budget 2022: FM allots 68% capital for defence purchases for domestic sector

<p>Despite the COVID-19&nbsp;pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary-General said on Monday.&nbsp;</p>

<p>"While the 8-8.5 per cent GDP projections for FY23 are on the back of a high base of 9.2 per cent in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on the higher side.&nbsp;</p>

<p>"Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75 per cent of eligible Indians fully vaccinated and the booster dose being rolled out, India would be far better prepared to take on the challenges," ASSOCHAM Secretary General Deepak Sood said.&nbsp;</p>

<p>ASSOCHAM said it shares the prognosis of the Economic Survey that the Indian economy is well placed to take on the challenges of 2022-23, riding on the back of continuous reforms in supply-side and safety nets to the vulnerable sections of the society.&nbsp;</p>

<p>Sood further said that the advance estimates suggest manufacturing to be growing by 12.5 per cent in the current fiscal while services would expand by 8.5 per cent.&nbsp;</p>

<p>"Traditionally, services grow at a faster face. Clearly, the Covid impact on contact intensive industries is reflecting even as manufacturing has been aided by supply-side reforms. Once the impact of PLI scheme kicks in, we expect the manufacturing to be leading the growth for the foreseeable future," Sood said, adding that robust performance in exports has also helped the manufacturing.</p>

<p>He further said that the Economic Survey is right in its assessment about the investment scenario, saying: "The private investment recovery is still at a nascent stage, though there are increased activities in the brownfield projects. Heavy lifting would still be needed by the government with capital expenditure, and we expect that in the Budget."</p>

<p>The Survey has pointed out that the government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required, ASSOCHAM said in a statement.</p>

<p>"Schemes like credit guarantee with 100 per cent guarantee for additional funding of Rs 4.5 lakh crore to MSMEs have provided critical relief to the sectors severely hit by the pandemic. More such measures are expected in the Budget," it said.</p>

<p>"The Survey has re-emphasised the government's asset monetisation and disinvestment agenda, which spells out bare minimum presence of government ownership even in the strategic sectors. Successful completion of Air India disinvestment should infuse confidence for the roadmap," it added.</p>

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Despite the COVID-19 pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary-General said on Monday.

Despite the COVID-19 pandemic, India's economic growth in the upcoming financial year, i.e., 2022-23, can be surprising on the higher side, ASSOCHAM Secretary-General said on Monday. "While the 8-8.5 per cent GDP projections for FY23 are on the back of a high base of 9.2 per cent in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on the higher side. "Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75 per cent of eligible Indians fully vaccinated and the booster dose being rolled out, India would be far better prepared to take on the challenges," ASSOCHAM Secretary General Deepak Sood said. ASSOCHAM said it shares the prognosis of the Economic Survey that the Indian economy is well placed to take on the challenges of 2022-23, riding on the back of continuous reforms in supply-side and safety nets to the vulnerable sections of the society. Sood further said that the advance estimates suggest manufacturing to be growing by 12.5 per cent in the current fiscal while services would expand by 8.5 per cent. "Traditionally, services grow at a faster face. Clearly, the Covid impact on contact intensive industries is reflecting even as manufacturing has been aided by supply-side reforms. Once the impact of PLI scheme kicks in, we expect the manufacturing to be leading the growth for the foreseeable future," Sood said, adding that robust performance in exports has also helped the manufacturing. He further said that the Economic Survey is right in its assessment about the investment scenario, saying: "The private investment recovery is still at a nascent stage, though there are increased activities in the brownfield projects. Heavy lifting would still be needed by the government with capital expenditure, and we expect that in the Budget." The Survey has pointed out that the government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required, ASSOCHAM said in a statement. "Schemes like credit guarantee with 100 per cent guarantee for additional funding of Rs 4.5 lakh crore to MSMEs have provided critical relief to the sectors severely hit by the pandemic. More such measures are expected in the Budget," it said. "The Survey has re-emphasised the government's asset monetisation and disinvestment agenda, which spells out bare minimum presence of government ownership even in the strategic sectors. Successful completion of Air India disinvestment should infuse confidence for the roadmap," it added. ×

India's economic growth in 2022-23 could spring a surprise: ASSOCHAM

<p>American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect 'Tax parity'&nbsp;in the annual budget to be tabled by Finance Minister Nirmala Sitharaman, the head of a top India-centric US business advocacy group said.</p>

<p>Mukesh Aghi, president, US India Strategic and Partnership Forum (USISPF) said the American companies have high expectations from what Sitharaman would present in her fourth annual budget on Tuesday. The US companies, he noted, are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/will-indias-union-budget-2022-will-live-up-to-the-expectations-of-ev-industry-449314">Will India's Union Budget 2022 will live up to the expectations of EV industry?</a></strong></p>

<p>"They (US companies) are looking at tax parity. For example, e-commerce companies that have equalisation levy, that needs to be done away with. They are looking at lowering of tariffs. It is good for India also because domestic companies become much more competitive and efficient,"&nbsp;he told PTI in an interview on Monday.</p>

<p>American companies, Aghi said, are looking at more investment in India's infrastructure. They also want the labour laws and land acquisition process streamlined, he observed.</p>

<p>"Because ease-of-doing business is still very critical in the minds of these investors. They spent a lot of time putting in an application for more land or water so that has to be sorted out,"&nbsp;he said.</p>

<p>The USISPF chief further said the US companies, from a long-term perspective, expect from the annual budget "a sense of predictability, transparency and concentrated process". These are the critical questions raised inside a boardroom when a company is planning to invest millions or billions in India, he added.</p>

<p><strong>Watch |&nbsp;Indian FM Nirmala Sitharaman tables Indian Economic Survey, 8-8.5% GDP growth projected for FY23</strong></p>

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<p>"I think it is important that the tax regime, for example, do not behave like tax terrorism, but behave more like tax partners. If you look at any US company at the moment, there will be some kind of tax issues with the authorities," he said in response to a question.</p>

<p>Aghi added that it is important that corporate taxes are in line from a global perspective. They do not have extra taxes, which makes these companies' cost of manufacturing itself more expensive, he said.</p>

<p>He said Sitharaman has been transparent and her confidence has gone up in handling the economy and the budget itself.</p>

<p>Asked about the expectations of Indian Americans from the budget, Aghi said certain reforms in the regulations and taxations related to start-ups in India would help them create a better atmosphere and bring in more investment from the diaspora.</p>

<p>"What we are seeing is more and more Indian Americans are funding startups,"&nbsp;he said, noting that India produced 44 unicorns last year and there are over 10,000 startups blossoming in India.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/what-can-the-start-ups-in-india-expect-from-countrys-union-budget-2022-23-449295">What can the start-ups in India expect from country's Union Budget 2022-23?</a></strong></p>

<p>"It is important to allow these startups to list in the US as the capital and access is much easily available in the US, so valuation gets better,"&nbsp;he said, adding that taxation reform is essential on options granted to employees. Early taxation on such options makes it less attractive, he argued.</p>

<p>"India has a tremendous success story of startups. It is the third-largest ecosystem in the world. That shows the zeal and the spirit of entrepreneurs in India". They are willing to go out into an environment in which they can get better.</p>

<p>"At the end of day, startups are job creators, and they are innovators. The combination is critical for India to sustain 8.5 to 9 per cent economic growth for the next 10-15 years,"&nbsp;Aghi added.</p>


American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect 'Tax parity' in the annual budget to be tabled by Finance Minister Nirmala Sitharaman, the head of a top India-centric US business advocacy group said.

American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect 'Tax parity' in the annual budget to be tabled by Finance Minister Nirmala Sitharaman, the head of a top India-centric US business advocacy group said. Mukesh Aghi, president, US India Strategic and Partnership Forum (USISPF) said the American companies have high expectations from what Sitharaman would present in her fourth annual budget on Tuesday. The US companies, he noted, are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor. Also read | Will India's Union Budget 2022 will live up to the expectations of EV industry? "They (US companies) are looking at tax parity. For example, e-commerce companies that have equalisation levy, that needs to be done away with. They are looking at lowering of tariffs. It is good for India also because domestic companies become much more competitive and efficient," he told PTI in an interview on Monday. American companies, Aghi said, are looking at more investment in India's infrastructure. They also want the labour laws and land acquisition process streamlined, he observed. "Because ease-of-doing business is still very critical in the minds of these investors. They spent a lot of time putting in an application for more land or water so that has to be sorted out," he said. The USISPF chief further said the US companies, from a long-term perspective, expect from the annual budget "a sense of predictability, transparency and concentrated process". These are the critical questions raised inside a boardroom when a company is planning to invest millions or billions in India, he added. Watch | Indian FM Nirmala Sitharaman tables Indian Economic Survey, 8-8.5% GDP growth projected for FY23 "I think it is important that the tax regime, for example, do not behave like tax terrorism, but behave more like tax partners. If you look at any US company at the moment, there will be some kind of tax issues with the authorities," he said in response to a question. Aghi added that it is important that corporate taxes are in line from a global perspective. They do not have extra taxes, which makes these companies' cost of manufacturing itself more expensive, he said. He said Sitharaman has been transparent and her confidence has gone up in handling the economy and the budget itself. Asked about the expectations of Indian Americans from the budget, Aghi said certain reforms in the regulations and taxations related to start-ups in India would help them create a better atmosphere and bring in more investment from the diaspora. "What we are seeing is more and more Indian Americans are funding startups," he said, noting that India produced 44 unicorns last year and there are over 10,000 startups blossoming in India. Also read | What can the start-ups in India expect from country's Union Budget 2022-23? "It is important to allow these startups to list in the US as the capital and access is much easily available in the US, so valuation gets better," he said, adding that taxation reform is essential on options granted to employees. Early taxation on such options makes it less attractive, he argued. "India has a tremendous success story of startups. It is the third-largest ecosystem in the world. That shows the zeal and the spirit of entrepreneurs in India". They are willing to go out into an environment in which they can get better. "At the end of day, startups are job creators, and they are innovators. The combination is critical for India to sustain 8.5 to 9 per cent economic growth for the next 10-15 years," Aghi added.

India Union Budget 2022: Tax partnership not 'tax terrorism', US companies look for tax parity, predictability

<p><meta name="uuid" content="uuid5ZlANga397mN" /><meta charset="utf-8" /></p>

<p>India's Finance Minister Nirmala Sitharaman on Tuesday (February 1), presented the Budget 2022-2023 aiming to put the economy on the path of development amid the ongoing coronavirus (COVID-19) pandemic. Overall, the government emphasised capital expenditure and investments to power the country's GDP growth forward with a pro-growth Budget.&nbsp;</p>

<p>The government is aiming to step up spending to $529.7 billion (Rs39.45 trillion) in the coming fiscal year to drive economic growth and infrastructure. It is important to note that it involves a wider fiscal deficit than targeted and record borrowing.&nbsp;</p>

<p>While presenting the budget, Sitharaman said that total government spending in the 2022-23 fiscal year beginning in April will be 4.6 per cent more than the current year.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-union-budget-2022-what-gets-costly-what-will-be-cheaper-449550">India Union Budget 2022: What gets costly, what will be cheaper</a></strong></p>

<p>In her opening remarks, Sitharaman said that the growth is estimated to be 9.2 per cent for 2021-2022, the fastest among the world's major economies.&nbsp;</p>

<p>As mentioned by an Indian politician and Bharatiya Janata Party (BJP) leader Kiren Rijiju, it is an "inclusive" Budget that takes care of the interests of every section of society including the poor, rural and border areas.&nbsp;</p>

<p>But how will it impact the Non-Resident Indian (NRI)? Here's a report:&nbsp;</p>

<p><strong>Main Pointers</strong><br />
-The introduction of the digital rupee might benefit NRIs in reducing the cost of cross-border remittances.&nbsp;<br />
-E-passports with the embedded chip will help in managing arrival and departure with ease. The chip will help in linkages of data with the Indian Ministry of External Affairs and tax authorities.&nbsp;<br />
-Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. It will&nbsp;also help those who are living abroad.&nbsp;</p>

<p>Bharat Bhatia, who is the founder and CEO of Conares, the second-largest private steel manufacturer in the UAE, said as quoted by an India-based news agency ANI: "The finance minister presented a <strong>highly promising budget</strong> projecting a lot of opportunities for growth and investments that would prove to be beneficial to the economy at large."</p>

<p>"The budget promises marginal allocations for urban capacity building, modernisation of building by laws, town planning schemes and transit-oriented development will be implemented," he said.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-budget-2022-2023-will-impact-the-common-man-and-middle-class-in-india-449505">How Budget 2022-2023 will impact the common man and middle class in India?</a></strong></p>

<p>Bhatia also appreciated revoking&nbsp;<strong>customs duty</strong>&nbsp;on stainless steel, flat products and high steel bars; in addition to the extension of customs duty exemption on steel scrap for another year for small&nbsp;and medium-sized businesses.&nbsp;</p>

<p>Dr Sunil Kumar K, who is the Managing Director of SAM Corporate in Dubai, hailed the announcements on&nbsp;<strong>e-passports</strong>&nbsp;and&nbsp;<strong>digital currency</strong>.&nbsp;</p>

<p>As quoted by the news agency, Kumar said that e-passports will help NRIs and the RBI's digital Rupee will be a trendsetter in the digital currency market, "where state can play a catalyst and bring controls and confidence. The future is bright."&nbsp;</p>

<p>During her Budget speech, Sitharaman proposed that the Reserve Bank of India (RBI) will introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and efficient currency management. She also said e-passports with the embedded chip will be rolled out.</p>

<p>According to Kumar, the voluntary winding up of companies will bring in increased growth without bad baggage and improve investors confidence.</p>

<p>"Financing of Investment is a welcome move which is going to provide huge impetus to growth of early stage companies. Nothing could be better than supporting the young entrepreneurial generation," he added.&nbsp;</p>

<p><strong>WATCH WION's analysis |&nbsp;Union Budget 2022: A lot of this year's budget is focused on digital, says Niranjan Hiranandani</strong></p>

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<p><em>(With inputs from agencies)</em></p>


India's Finance Minister Nirmala Sitharaman on Tuesday (February 1), presented the Budget 2022-2023 aiming to put the economy on the path of development amid the ongoing coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1), presented the Budget 2022-2023 aiming to put the economy on the path of development amid the ongoing coronavirus (COVID-19) pandemic. Overall, the government emphasised capital expenditure and investments to power the country's GDP growth forward with a pro-growth Budget. The government is aiming to step up spending to $529.7 billion (Rs39.45 trillion) in the coming fiscal year to drive economic growth and infrastructure. It is important to note that it involves a wider fiscal deficit than targeted and record borrowing. While presenting the budget, Sitharaman said that total government spending in the 2022-23 fiscal year beginning in April will be 4.6 per cent more than the current year. ALSO READ | India Union Budget 2022: What gets costly, what will be cheaper In her opening remarks, Sitharaman said that the growth is estimated to be 9.2 per cent for 2021-2022, the fastest among the world's major economies. As mentioned by an Indian politician and Bharatiya Janata Party (BJP) leader Kiren Rijiju, it is an "inclusive" Budget that takes care of the interests of every section of society including the poor, rural and border areas. But how will it impact the Non-Resident Indian (NRI)? Here's a report: Main Pointers -The introduction of the digital rupee might benefit NRIs in reducing the cost of cross-border remittances. -E-passports with the embedded chip will help in managing arrival and departure with ease. The chip will help in linkages of data with the Indian Ministry of External Affairs and tax authorities. -Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. It will also help those who are living abroad. Bharat Bhatia, who is the founder and CEO of Conares, the second-largest private steel manufacturer in the UAE, said as quoted by an India-based news agency ANI: "The finance minister presented a highly promising budget projecting a lot of opportunities for growth and investments that would prove to be beneficial to the economy at large." "The budget promises marginal allocations for urban capacity building, modernisation of building by laws, town planning schemes and transit-oriented development will be implemented," he said. ALSO READ | How Budget 2022-2023 will impact the common man and middle class in India? Bhatia also appreciated revoking customs duty on stainless steel, flat products and high steel bars; in addition to the extension of customs duty exemption on steel scrap for another year for small and medium-sized businesses. Dr Sunil Kumar K, who is the Managing Director of SAM Corporate in Dubai, hailed the announcements on e-passports and digital currency. As quoted by the news agency, Kumar said that e-passports will help NRIs and the RBI's digital Rupee will be a trendsetter in the digital currency market, "where state can play a catalyst and bring controls and confidence. The future is bright." During her Budget speech, Sitharaman proposed that the Reserve Bank of India (RBI) will introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and efficient currency management. She also said e-passports with the embedded chip will be rolled out. According to Kumar, the voluntary winding up of companies will bring in increased growth without bad baggage and improve investors confidence. "Financing of Investment is a welcome move which is going to provide huge impetus to growth of early stage companies. Nothing could be better than supporting the young entrepreneurial generation," he added. WATCH WION's analysis | Union Budget 2022: A lot of this year's budget is focused on digital, says Niranjan Hiranandani × (With inputs from agencies)

How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)?

Indian finance minister Nirmala Sitharaman took questions from the media after presenting the Union Budget 2022-23 in Parliament along with her team.

Indian finance minister Nirmala Sitharaman briefs media on Union Budget 2022

For more analysis on India's Union Budget 2022, WION speaks to Niranjan Hiranandani, Co-founder and Managing Director of Hiranandani group.

Union Budget 2022: A lot of this year's budget is focused on digital, says Niranjan Hiranandani

<p>Union Budget 2022 was presented by India's Finance Minister Nirmala Sitharaman in the parliament on Tuesday (February 1). The budget was unique as it brought income from cryptocurrencies in the ambit of taxes. Introduction of digital rupee has also been included in budget 2022. A union budget has direct influence on prices of goods and it thus affects the pocket of citizens.</p>

<p>Indian budget 2022 is no exception to this. The provisions will result in some items getting costlier while others get cheaper.</p>

<p>The government has modified customs duty on several imported items.</p>

<p><strong>These imported items are set to get costlier</strong></p>

<ul>
	<li>Imitation Jewellery</li>
	<li>Single or multiple loudspeakers</li>
	<li>Headphones and earphones</li>
	<li>Smart meters</li>
	<li>Solar cells</li>
	<li>Solar modules</li>
	<li>X-ray machines</li>
	<li>Parts of electronic toys</li>
	<li>Umbrellas</li>
</ul>

<p><br />
<strong>Certain imported goods will become cheaper</strong> as customs duty has been slashed</p>

<ul>
	<li>Frozen mussels</li>
	<li>Frozen squids</li>
	<li>Asafoetida</li>
	<li>Cocoa beans</li>
	<li>Methyl alcohol</li>
	<li>Acetic acid</li>
	<li>Cut and polished diamonds</li>
	<li>Camera lens for cellular mobile phone</li>
	<li>Mobile phone chargers</li>
	<li>Wearable devices</li>
	<li>Heavy feed stocks for petroleum refining</li>
	<li>Steel</li>
</ul>

<p><br />
With Union Budget 2022, Indian government will spend 39.45 trillion rupees ($529.7 billion) in the coming fiscal year to build public infrastructure and drive economic growth. &nbsp;total government spending in the 2022/23 fiscal year beginning in April will be 4.6% more than the current year.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/india-news/indian-union-budget-2022-digital-rupee-to-be-introduced-virtual-assets-to-be-taxed-at-30-449464">Indian Union Budget 2022: Digital rupee to be introduced, virtual assets to be taxed at 30% &nbsp;</a></strong></p>

<p>Growth is estimated to be 9.2% for 2021/2022, coming off the low base and slowing to 8 to 8.5% in the coming fiscal year, still the fastest among the world`s major economies.</p>

<p><em>(With inputs from agencies)</em></p>


Union Budget 2022 was presented by India's Finance Minister Nirmala Sitharaman in the parliament on Tuesday (February 1). The budget was unique as it brought income from cryptocurrencies in the ambit of taxes.

Union Budget 2022 was presented by India's Finance Minister Nirmala Sitharaman in the parliament on Tuesday (February 1). The budget was unique as it brought income from cryptocurrencies in the ambit of taxes. Introduction of digital rupee has also been included in budget 2022. A union budget has direct influence on prices of goods and it thus affects the pocket of citizens. Indian budget 2022 is no exception to this. The provisions will result in some items getting costlier while others get cheaper. The government has modified customs duty on several imported items. These imported items are set to get costlier Imitation Jewellery Single or multiple loudspeakers Headphones and earphones Smart meters Solar cells Solar modules X-ray machines Parts of electronic toys Umbrellas Certain imported goods will become cheaper as customs duty has been slashed Frozen mussels Frozen squids Asafoetida Cocoa beans Methyl alcohol Acetic acid Cut and polished diamonds Camera lens for cellular mobile phone Mobile phone chargers Wearable devices Heavy feed stocks for petroleum refining Steel With Union Budget 2022, Indian government will spend 39.45 trillion rupees ($529.7 billion) in the coming fiscal year to build public infrastructure and drive economic growth. total government spending in the 2022/23 fiscal year beginning in April will be 4.6% more than the current year. Also Read | Indian Union Budget 2022: Digital rupee to be introduced, virtual assets to be taxed at 30% Growth is estimated to be 9.2% for 2021/2022, coming off the low base and slowing to 8 to 8.5% in the coming fiscal year, still the fastest among the world`s major economies. (With inputs from agencies)

India Union Budget 2022: What gets costly, what will be cheaper

<p>With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Indian Finance Minister's budget speech this year became the shortest ever since 2019.&nbsp;</p>

<p>Last year, Sitharaman's budget speech lasted for about one hour 48 minutes, while in 2020, it went on for 2 hours 40 minutes, which was the longest speech ever.&nbsp;</p>

<p>In the year before that, the speech was 2 hours 17 minutes long.&nbsp;</p>

<p>Sitharaman presented the Union Budget 2022-23 in the Lok Sabha today during the Budget Session of Parliament.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-union-budget-2022-markets-cheer-as-sensex-nifty-close-on-a-high-449555">India Union Budget 2022: Markets cheer as Sensex, Nifty close on a high</a></strong></p>

<p>The budget will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister said while presenting the budget.&nbsp;</p>

<p>"This Union Budget seeks to lay the foundation and give a blueprint of the economy over Amrit Kal of next 25 years - from India at 75 to India at 100," Sitharaman said while presenting her fourth union budget.&nbsp;</p>

<p>She said India is in a strong position to withstand future challenges.&nbsp;</p>

<p>The Finance Minister said the government's focus will continue on boosting public investment to modernise infrastructure.&nbsp;</p>

<p>One of the priority areas of the government in the coming years would be the PM Gati Shakti programme.&nbsp;</p>

<p>Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra.&nbsp;</p>

<p>The Union Cabinet on Tuesday approved the Budget 2022-23 which was presented by Finance Minister Nirmala Sitharaman in Parliament.&nbsp;</p>

<p>The meeting began at around 10:20am (local time) ahead of the Budget presentation.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-nirmala-sitharaman-opts-for-orissa-handloom-saree-to-present-the-union-budget-2022-449433">Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022</a></strong></p>

<p>Indian Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others were present at the Parliament for the Union Cabinet Meeting ahead of the Budget presentation.&nbsp;</p>

<p>Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.&nbsp;</p>

<p>Amid the ongoing coronavirus pandemic, replacing her signature 'bahi khata', she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it.&nbsp;</p>

<p><strong>WATCH |&nbsp;India Union Budget 2022: Will startups be the engine of jobs?</strong></p>

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With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Indian Finance Minister's budget speech this year became the shortest ever since 2019.

With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Indian Finance Minister's budget speech this year became the shortest ever since 2019. Last year, Sitharaman's budget speech lasted for about one hour 48 minutes, while in 2020, it went on for 2 hours 40 minutes, which was the longest speech ever. In the year before that, the speech was 2 hours 17 minutes long. Sitharaman presented the Union Budget 2022-23 in the Lok Sabha today during the Budget Session of Parliament. ALSO READ | India Union Budget 2022: Markets cheer as Sensex, Nifty close on a high The budget will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister said while presenting the budget. "This Union Budget seeks to lay the foundation and give a blueprint of the economy over Amrit Kal of next 25 years - from India at 75 to India at 100," Sitharaman said while presenting her fourth union budget. She said India is in a strong position to withstand future challenges. The Finance Minister said the government's focus will continue on boosting public investment to modernise infrastructure. One of the priority areas of the government in the coming years would be the PM Gati Shakti programme. Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra. The Union Cabinet on Tuesday approved the Budget 2022-23 which was presented by Finance Minister Nirmala Sitharaman in Parliament. The meeting began at around 10:20am (local time) ahead of the Budget presentation. ALSO READ | Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022 Indian Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others were present at the Parliament for the Union Cabinet Meeting ahead of the Budget presentation. Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry. Amid the ongoing coronavirus pandemic, replacing her signature 'bahi khata', she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it. WATCH | India Union Budget 2022: Will startups be the engine of jobs? ×

Indian FM Sitharaman's Budget speech shortest since 2019, lasts for 91 minutes

Indian Prime Minister Narendra Modi hailed the Union Budget 2022 presented by finance minister Nirmala Sitharaman. He said that this will benefit the poor and create more growth and jobs for the country’s youth.

Union Budget 2022: Indian PM Modi hails this year's budget, calls it a budget for next 100 years

<p>In the announcement of the Indian Union Budget 2022, Finance Minister (FM) Nirmala Sitharaman has shared several sops for farmers on Tuesday. &nbsp;&nbsp;</p>

<p>According to the FM, kisan drones will be used for crop assessment, land records and spraying of insecticides. It will drive a wave of technology in agriculture sector, the Sitharaman said. &nbsp;&nbsp;</p>

<p><strong>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-icai-asks-government-to-hike-annual-limit-for-contribution-to-ppf-to-rs-300000-449427" hreflang="en">Indian Union Budget 2022: ICAI asks government to hike annual limit for contribution to PPF to Rs 3,00,000</a></strong></p>

<p>Not just this, the Indian government will also pay Rs 2.37 trillion towards procurement of wheat and paddy under MSP operations. The implementation of Ken-Betwa rivers linking with estimated cost of Rs 446.05 billion will also be taken up. All of these initiatives will provide a major boost to the farmers around the country. &nbsp;</p>

<p>The government has also announced a rationalised scheme to increase domestic oilseed production, which will be brought in to cut down imports. &nbsp;</p>

<p><strong>Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/live-budget-2022-updates-fm-nirmala-sitharamans-begins-her-fourth-union-budget-speech-449407" hreflang="en">LIVE Budget 2022 Updates: Highways to growth, lifeline for hotels, farm sops in Budget so far</a></strong></p>

<p>The FM also said that 2022-23 has been announced as International Year of Millets. &nbsp;</p>

<p>The railways will also develop new products for small farmers and MSMEs, as per the minister. &nbsp;</p>

<p>She also noted that efforts of central and state governments are leading to jobs and entrepreneurial opportunities. &nbsp;</p>

<p>She also said that national highways will be extended by 25,000 km during 2022-23. &nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>


In the announcement of the Indian Union Budget 2022, Finance Minister (FM) Nirmala Sitharaman has shared several sops for farmers on Tuesday. According to the FM, kisan drones will be used for crop assessment, land records and spraying of insecticides.

In the announcement of the Indian Union Budget 2022, Finance Minister (FM) Nirmala Sitharaman has shared several sops for farmers on Tuesday. According to the FM, kisan drones will be used for crop assessment, land records and spraying of insecticides. It will drive a wave of technology in agriculture sector, the Sitharaman said. Also Read: Indian Union Budget 2022: ICAI asks government to hike annual limit for contribution to PPF to Rs 3,00,000 Not just this, the Indian government will also pay Rs 2.37 trillion towards procurement of wheat and paddy under MSP operations. The implementation of Ken-Betwa rivers linking with estimated cost of Rs 446.05 billion will also be taken up. All of these initiatives will provide a major boost to the farmers around the country. The government has also announced a rationalised scheme to increase domestic oilseed production, which will be brought in to cut down imports. Also Read: LIVE Budget 2022 Updates: Highways to growth, lifeline for hotels, farm sops in Budget so far The FM also said that 2022-23 has been announced as International Year of Millets. The railways will also develop new products for small farmers and MSMEs, as per the minister. She also noted that efforts of central and state governments are leading to jobs and entrepreneurial opportunities. She also said that national highways will be extended by 25,000 km during 2022-23. (With inputs from agencies)

Indian Union Budget 2022: Finance Minister announces kisan drones in boost to agriculture sector

<p>To provide a boost to the coronavirus-ravaged economy, the Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1).&nbsp;</p>

<p>The budget was paperless - just like last year and it is now available on an application named "Union Budget Mobile App". The app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public.&nbsp;</p>

<p>This year, the budget was read from Made in India tablet.&nbsp;Sitharaman was carrying the&nbsp;tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the briefcase or 'bahi khata'.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2022-indias-finance-minister-sitharaman-says-growth-expected-at-92-449432">Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%</a></strong></p>

<p>This was also seen as an attempt to go green and also to minimise physical contact amid the coronavirus COVID-19 pandemic.&nbsp;</p>

<p>In a historic move, the Union Budget 2021 was presented in a digital format for the first time to promote the Government of India's (GoI) Digital India flagship programme.</p>

<p>Sitharaman in 2019, ditched the longstanding tradition of carrying a briefcase and went 'Swadeshi' to replaced the briefcase with the traditional 'bahi khata' saying that the Modi government was not a 'suitcase-carrying government'.&nbsp;</p>

<p>The tradition of carrying the Budget briefcase was a copy of the 'Gladstone box', used in the British Budget. In 1860, the then British budget chief William E Gladstone used a red suitcase with Queen's monogram embossed in gold to carry his documents, which came to be known as the 'Gladstone Box'.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-nirmala-sitharaman-opts-for-orissa-handloom-saree-to-present-the-union-budget-2022-449433">Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022</a></strong></p>

<p>In 1947, India's first Finance Minister RK Shanmukham Chetty carried a leather portfolio to present the first Budget.</p>

<p>Before Nirmala Sitharaman, a long standing tradition in connection with the Budget presentation was broken during the Atal Bihari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the Budget at 11am (local time) instead of the traditional time of 5pm (local time).&nbsp;</p>

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<p><em>(With inputs from agencies)</em></p>


To provide a boost to the coronavirus-ravaged economy, the Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1).

To provide a boost to the coronavirus-ravaged economy, the Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1). The budget was paperless - just like last year and it is now available on an application named "Union Budget Mobile App". The app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public. This year, the budget was read from Made in India tablet. Sitharaman was carrying the tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the briefcase or 'bahi khata'. ALSO READ | Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2% This was also seen as an attempt to go green and also to minimise physical contact amid the coronavirus COVID-19 pandemic. In a historic move, the Union Budget 2021 was presented in a digital format for the first time to promote the Government of India's (GoI) Digital India flagship programme. Sitharaman in 2019, ditched the longstanding tradition of carrying a briefcase and went 'Swadeshi' to replaced the briefcase with the traditional 'bahi khata' saying that the Modi government was not a 'suitcase-carrying government'. The tradition of carrying the Budget briefcase was a copy of the 'Gladstone box', used in the British Budget. In 1860, the then British budget chief William E Gladstone used a red suitcase with Queen's monogram embossed in gold to carry his documents, which came to be known as the 'Gladstone Box'. ALSO READ | Nirmala Sitharaman opts for Orissa handloom saree to present the Union Budget 2022 In 1947, India's first Finance Minister RK Shanmukham Chetty carried a leather portfolio to present the first Budget. Before Nirmala Sitharaman, a long standing tradition in connection with the Budget presentation was broken during the Atal Bihari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the Budget at 11am (local time) instead of the traditional time of 5pm (local time). × (With inputs from agencies)

From 'Bahi Khata' to 'Made in India' tablet: Reflection of Digital India during Budget 2022

<p>In the Indian Union Budget 2022 announcement on Tuesday, Finance Minister (FM) Nirmala Sitharaman has said that Reserve Bank of India (RBI) is planning to develop a digital rupee, which will be based on blockchain technology, in 2023. &nbsp;</p>

<p><strong>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-5g-airwaves-auction-to-be-held-in-2022-says-finance-minister-449471">Indian Union Budget 2022: 5G airwaves auction to be held in 2022, says FM</a></strong></p>

<p>According to the Indian finance minister, digital currency will also lead to a more efficient and cheaper currency management system. “It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023,” said Sitharaman. &nbsp;</p>

<p>To bring digital assets under the tax net, any income from these will be taxed at 30%, added the&nbsp;finance minister.</p>

<p><strong>Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449" hreflang="en">Indian Union Budget 2022: FM announces kisan drones in boost to agri sector</a></strong></p>

<p>She also stated that any losses incurred as a result of these assets cannot be offset against other gains.</p>

<p>She has also proposed a one per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold.&nbsp;</p>

<p><strong>Watch | India Budget 2022: Finance Minister Nirmala Sitharaman presents her fourth Union Budget</strong></p>

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<p>Gifts of digital assets will be taxed in the hands of the recipient, according to the FM.</p>

<p><em>(With inputs from agencies) &nbsp;</em></p>


In the Indian Union Budget 2022 announcement on Tuesday, Finance Minister (FM) Nirmala Sitharaman has said that Reserve Bank of India (RBI) is planning to develop a digital rupee, which will be based on blockchain technology, in 2023.

In the Indian Union Budget 2022 announcement on Tuesday, Finance Minister (FM) Nirmala Sitharaman has said that Reserve Bank of India (RBI) is planning to develop a digital rupee, which will be based on blockchain technology, in 2023. Also Read: Indian Union Budget 2022: 5G airwaves auction to be held in 2022, says FM According to the Indian finance minister, digital currency will also lead to a more efficient and cheaper currency management system. “It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023,” said Sitharaman. To bring digital assets under the tax net, any income from these will be taxed at 30%, added the finance minister. Also Read: Indian Union Budget 2022: FM announces kisan drones in boost to agri sector She also stated that any losses incurred as a result of these assets cannot be offset against other gains. She has also proposed a one per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Watch | India Budget 2022: Finance Minister Nirmala Sitharaman presents her fourth Union Budget × Gifts of digital assets will be taxed in the hands of the recipient, according to the FM. (With inputs from agencies)

Indian Union Budget 2022: Digital rupee to be introduced, virtual assets to be taxed at 30%  

<p>After finance minister Nirmala Sitharaman presented India's Budget, Prime Minister Narendra Modi said the "Budget is full of possibilities for more investments including infrastructure and jobs."</p>

<p>"Budget has provisions to make farming profitable," PM Modi said.</p>

<p>India's prime minister said the Budget is "people-friendly" and "progressive" while adding that,&nbsp;"Parvatmala scheme to promote transport, connectivity in hilly regions will also make villages in the border areas more vibrant."</p>

<p><a href="https://www.wionews.com/business-economy/how-budget-2022-2023-will-impact-the-common-man-and-middle-class-in-india-449505">Also Read:&nbsp;How Budget 2022-2023 will impact the common man and middle class in India?</a></p>

<p>The&nbsp;"Parvat Mala" has been introduced in Uttarakhand, J&amp;K, Himachal Pradesh and the northeastern state to ensure transportation and connectivity.</p>

<p>Watch |&nbsp;India Budget 2022: 4 main pillars of development highlighted</p>

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<p>"This Budget brings in new hopes and opportunities for the people. It strengthens the economy," the Indian prime minister said, adding, "There is also a new provision of green jobs."</p>

<p>"The Budget ensures a bright future for the youth," PM Modi said.</p>

<p><a href="https://www.wionews.com/business-economy/india-union-budget-2022-sitharaman-unveils-india-100-key-points-449424">Also Read:&nbsp;India Union Budget 2022: Sitharaman unveils India @ 100 - Key points</a></p>

<p>"An announcement of over Rs 2.25 lakh crores MSP will be directly transferred to farmers," the prime minister said.</p>

<p>"For MSMEs, credit guarantee and many new schemes have been announced," the PM said.</p>

<p>India's prime minister said natural farming on the banks of Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal will be promoted in a move to make the Ganga "chemical-free".</p>

<p>(With inputs from Agencies)</p>


After finance minister Nirmala Sitharaman presented India's Budget, Prime Minister Narendra Modi said the "Budget is full of possibilities for more investments including infrastructure and jobs.

After finance minister Nirmala Sitharaman presented India's Budget, Prime Minister Narendra Modi said the "Budget is full of possibilities for more investments including infrastructure and jobs." "Budget has provisions to make farming profitable," PM Modi said. India's prime minister said the Budget is "people-friendly" and "progressive" while adding that, "Parvatmala scheme to promote transport, connectivity in hilly regions will also make villages in the border areas more vibrant." Also Read: How Budget 2022-2023 will impact the common man and middle class in India? The "Parvat Mala" has been introduced in Uttarakhand, J&K, Himachal Pradesh and the northeastern state to ensure transportation and connectivity. Watch | India Budget 2022: 4 main pillars of development highlighted "This Budget brings in new hopes and opportunities for the people. It strengthens the economy," the Indian prime minister said, adding, "There is also a new provision of green jobs." "The Budget ensures a bright future for the youth," PM Modi said. Also Read: India Union Budget 2022: Sitharaman unveils India @ 100 - Key points "An announcement of over Rs 2.25 lakh crores MSP will be directly transferred to farmers," the prime minister said. "For MSMEs, credit guarantee and many new schemes have been announced," the PM said. India's prime minister said natural farming on the banks of Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal will be promoted in a move to make the Ganga "chemical-free". (With inputs from Agencies)

Budget brings in new hopes and opportunities for the people: PM Modi

Finance Minister Nirmala Sitharaman announced that Special Economic Zones (SEZ) Act will be replaced with new legislation. She said that the move aimed "for the development of enterprise and hubs".

India Budget 2022: We will undertake reforms in customs administration of SEZ - Nirmala Sitharaman

Among the host of announcements, this morning FM, of India addressed concerns of the MSME sector. Finance minister Sitharaman in a budget speech, today said raising and accelerating MSME performance will be rolled out in the coming five years.

India Budget 2022: Program would improve the competitiveness and productivity of MSMEs

India's budget for 2022 gives a blueprint of the economy for the next 25 years. With a key focus on four main pillars of development, i.e., inclusive development, productivity enhancement, energy transition, and climate action.

India Budget 2022: 4 main pillars of development highlighted

WION talks to Narayan Shroff, Investment Head at Barclays, Mumbai. Watch this report to know his reaction to the Union Budget 2022.

India Budget 2022: Budget continues to provide an impetus for growth

<p>India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic.&nbsp;</p>

<p>Rajyavardhan Singh Rathore, who is a leader of the ruling party Bharatiya Janata Party (BJP) called it&nbsp;a budget for the "common man".&nbsp;</p>

<p>He said, "With an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country."&nbsp;</p>

<p>Another BJP leader and minister of law Kiren Rijiju said it is an inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas.&nbsp;</p>

<p>But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report:&nbsp;</p>

<p><strong>Taxation:</strong> There are no changes in income tax slabs and rates.&nbsp;</p>

<p>Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. India's FM also said that the incomes that might have been missed out can be declared.&nbsp;</p>

<p><strong>Differently-abled people:</strong> Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years.&nbsp;</p>

<p><strong>Parity in National Pension Scheme Contribution:</strong> Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees.&nbsp;</p>

<p><strong>Employment:</strong> Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training.&nbsp;</p>

<p><strong>Health:</strong> An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched.&nbsp;</p>

<p><strong>Housing:</strong> Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.&nbsp;</p>

<p><strong>Crypto investment: </strong>On cryptocurrency exchanges and apps, which are luring millions into investing in digital tokens, the Indian government announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed.&nbsp;</p>

<p>"Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent," Sitharaman said.&nbsp;</p>

<p>"No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital assets cannot be set off against any other income," she stressed.&nbsp;</p>

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India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman on Tuesday (February 1) introduced the Finance Bill 2022, which is deemed as a pro-growth Budget with an emphasis on capital expenditure and investments to power the country's GDP growth forward amid the ongoing coronavirus (COVID-19) pandemic. Rajyavardhan Singh Rathore, who is a leader of the ruling party Bharatiya Janata Party (BJP) called it a budget for the "common man". He said, "With an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country." Another BJP leader and minister of law Kiren Rijiju said it is an inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas. But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report: Taxation: There are no changes in income tax slabs and rates. Those who want to file updated tax returns can do it for 2 years from the end of the assessment year. India's FM also said that the incomes that might have been missed out can be declared. Differently-abled people: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years. Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees. Employment: Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training. Health: An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched. Housing: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana. Crypto investment: On cryptocurrency exchanges and apps, which are luring millions into investing in digital tokens, the Indian government announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed. "Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent," Sitharaman said. "No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital assets cannot be set off against any other income," she stressed. ×

How Budget 2022-2023 will impact the common man and middle class in India?

To give a boost to the gems & jewellery sector customs duty on cut and polished diamonds and gemstones is being reduced to five per cent, says Finance Minister Nirmala Sitharaman.

India Budget 2022: Customs duty on cut and polished diamonds, gems to be reduced to 5% - Nirmala Sitharaman

In a big boost to the economy, the digital rupee - using blockchain and other technology - will be introduced by the central bank in 2022-23, Finance Minister Nirmala Sitharaman.

Indian Budget 2022: Digital Rupee to be issued using blockchain and other technologies - Nirmala Sitharaman

<p lang="EN-US" paraeid="{ea9a7673-d222-444d-a1c8-edbbdb61d8e1}{118}" paraid="71142925" >During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year. It will bring about a roll out of the next-generation telecoms service in 2022-23.&nbsp; &nbsp;</p>

<p lang="EN-US" paraeid="{ea9a7673-d222-444d-a1c8-edbbdb61d8e1}{237}" paraid="1680864179" >"Spectrum auctions will be conducted in 2022 to facilitate the roll-out of 5G mobile services within 2022-23 by private telecom providers," Sitharaman said.&nbsp;</p>

<p lang="EN-US" paraeid="{eb8ebb10-b9e5-4150-8a32-7975eb7dcc16}{93}" paraid="758471519" >The telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities, she added. &nbsp;</p>

<p lang="EN-US" paraeid="{eb8ebb10-b9e5-4150-8a32-7975eb7dcc16}{93}" paraid="758471519" ><strong>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-digital-rupee-to-be-introduced-virtual-assets-to-be-taxed-at-30-449464" hreflang="en">Indian Budget: Digital rupee to be introduced, virtual assets to be taxed</a></strong></p>

<p lang="EN-US" paraeid="{eb8ebb10-b9e5-4150-8a32-7975eb7dcc16}{120}" paraid="2020671461" >"A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production-linked incentive scheme," the FM said.&nbsp;</p>

<p lang="EN-US" paraeid="{8b7055be-7694-4b5b-ba1c-1048fa6d616d}{40}" paraid="1214419158" >To enable affordable broadband and mobile services in rural and remote areas, five per cent of annual collections under the universal service obligation fund will be allocated, she said. &nbsp;</p>

<p lang="EN-US" paraeid="{8b7055be-7694-4b5b-ba1c-1048fa6d616d}{36}" paraid="578932884" >"This will promote R&amp;D and commercialisation of technologies and solutions. Our mission is that all villages and their residents should have the same access to e-services, communication facilities and digital resources as urban areas and their residents," the FM said.&nbsp;</p>

<p lang="EN-US" paraeid="{eb8ebb10-b9e5-4150-8a32-7975eb7dcc16}{144}" paraid="544487504" ><strong>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449" hreflang="en">Indian Union Budget 2022: FM announces kisan drones in boost to agri sector</a></strong></p>

<p lang="EN-US" paraeid="{eb8ebb10-b9e5-4150-8a32-7975eb7dcc16}{144}" paraid="544487504" >The contract for laying optical fibre in all villages will be awarded through the BharatNet project in PPP mode in 2022-23, the minister added.&nbsp;</p>

<p lang="EN-US" paraeid="{5d24bbed-faf9-44ab-9b22-c9ccaa4aa3fb}{254}" paraid="465506557" >"Completion is expected in 2025. Measures will be taken to enable better and more efficient use of the optical fibre," the FM said.&nbsp;&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>


During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year.

During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year. It will bring about a roll out of the next-generation telecoms service in 2022-23. "Spectrum auctions will be conducted in 2022 to facilitate the roll-out of 5G mobile services within 2022-23 by private telecom providers," Sitharaman said. The telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities, she added. Also Read | Indian Budget: Digital rupee to be introduced, virtual assets to be taxed "A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production-linked incentive scheme," the FM said. To enable affordable broadband and mobile services in rural and remote areas, five per cent of annual collections under the universal service obligation fund will be allocated, she said. "This will promote R&D and commercialisation of technologies and solutions. Our mission is that all villages and their residents should have the same access to e-services, communication facilities and digital resources as urban areas and their residents," the FM said. Also Read | Indian Union Budget 2022: FM announces kisan drones in boost to agri sector The contract for laying optical fibre in all villages will be awarded through the BharatNet project in PPP mode in 2022-23, the minister added. "Completion is expected in 2025. Measures will be taken to enable better and more efficient use of the optical fibre," the FM said. (With inputs from agencies)

Indian Union Budget: 5G airwaves auction to be held in 2022, says finance minister

<p>India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.</p>

<p>"Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said.</p>

<p>This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country.</p>

<p><a href="https://www.wionews.com/business-economy/union-budget-2022-indias-finance-minister-sitharaman-says-growth-expected-at-92-449432"><strong>Also read&nbsp; |&nbsp;Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%</strong></a></p>

<p>After the announcement was made, shares of several Indian battery makers surged by 2 per cent.</p>

<p>In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus.<br />
Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App".&nbsp;</p>

<p>The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles.

India's Finance Minister Nirmala Sitharaman during her Union Budget speech said that the government will introduce a new policy for battery swapping. This is being done to encourage the use of electric vehicles. "Considering the constraint of space in urban areas for setting up charging stations, battery swapping policy will be brought out and interoperability standards will be formalised," the Finance Minister said. This comes in as India's Reliance Industries and Britain's BP Plc have collaborated for battery swapping in the country. Also read | Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2% After the announcement was made, shares of several Indian battery makers surged by 2 per cent. In her opening remarks, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus. Like last year, the budget was paperless. However, it will be available on an application named "Union Budget Mobile App". The mobile app allows complete access to 14 Union Budget documents. This includes the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill as prescribed by the Constitution. (With inputs from agencies)

Budget 2022: India to introduce a new policy to promote battery swapping

<p>India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.4 trillion on rapid economic recovery.&nbsp;</p>

<p>With an aim to put the pandemic-ravaged economy on the path of development, India's finance minister introduced the Finance Bill 2022 in Parliament.&nbsp;</p>

<p>Important&nbsp;to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark.&nbsp;</p>

<p>During her address of Budget 2022-2023, Sitharaman said there has been remarkable progress made in the GST regime, but still, a few challenges remain. "Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said.&nbsp;</p>

<p>Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).&nbsp;</p>

<p>The finance minister further said that the nation is in the midst of the Omicron wave but the speed of the vaccination campaign has helped greatly. She said, "I am confident that 'Sabka Prayaas' we'll continue with strong growth."</p>

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India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.

India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.4 trillion on rapid economic recovery. With an aim to put the pandemic-ravaged economy on the path of development, India's finance minister introduced the Finance Bill 2022 in Parliament. Important to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark. During her address of Budget 2022-2023, Sitharaman said there has been remarkable progress made in the GST regime, but still, a few challenges remain. "Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said. Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19). The finance minister further said that the nation is in the midst of the Omicron wave but the speed of the vaccination campaign has helped greatly. She said, "I am confident that 'Sabka Prayaas' we'll continue with strong growth." ×

Indian finance minister hails tax-payers over highest-ever GST collection in January 2022

<p><a href="https://www.wionews.com/business-economy/indian-union-budget-2022-no-change-in-income-tax-rates-tax-relief-for-persons-with-disabilities-449480"><strong>Also read | No change in income tax rates, tax relief for persons with disabilities</strong></a><br />
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Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.</p>

<p><a href="https://www.wionews.com/business-economy/indian-union-budget-2022-what-the-start-ups-received-from-this-years-budget-449475"><strong>Also read | Indian Union Budget 2022: What the start-ups received from this year's budget</strong></a><br />
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<strong>After Indian Finance Minister Nirmala Sitharaman concluded her 90-minute long budget speech, Parliament adjourned till 4:30 pm tomorrow.</strong></p>

<p><strong>Announcements for taxpayers</strong></p>

<p>Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes.</p>

<p>The new provision will encourage people to file their taxes voluntarily and reduce litigation.</p>

<p>The proceeds of virtual/digital assets are subject to a 30% tax, with no deductions other than the cost of purchase.</p>

<p>There is no allowance for a set-off against other income.</p>

<p>Payments made for the transfer of digital assets will be subject to a 1% TDS.</p>

<p>Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 per cent for state government employees, up from 10 per cent previously.&nbsp;<br />
&nbsp;</p>

<p><strong>Income from cryptocurrency to be taxed at 30%</strong></p>

<p>In her Budget speech, Finance Minister Nirmala Sitharaman made a huge statement, saying that any income from virtual digital assets will be taxed at 30%.</p>

<p>She also stated that any losses incurred as a result of virtual digital assets cannot be offset against other gains.</p>

<p>Gifts of virtual digital assets will be taxed in the hands of the recipient, according to the FM.</p>

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<p><strong>Important Announcements</strong></p>

<p><strong>Electric Vehicles</strong></p>

<p>To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards.</p>

<p><strong>E-passports</strong></p>

<p>In 2022-23, the issuance of E passports employing embedded ship and futuristic technology will be rolled out to improve the convenience of citizens travelling abroad.</p>

<p><strong>National Digital Health Ecosystem</strong></p>

<p>Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it.</p>

<p><strong>Urban planning high-level committee</strong></p>

<p>For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted.&nbsp;</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/LIVE?src=hash&amp;ref_src=twsrc%5Etfw">#LIVE</a> | Indian Finance Minister <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> presents <a href="https://twitter.com/hashtag/UnionBudget2022?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2022</a> in the parliament<a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://twitter.com/hashtag/UnionBudget?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget</a><br />
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<p><strong>Inclusion of financial resources</strong></p>

<p>100% of the 150,000 post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts.</p>

<p>This would be especially beneficial to farmers and senior residents in rural areas, as it will allow for interoperability and financial inclusion.</p>

<p><strong>So far, Indian Finance Minister Nirmala Sitharaman has made a number of significant statements.</strong></p>

<p>1) In the coming fiscal year, India's economic growth is expected to reach 9.2%.</p>

<p>2) Everyone can see that the health infrastructure is being strengthened and that the vaccination programme is being implemented quickly.</p>

<p>3) Afternoon Gati Shakti will propel the economy forward, resulting in more jobs and opportunity for young people.</p>

<p>4) In 2022-23, the National Highway network will be enlarged by 25,000 kilometres.Gati Shakti would have seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 200 billion.&nbsp;</p>

<p>5) Railways will develop efficient logistics for small farmers &amp; enterprises. 'One station, one product' to help supply chain of local product.</p>

<p>6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.</p>

<p>7) 'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes.</p>

<p><strong>India@100</strong></p>

<p>Sitharaman said that their goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action.</p>

<p>&nbsp;</p>

<p><a href="https://www.wionews.com/business-economy/ahead-of-india-union-budget-2022-sensex-and-nifty-surge-in-early-trade-449412"><strong>Also read | Ahead of India Union Budget 2022, Sensex and Nifty surge in early trade</strong></a><br />
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<p>The Sensex surged over 600 points in early trade to reach 58,617.56 as bank stocks ICICI, HDFC, Kotak rose including Sun Pharma, Infosys and Bajaj Finserv.<br />
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<h5>Finance Minister Nirmala Sitharaman took a digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23 in a paperless format just like the last year.</h5>
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<h5>The Union Cabinet has approved the India Budget 2022; the Parliamentary meeting is now over. Nirmala Sitharaman, the Union Finance Minister, will present the Budget shortly.</h5>
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<h5>Prime Minister Narendra Modi arrives at the Parliament</h5>
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<p dir="ltr" lang="en">Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the <a href="https://twitter.com/hashtag/Budget?src=hash&amp;ref_src=twsrc%5Etfw">#Budget</a> <a href="https://t.co/GtUEvt7gmo">pic.twitter.com/GtUEvt7gmo</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1488373935242878977?ref_src=twsrc%5Etfw">February 1, 2022</a></blockquote>
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Also read | No change in income tax rates, tax relief for persons with disabilities Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

Also read | No change in income tax rates, tax relief for persons with disabilities Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year. Also read | Indian Union Budget 2022: What the start-ups received from this year's budget After Indian Finance Minister Nirmala Sitharaman concluded her 90-minute long budget speech, Parliament adjourned till 4:30 pm tomorrow. Announcements for taxpayers Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes. The new provision will encourage people to file their taxes voluntarily and reduce litigation. The proceeds of virtual/digital assets are subject to a 30% tax, with no deductions other than the cost of purchase. There is no allowance for a set-off against other income. Payments made for the transfer of digital assets will be subject to a 1% TDS. Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 per cent for state government employees, up from 10 per cent previously. Income from cryptocurrency to be taxed at 30% In her Budget speech, Finance Minister Nirmala Sitharaman made a huge statement, saying that any income from virtual digital assets will be taxed at 30%. She also stated that any losses incurred as a result of virtual digital assets cannot be offset against other gains. Gifts of virtual digital assets will be taxed in the hands of the recipient, according to the FM. Digital Rupee based on blockchain to be introduced in 2022 by the RBI, says FM × Important Announcements Electric Vehicles To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards. E-passports In 2022-23, the issuance of E passports employing embedded ship and futuristic technology will be rolled out to improve the convenience of citizens travelling abroad. National Digital Health Ecosystem Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it. Urban planning high-level committee For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted. #LIVE | Indian Finance Minister @nsitharaman presents #UnionBudget2022 in the parliament#BudgetSession #UnionBudget Watch more: https://t.co/AXC5qRuO3J https://t.co/mDFtYAEWbA — WION (@WIONews) February 1, 2022 × Inclusion of financial resources 100% of the 150,000 post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts. This would be especially beneficial to farmers and senior residents in rural areas, as it will allow for interoperability and financial inclusion. So far, Indian Finance Minister Nirmala Sitharaman has made a number of significant statements. 1) In the coming fiscal year, India's economic growth is expected to reach 9.2%. 2) Everyone can see that the health infrastructure is being strengthened and that the vaccination programme is being implemented quickly. 3) Afternoon Gati Shakti will propel the economy forward, resulting in more jobs and opportunity for young people. 4) In 2022-23, the National Highway network will be enlarged by 25,000 kilometres.Gati Shakti would have seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 200 billion. 5) Railways will develop efficient logistics for small farmers & enterprises. 'One station, one product' to help supply chain of local product. 6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years. 7) 'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes. India@100 Sitharaman said that their goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action. Also read | Ahead of India Union Budget 2022, Sensex and Nifty surge in early trade The Sensex surged over 600 points in early trade to reach 58,617.56 as bank stocks ICICI, HDFC, Kotak rose including Sun Pharma, Infosys and Bajaj Finserv. Finance Minister Nirmala Sitharaman took a digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23 in a paperless format just like the last year. × The Union Cabinet has approved the India Budget 2022; the Parliamentary meeting is now over. Nirmala Sitharaman, the Union Finance Minister, will present the Budget shortly. × Prime Minister Narendra Modi arrives at the Parliament × Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the #Budget pic.twitter.com/GtUEvt7gmo — ANI (@ANI) February 1, 2022 ×

LIVE Budget 2022 Updates: RBI to issue digital rupee in FY22-23, says FM Sitharaman

<p>Indian finance minister Nirmala Sitharaman during the Budget presentation 2022 applauded taxpayers for the highest-ever GST collection.&nbsp;</p>

<p>The&nbsp;finance minister proposed no change in income tax rates and slabs in Budget 2022 while announcing that the government will provide a one-time window to correct omissions in income tax returns filed by citizens.</p>

<p><strong>Key highlights:</strong></p>

<ul>
	<li>The government proposed to increase tax deduction from 10 per cent to 14 per cent on contribution in National Pension System (NPS) by state government to employees.</li>
</ul>

<ul>
	<li>Concessional corporate tax rate of 15 per cent for 1 more year till March 2024 for newly incorporated manufacturing companies.</li>
</ul>

<ul>
	<li>Tax players can file updated return on payment of taxes within two years from the end of assessment year.</li>
</ul>

<ul>
	<li>New provision to ensure voluntary tax filing and reduce litigation.</li>
</ul>

<ul>
	<li>30 per cent tax on income from transfer of virtual digital assets with&nbsp;no deduction on expenses except cost of acquisition.</li>
</ul>

<ul>
	<li>The government also proposed to issue sovereign green bonds to mobilise resources as part of the governments borrowing programme.</li>
</ul>

<ul>
	<li>Sitharaman said that outlay for capital expenditure has been stepped up by 35.4 per cent to Rs 7.5 lakh crore in FY'23.</li>
</ul>

<ul>
	<li>To extend the period of incorporation by 1 year up to March 31, 2023 for startups to avail tax incentives.</li>
</ul>

<ul>
	<li>Import duty on certain chemicals to be reduced.</li>
</ul>

<ul>
	<li>Customs duty exemption on steel scrap to be extended for another year for small-and medium-sized businesses.</li>
</ul>

<ul>
	<li>Customs duty on stainless steel, flat products, high steel bars to be revoked</li>
</ul>

<ul>
	<li>1 per cent TDS to be levied on payments made on transfer of digital assets.</li>
</ul>

<ul>
	<li>In a significant move, finance minister Nirmala Sitharaman announced tax relief for persons with disabilities.&nbsp;</li>
</ul>


Indian finance minister Nirmala Sitharaman during the Budget presentation 2022 applauded taxpayers for the highest-ever GST collection. The finance minister proposed no change in income tax rates and slabs in Budget 2022 while announcing that the government will provide a one-time window to correct omissions in income tax returns filed by citizens.

Indian finance minister Nirmala Sitharaman during the Budget presentation 2022 applauded taxpayers for the highest-ever GST collection. The finance minister proposed no change in income tax rates and slabs in Budget 2022 while announcing that the government will provide a one-time window to correct omissions in income tax returns filed by citizens. Key highlights: The government proposed to increase tax deduction from 10 per cent to 14 per cent on contribution in National Pension System (NPS) by state government to employees. Concessional corporate tax rate of 15 per cent for 1 more year till March 2024 for newly incorporated manufacturing companies. Tax players can file updated return on payment of taxes within two years from the end of assessment year. New provision to ensure voluntary tax filing and reduce litigation. 30 per cent tax on income from transfer of virtual digital assets with no deduction on expenses except cost of acquisition. The government also proposed to issue sovereign green bonds to mobilise resources as part of the governments borrowing programme. Sitharaman said that outlay for capital expenditure has been stepped up by 35.4 per cent to Rs 7.5 lakh crore in FY'23. To extend the period of incorporation by 1 year up to March 31, 2023 for startups to avail tax incentives. Import duty on certain chemicals to be reduced. Customs duty exemption on steel scrap to be extended for another year for small-and medium-sized businesses. Customs duty on stainless steel, flat products, high steel bars to be revoked 1 per cent TDS to be levied on payments made on transfer of digital assets. In a significant move, finance minister Nirmala Sitharaman announced tax relief for persons with disabilities.

Indian Union Budget 2022: No change in income tax rates,  tax relief for persons with disabilities

Indian FM Nirmala Sitharamn said that "the government will conduct a spectrum auction this year, which will facilitate the roll-out of 5G services by private telecom operators during the financial year 2022-23".

Indian FM Nirmala Sitharaman announces 5G spectrum auction rollout

In her Budget 2022 address, Union Finance Minister Nirmala Sitharaman talked about rolling out the next phase of ease of doing business and ease of living.

India Budget 2022: Next phase of ease of doing business to be launched - Nirmala Sitharaman

<p>A gift to the Indian Railways as the country's Finance Minister Nirmala Sitharaman on Tuesday (February 1) said that about 2,000km of the rail network will be brought under the indigenous world-class technology KAWACH.&nbsp;</p>

<p>While announcing this year's Budget, the finance minister also said that 400 new 'Vande Bharat' trains will be manufactured in the next three years.&nbsp;</p>

<p>She also said 100 PM Gati Shakti Cargo terminals to be developed during the next three years and implementation of innovative ways for building metro systems.</p>

<p>During her address, Sitharaman said, "As a part of Atmanirbhar Bharat, 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH in 2022-23, for safety and capacity augmentation."</p>

<p>"A total of 400 new generation Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in next three years."</p>

<p>The KAWACH technology is an indigenously developed anti-collision device to prevent accidents to achieve railways its goal of zero accidents.&nbsp;</p>

<p>She also said that Indian Railways will develop new products and efficient logistics services for small farmers, small and medium enterprises.&nbsp;</p>

<p>"Contracts for implementation of multimodal logistics parks at four locations will be awarded in 2022-23 in PPP mode. Indian Railways to develop new products and efficient logistics services for small farmers, small and medium enterprises. One Station One Product to be popularised to help local businesses and supply chains," she said.&nbsp;</p>

<p>Overall, this year's Union Budget seeks to lay the foundation and give a blueprint of the economy over 'Amrit Kal' of next 25 years - from India at 75 to India at 100.&nbsp;</p>

<p>Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).&nbsp;</p>


A gift to the Indian Railways as the country's Finance Minister Nirmala Sitharaman on Tuesday (February 1) said that about 2,000km of the rail network will be brought under the indigenous world-class technology KAWACH.

A gift to the Indian Railways as the country's Finance Minister Nirmala Sitharaman on Tuesday (February 1) said that about 2,000km of the rail network will be brought under the indigenous world-class technology KAWACH. While announcing this year's Budget, the finance minister also said that 400 new 'Vande Bharat' trains will be manufactured in the next three years. She also said 100 PM Gati Shakti Cargo terminals to be developed during the next three years and implementation of innovative ways for building metro systems. During her address, Sitharaman said, "As a part of Atmanirbhar Bharat, 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH in 2022-23, for safety and capacity augmentation." "A total of 400 new generation Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in next three years." The KAWACH technology is an indigenously developed anti-collision device to prevent accidents to achieve railways its goal of zero accidents. She also said that Indian Railways will develop new products and efficient logistics services for small farmers, small and medium enterprises. "Contracts for implementation of multimodal logistics parks at four locations will be awarded in 2022-23 in PPP mode. Indian Railways to develop new products and efficient logistics services for small farmers, small and medium enterprises. One Station One Product to be popularised to help local businesses and supply chains," she said. Overall, this year's Union Budget seeks to lay the foundation and give a blueprint of the economy over 'Amrit Kal' of next 25 years - from India at 75 to India at 100. Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).

India's Railway Budget: 400 new-gen 'Vande Bharat' trains, 2000km of network will be brought under KAWACH tech

<p>The Union Budget session of Indian Parliament has kickstarted on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall.&nbsp;<br />
<br />
President Ram Nath Kovind praised India's fight against the new coronavirus while speaking before the Parliament's Budget Session: “India’s capability to fight COVID-19 was evident in its vaccination program. In less than a year, we made a record of administering over 1.5 billion doses of vaccine. Today, we’re one of the leading nations in the world when it comes to the number of doses given.”</p>

<p data-changed="false" data-paragraphid="3"><strong>Here are the highlights of President Ramnath Kovind's speech:</strong></p>

<ol>
	<li>We saw the capability of India's youth power in the Tokyo Olympics. Giving its best-ever performance, India won seven medals. In the Tokyo Paralympics, too, India won 19 medals and set a record.<br />
	&nbsp;</li>
	<li>Our small-scale farmers have a significant role in the country’s development. My government has always prioritised 80 per cent of our small-scale farmers. As part of the PM Kisan Samman Nidhi, over 11 crore families have benefited to date, said President Kovind.<br />
	&nbsp;</li>
	<li>Women's empowerment is one of the top priorities of my government. We're witnesses to the success of the Ujjwala Yojana. Through the Mudra Yojana, the entrepreneurship and skills of women have received a boost. Many positive results have come to the fore with "Beti Bachao, Beti Padhao". In an attempt to provide an equal status to sons and daughters, my government has presented a Bill to increase the minimum age of marriage for women from 18 to 21 years.<br />
	&nbsp;</li>
	<li>My government is also running a PM Svanidhi Yojana to benefit the street vendors. So far, 2.8 million&nbsp;street vendors have received monetary support worth over Rs 29 billion. The Centre is now connecting these vendors via online companies. We can also see the impact of the manner in which my government linked Jan Dhan-Aadhaar-Mobile, the JAM trinity, to citizen empowerment. Thousands and thousands of people have received direct cash transfers during the pandemic.<br />
	&nbsp;</li>
	<li>To ensure that no one returns home hungry, my government distributes free rations to the poor every month as part of the PM Gareeb Kalyan Yojana. Today, India is running the world's largest food distribution program. Also, the Ayushman Bharat card has benefitted the poor. The availability of medicines at low prices at Jan Aushadi Kendra was also a great move.<br />
	&nbsp;</li>
	<li>I bow down to the freedom fighters who prioritised their duties and helped India get its rights. I also respectfully remember the personalities who contributed to the development of India in the 75 years of Independence.<br />
	&nbsp;</li>
	<li>It is true that polls affect Sessions and discussions. But I request all MPs that elections will go on but the Budget Session draws a blueprint for the entire year. The more fruitful we make it, the better our economic progress will be.</li>
</ol>

<p>The pre-budget Economic Survey 2022 was tabled in Parliament today, ahead of the Union Budget for the next fiscal year, which starts on April 1, 2022.</p>

<p>The Economic Survey summarises the health of the economy and recommends policy recommendations, however it frequently underestimates GDP forecasts.&nbsp;</p>

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<p dir="ltr" lang="en">By criminalizing Triple Talaq, govt is moving in the direction of riddance from ill-practices. Govt has also lifted the ban on Muslim women to go to Haj with Mehram (male-guardian): President Ram Nath Kovind <a href="https://t.co/pBfdqBKfzz">pic.twitter.com/pBfdqBKfzz</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1488035905395118080?ref_src=twsrc%5Etfw">January 31, 2022</a></blockquote>
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<p>The Budget session, which begins today, is the sixth since the COVID-19 pandemic broke out in January 2020.</p>

<p>The 2020 Budget Session was shortened by eight sittings, while the 2021 Budget Session was abbreviated by ten sittings.<br />
<br />
<em>(With inputs from agencies)</em><br />
&nbsp;</p>


The Union Budget session of Indian Parliament has kickstarted on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall.

The Union Budget session of Indian Parliament has kickstarted on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall. President Ram Nath Kovind praised India's fight against the new coronavirus while speaking before the Parliament's Budget Session: “India’s capability to fight COVID-19 was evident in its vaccination program. In less than a year, we made a record of administering over 1.5 billion doses of vaccine. Today, we’re one of the leading nations in the world when it comes to the number of doses given.” Here are the highlights of President Ramnath Kovind's speech: We saw the capability of India's youth power in the Tokyo Olympics. Giving its best-ever performance, India won seven medals. In the Tokyo Paralympics, too, India won 19 medals and set a record. Our small-scale farmers have a significant role in the country’s development. My government has always prioritised 80 per cent of our small-scale farmers. As part of the PM Kisan Samman Nidhi, over 11 crore families have benefited to date, said President Kovind. Women's empowerment is one of the top priorities of my government. We're witnesses to the success of the Ujjwala Yojana. Through the Mudra Yojana, the entrepreneurship and skills of women have received a boost. Many positive results have come to the fore with "Beti Bachao, Beti Padhao". In an attempt to provide an equal status to sons and daughters, my government has presented a Bill to increase the minimum age of marriage for women from 18 to 21 years. My government is also running a PM Svanidhi Yojana to benefit the street vendors. So far, 2.8 million street vendors have received monetary support worth over Rs 29 billion. The Centre is now connecting these vendors via online companies. We can also see the impact of the manner in which my government linked Jan Dhan-Aadhaar-Mobile, the JAM trinity, to citizen empowerment. Thousands and thousands of people have received direct cash transfers during the pandemic. To ensure that no one returns home hungry, my government distributes free rations to the poor every month as part of the PM Gareeb Kalyan Yojana. Today, India is running the world's largest food distribution program. Also, the Ayushman Bharat card has benefitted the poor. The availability of medicines at low prices at Jan Aushadi Kendra was also a great move. I bow down to the freedom fighters who prioritised their duties and helped India get its rights. I also respectfully remember the personalities who contributed to the development of India in the 75 years of Independence. It is true that polls affect Sessions and discussions. But I request all MPs that elections will go on but the Budget Session draws a blueprint for the entire year. The more fruitful we make it, the better our economic progress will be. The pre-budget Economic Survey 2022 was tabled in Parliament today, ahead of the Union Budget for the next fiscal year, which starts on April 1, 2022. The Economic Survey summarises the health of the economy and recommends policy recommendations, however it frequently underestimates GDP forecasts. By criminalizing Triple Talaq, govt is moving in the direction of riddance from ill-practices. Govt has also lifted the ban on Muslim women to go to Haj with Mehram (male-guardian): President Ram Nath Kovind pic.twitter.com/pBfdqBKfzz — ANI (@ANI) January 31, 2022 × The Budget session, which begins today, is the sixth since the COVID-19 pandemic broke out in January 2020. The 2020 Budget Session was shortened by eight sittings, while the 2021 Budget Session was abbreviated by ten sittings. (With inputs from agencies)

Economic Survey 2022 updates: Indian President Kovind highlights govt's agenda for growth

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