India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday (February 1) as the country is reviving from the onslaughts of the ongoing coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday (February 1) as the country is reviving from the onslaughts of the ongoing coronavirus (COVID-19) pandemic. As the Indian government continues to put efforts to recover from the pandemic-caused losses, the country's economy is showing strong signs of recovery and has again emerged as among the fastest-growing economies in the world. In simple terms, a budget is a financial plan for a defined period, often one year. It is the sum of finances allocated for a particular purpose and the summary of intended expenditures along with proposals for how to meet them. ALSO READ | India's Union Budget 2022 will be available on mobile app: Here's how to download on Android and iOS Ahead of the Budget presentation, here's a report on expenditure and revenue budgets. Expenditure budget: The allocation of funds for disbursement to various ministries, departments and sectors is the Expenditure Budget. Revenue budget: It consists of revenue receipts of the government and the expenditure met from these revenues. Revenues are made up of taxes and other duties that the government levies. WATCH WION's analysis | India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets × In this year's budget, the customary 'halwa ceremony' to mark the final stage of the budget-making exercise was not held due to the Covid protocols. Instead, the government distributed packed sweets among the core staff members involved in the budget-making. The budget session of parliament is being held in two parts. The first part will continue till February 11 and the second part from March 14 to April 8.

India Union Budget 2022: What are expenditure and revenue budgets?

The Rail Budget this year will focus on making long-distance travel comfortable, densening the railway network in the poll-bound states and enhancing the connectivity in metro cities as well as the Northeast region. 
 
Union Finance Minister Nirmala Sitharaman will present her fourth Budget on Tuesday (February 1). 
 
This will be the sixth joint Budget after the merger of the Rail Budget with the Union Budget in 2017. 
 
As per information, it is expected that the Centre will increase the Rail budget by 15 to 20 per cent this year. 
 
With the Assembly elections in five states round the corner, the Centre can announce new railway facilities for the common passengers. 
 
Although the Railways incurred a loss of Rs 263 billion&nbsp;in the last one year, this time the Rail Budget is expected to be enhanced to around Rs 2.5 trillion. 
 
Last year, the Centre allocated a record budget of Rs 1.10 trillion&nbsp;for the Railways. 
 
The Centre can also propose the electrification of a record 7,000 km of railway track this time as part of its efforts to achieve complete electrification of broad-gauge railway lines by the end of 2023. 
 
The lower and the middle class pay special attention to the Rail Budget as they share a deep connection with the railways, which is considered as the lifeline of the country. There is also a possibility of the announcement of high-speed trains in the Budget. 
 
Plans are being made to strengthen the rail connectivity in the poll-bound states and metro cities. For this, the government can involve some private partners. 
 
A bullet train between New Delhi and Varanasi can also be announced in the Budget. Significantly, the work of the first bullet train between Ahmedabad and Mumbai is already underway. 
 
Similarly, announcement of a bullet train on the Delhi-Howrah route is also expected in the Budget. 
 
Announcements regarding semi-high speed trains on the Golden Quadrilateral route, expansion of Vande Bharat Express and new dedicated freight corridors are also expected. 
 
As per the sources, the special focus in the Rail Budget will be on the Golden Quadrilateral Routes, on which the government can announce to run semi-high speed trains having a speed of 180 to 200 kmph. These trains will be like the Vande Bharat Express. 
 
The replacement of the old ICF coaches in all trains and installation of new LHB coaches, is another major announcement to be expected in the Budget. 
 
About ten new light trains (aluminium ones), which are energy efficient, can be announced for long distance journeys. Similarly, a proposal to make 6,500 aluminium coaches, 1,240 locomotives and about 35,000 wagons can be proposed in the Budget. 
 
Railways is also manufacturing several special trains replacing the traditional IPS coaches with the LHB coaches made of German technology. Also the coaches for a new `Deccan Queen` are being manufactured at the Integral Coach Factory in Chennai. 
 
For this new 'Deccan Queen', two specially designed coaches for guards, five AC chair car coaches, 12 non-AC chair car coaches and one pantry cum dining coach have been made. This train will have 20 coaches and each one will have its own specialty. On the same lines, other trains are also expected to be announced in the Budget. 
 
In the Rail Budget, the Centre will also be focusing on the expansion of the rail network in the Northeast region. 
 
In the last Budget also, the Finance Minister had announced plans to build new DFC corridors for routes like East Coast, East-West and North-South. Just before the Manipur elections, for the first time since Independence, a goods train reached Rani Gaidinliu railway station in Tamenglong district of Manipur. 
 
Railway Minister Ashwini Vaishnaw has recently taken stock of the Jiribam-Imphal new line project in Manipur through an aerial survey. The project includes the longest tunnel in the country, which will connect Guwahati and Imphal. Vaishnaw had said that Rs 70 billion has been allocated this year for various rail projects in the Northeast.

The Rail Budget this year will focus on making long-distance travel comfortable, densening the railway network in the poll-bound states and enhancing the connectivity in metro cities as well as the Northeast region.

The Rail Budget this year will focus on making long-distance travel comfortable, densening the railway network in the poll-bound states and enhancing the connectivity in metro cities as well as the Northeast region. Union Finance Minister Nirmala Sitharaman will present her fourth Budget on Tuesday (February 1). This will be the sixth joint Budget after the merger of the Rail Budget with the Union Budget in 2017. As per information, it is expected that the Centre will increase the Rail budget by 15 to 20 per cent this year. With the Assembly elections in five states round the corner, the Centre can announce new railway facilities for the common passengers. Although the Railways incurred a loss of Rs 263 billion in the last one year, this time the Rail Budget is expected to be enhanced to around Rs 2.5 trillion. Last year, the Centre allocated a record budget of Rs 1.10 trillion for the Railways. The Centre can also propose the electrification of a record 7,000 km of railway track this time as part of its efforts to achieve complete electrification of broad-gauge railway lines by the end of 2023. The lower and the middle class pay special attention to the Rail Budget as they share a deep connection with the railways, which is considered as the lifeline of the country. There is also a possibility of the announcement of high-speed trains in the Budget. Plans are being made to strengthen the rail connectivity in the poll-bound states and metro cities. For this, the government can involve some private partners. A bullet train between New Delhi and Varanasi can also be announced in the Budget. Significantly, the work of the first bullet train between Ahmedabad and Mumbai is already underway. Similarly, announcement of a bullet train on the Delhi-Howrah route is also expected in the Budget. Announcements regarding semi-high speed trains on the Golden Quadrilateral route, expansion of Vande Bharat Express and new dedicated freight corridors are also expected. As per the sources, the special focus in the Rail Budget will be on the Golden Quadrilateral Routes, on which the government can announce to run semi-high speed trains having a speed of 180 to 200 kmph. These trains will be like the Vande Bharat Express. The replacement of the old ICF coaches in all trains and installation of new LHB coaches, is another major announcement to be expected in the Budget. About ten new light trains (aluminium ones), which are energy efficient, can be announced for long distance journeys. Similarly, a proposal to make 6,500 aluminium coaches, 1,240 locomotives and about 35,000 wagons can be proposed in the Budget. Railways is also manufacturing several special trains replacing the traditional IPS coaches with the LHB coaches made of German technology. Also the coaches for a new `Deccan Queen` are being manufactured at the Integral Coach Factory in Chennai. For this new 'Deccan Queen', two specially designed coaches for guards, five AC chair car coaches, 12 non-AC chair car coaches and one pantry cum dining coach have been made. This train will have 20 coaches and each one will have its own specialty. On the same lines, other trains are also expected to be announced in the Budget. In the Rail Budget, the Centre will also be focusing on the expansion of the rail network in the Northeast region. In the last Budget also, the Finance Minister had announced plans to build new DFC corridors for routes like East Coast, East-West and North-South. Just before the Manipur elections, for the first time since Independence, a goods train reached Rani Gaidinliu railway station in Tamenglong district of Manipur. Railway Minister Ashwini Vaishnaw has recently taken stock of the Jiribam-Imphal new line project in Manipur through an aerial survey. The project includes the longest tunnel in the country, which will connect Guwahati and Imphal. Vaishnaw had said that Rs 70 billion has been allocated this year for various rail projects in the Northeast.

India’s Budget 2022: What's likely to be unveiled by the Railway Budget

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget. The allocation came down from Rs 20,72,610 millon in years 2020 to Rs 15,33,260 million in year 2021.&nbsp;

Indian President Ram Nath Kovind, during his speech that kicked off Indian Parliament's budget session on MOnday underlined the role and importance of participation of women in the country's development. The president said that women's empowerment is one of the top priorities of the government.

"Women participation in the development of the rural economy is increasing. In the year 2021-22, 28 lakh Self Help Groups (SHGs) were given financial support of Rs 65,000 crore by the banks," the President said while addressing both the houses of Parliament on the first day of the Budget session.

Also Read | <a href="https://www.wionews.com/business-economy/india-budget-2022-economic-survey-projects-8-85-gdp-growth-for-2022-23-449130">India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23</a>

He said this figure is four times higher than that of 2014-15 financial year.

Kovind further informed that the Centre has trained thousands of such groups and helped them participate as `Banking Sakhi`. "These women are connecting banking services in rural areas to each and every household there," he said.

Highlighting the schemes introduced by the Centre to help women, the President said that the success of Ujjwala Yojna has been witnessed by all and with the help of schemes like Mudra Yojna, more than 15 crore people have been benefited and around 4 crore people have started their own business.

Kovind also mentioned the `Beti Bachao, Beti padhao` campaign, adding that it yielded positive results as the number of girls taking admission in schools has increased significantly.

To ensure equality between genders, the Centre has proposed to increase the marriageable age of women from 18 to 21, he said.

He said that by brining in a law against Triple Talaq, the Centre has abolished a social evil prevalent in Muslim society, "and Muslim women will no longer need to be accompanied by a blood-relative (Mehram) to go for Haj pilgrimage," he added.

Upliftment of the gender demographic needs investment in government-backed programmes, incubation centres for businesses led by women. MSMEs led by women would benefit from, interest-free loans. Similarly focussing on girls' and women's education would go a long way in building a better society.

(With inputs from agencies)

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget.

Union Budget 2022 is just around the corner and citizens and experts alike are keen to know what it will have for women. This has gained importance as allocation for scheme for women decreased by 26 per cent from the levels in 2020 budget. The allocation came down from Rs 20,72,610 millon in years 2020 to Rs 15,33,260 million in year 2021. Indian President Ram Nath Kovind, during his speech that kicked off Indian Parliament's budget session on MOnday underlined the role and importance of participation of women in the country's development. The president said that women's empowerment is one of the top priorities of the government. "Women participation in the development of the rural economy is increasing. In the year 2021-22, 28 lakh Self Help Groups (SHGs) were given financial support of Rs 65,000 crore by the banks," the President said while addressing both the houses of Parliament on the first day of the Budget session. Also Read | India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23 He said this figure is four times higher than that of 2014-15 financial year. Kovind further informed that the Centre has trained thousands of such groups and helped them participate as `Banking Sakhi`. "These women are connecting banking services in rural areas to each and every household there," he said. Highlighting the schemes introduced by the Centre to help women, the President said that the success of Ujjwala Yojna has been witnessed by all and with the help of schemes like Mudra Yojna, more than 15 crore people have been benefited and around 4 crore people have started their own business. Kovind also mentioned the `Beti Bachao, Beti padhao` campaign, adding that it yielded positive results as the number of girls taking admission in schools has increased significantly. To ensure equality between genders, the Centre has proposed to increase the marriageable age of women from 18 to 21, he said. He said that by brining in a law against Triple Talaq, the Centre has abolished a social evil prevalent in Muslim society, "and Muslim women will no longer need to be accompanied by a blood-relative (Mehram) to go for Haj pilgrimage," he added. Upliftment of the gender demographic needs investment in government-backed programmes, incubation centres for businesses led by women. MSMEs led by women would benefit from, interest-free loans. Similarly focussing on girls' and women's education would go a long way in building a better society. (With inputs from agencies)

India Union Budget 2022: What women want

India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.5% for the upcoming financial year.&nbsp;

The Indian economy is set to grow at 9.2% in the current fiscal year, the survey stated. India's GDP grew by 8.4% in the July-September quarter.

According to the report, which was tabled by Finance Minister Nirmala Sitharaman ahead of the Union Budget for 2022-23, which is scheduled to be presented on Tuesday, all macro indicators indicated that the economy was well positioned to face challenges, aided by pick-ups in farm and industrial output growth. 
 
<a href="https://www.wionews.com/business-economy/economic-survey-2022-updates-indian-president-kovind-highlights-govts-agenda-for-growth-449108">Also read | Economic Survey 2022 updates: Indian President Kovind highlights govt's agenda for growth</a>

India, which is likely to grab the title of the world's fastest-growing major economy from China and maintain it for at least another two years, has the fiscal space to do more to boost the economy.&nbsp;

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<h5>India has once again become one of the fastest growing economies of the world. President Kovind</h5>
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Highlights:

<ul>
	<li data-changed="false" data-paragraphid="17">Economic survey presented in parliament 
	&nbsp;</li>
	<li data-changed="false" data-paragraphid="19">FY 2023 GDP growth is estimated at 8-8.5% 
	&nbsp;</li>
	<li data-changed="false" data-paragraphid="20">FY 22 real GDP growth of 9.2% is possible 
	&nbsp;</li>
	<li>11.8% industrial growth is possible. 
	&nbsp;</li>
	<li>Agriculture sector growth at &nbsp;3.9 % 
	&nbsp;</li>
	<li>Improvements in the supply chain would help growth. 
	&nbsp;</li>
	<li>There will be challenges in the macro economy in FY 23 
	&nbsp;</li>
	<li>Exports will contribute significantly to FY 23 GDP growth 
	&nbsp;</li>
	<li>India has third largest startup ecosystem in the world after US and China.</li>
</ul>

Watch | Budget 2022: 'Sabka sath, Sabka Vikas,' Indian Prez Kovind highlights govt's agenda for growth

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2022-sabka-sath-sabka-vikas-indian-prez-kovind-highlights-govts-agenda-for-growth-449119/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to the survey, "The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, the monsoon will be normal, and the withdrawal of global liquidity by major central banks will be orderly." 
 
Watch | PM Narendra Modi addresses media before budget session of parliament commences

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It also depends on oil prices remaining at the $70-$75 per barrel level, as well as global supply chain issues subsiding.

By increasing spending, the budget is expected to prioritise growth over fiscal consolidation.&nbsp;

The budget is presented just days before elections in five states, including the most populous, Uttar Pradesh, which may prompt Sitharaman to promise increased rural expenditure and food and fertiliser subsidies.&nbsp;

(With inputs from agencies)

India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.

India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.5% for the upcoming financial year. The Indian economy is set to grow at 9.2% in the current fiscal year, the survey stated. India's GDP grew by 8.4% in the July-September quarter. According to the report, which was tabled by Finance Minister Nirmala Sitharaman ahead of the Union Budget for 2022-23, which is scheduled to be presented on Tuesday, all macro indicators indicated that the economy was well positioned to face challenges, aided by pick-ups in farm and industrial output growth. Also read | Economic Survey 2022 updates: Indian President Kovind highlights govt's agenda for growth India, which is likely to grab the title of the world's fastest-growing major economy from China and maintain it for at least another two years, has the fiscal space to do more to boost the economy. India has once again become one of the fastest growing economies of the world. President Kovind × Highlights: Economic survey presented in parliament FY 2023 GDP growth is estimated at 8-8.5% FY 22 real GDP growth of 9.2% is possible 11.8% industrial growth is possible. Agriculture sector growth at 3.9 % Improvements in the supply chain would help growth. There will be challenges in the macro economy in FY 23 Exports will contribute significantly to FY 23 GDP growth India has third largest startup ecosystem in the world after US and China. Watch | Budget 2022: 'Sabka sath, Sabka Vikas,' Indian Prez Kovind highlights govt's agenda for growth According to the survey, "The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, the monsoon will be normal, and the withdrawal of global liquidity by major central banks will be orderly." Watch | PM Narendra Modi addresses media before budget session of parliament commences It also depends on oil prices remaining at the $70-$75 per barrel level, as well as global supply chain issues subsiding. By increasing spending, the budget is expected to prioritise growth over fiscal consolidation. The budget is presented just days before elections in five states, including the most populous, Uttar Pradesh, which may prompt Sitharaman to promise increased rural expenditure and food and fertiliser subsidies. (With inputs from agencies)

India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23

India's Finance Minister Nirmala Sitharaman will present the union budget 2022-23 in the parliament on February 01.

One of the most keenly awaited announcements in the union budget every year is related to personal taxation. In every budget income tax rates and slabs are reviewed. However, the income tax slabs have not been changed since 2014. Will Sitharaman change the slabs and give relief to taxpayers in the budget on Tuesday?

Major steps towards simplification and rationalisation of the income tax regime are also expected in this year's budget.

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In the Budget 2020-21, around 70 exemptions and deductions of different nature were removed. The finance minister had announced that the "remaining exemptions and deductions will be reviewed and rationalised in the coming years with a view to further simplifying the tax system and lowering the tax rate." In the 2021-22 Budget the finance minister did not make any significant change in the income tax rates or slabs.&nbsp;

"Although the Government has taken several measures to resolve tax disputes and overhaul the tax dispute resolution framework over the past few years, further measures in this regard may help in reducing litigation. Rationalisation of TDS and TCS provisions to ease compliance burdens will also be welcome," said Rajeev Dimri, Partner and National Head of Tax, KPMG in India.

<a href="https://www.wionews.com/india-news/what-is-the-economic-survey-all-you-need-to-know-about-indias-annual-flagship-document-447230">Also read |&nbsp;What is the economic survey? All you need to know about India's annual flagship document</a>

As per the leading healthcare providers in the country in the private sector, the government should also consider continuation of tax incentives, upgradation of medical facilities in smaller towns and skilling of workforce in the budget.

"The government had rightly placed health and well-being as the first of the six pillars in the Union Budget 2021 and the focus must continue in 2022 too. Firstly, the outlay for healthcare infrastructure to be increased further...Facilities in tier 2-3 towns need to be equipped with diagnosis centres, ventilators, ICUs, critical care facilities and oxygen plants," Fortis Healthcare MD and CEO Ashutosh Raghuvanshi noted.

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There is an urgent need to allocate a separate budget for a national campaign around preventive health, testing and screening as these are key to reducing the overall disease burden in India, he added.

"Healthcare should be accorded priority status so that the sector can derive benefit from the GST transition and providers and healthcare service delivery institutions can avail loans at lower rates and extended tenure. It is also essential that the government reduces duty and cess for critical care and life saving equipment and drugs to reduce costs for both providers and patients," Raghuvanshi said.

Apollo Hospitals Group Executive Vice Chairperson Preetha Reddy said the immediate priorities must include taking up public expenditure on health to at least 3 per cent of GDP, a concerted thrust on encouraging investments that bridge gaps in infrastructure and resources and also efforts to accelerate the adoption of digital technologies.

"These actions are pivotal building blocks of an Atmanirbhar healthcare ecosystem. Also, more than ever before, at this point in time, the people of India are looking to the Union Budget 2022-23 to chart a transformational course in nurturing good health for all and also to be able to access best in class healthcare at all times," she stated.

<a href="https://www.wionews.com/india-news/what-is-a-union-budget-and-why-is-it-important-to-the-government-of-india-448180">Also read |&nbsp;What is a union budget and why is it important to the government of India?</a>

Apollo Hospitals Group Joint Managing Director Sangita Reddy said that the pandemic has shown the potential of India to become a global centre for R&amp;D in drugs and vaccines.

"Tax incentives should also be extended to R&amp;D as this would encourage further innovation in healthcare. Another key area that the budget needs to address is skilling of healthcare workers. This will help to address the manpower challenge that we face and bring India up to par with the recommended ratio in terms of trained doctors and nurses," she added.

Asia Healthcare Holdings Executive Chairman Vishal Bali said the multiple waves of the pandemic have exposed India's demand ? supply gap in healthcare across infrastructure, people, technology.

"Budget' 2022 must remain focused on increased allocation to the healthcare sector and fast track the bridging of the gap. Public healthcare spending on healthcare needs urgent reform and a clear allocation of 2.5 per cent of GDP in real terms and not under a consolidation of allocations to various schemes and departments related to health and sanitation," he noted.

Indian Micro, Small &amp; Medium Enterprises (MSME), textile, and tourism industry, and citizens shared their expectations ahead of the federal budget presentation for the financial year 2022-23.

Corporates and industry lobby groups, which expect bigger capital expenditure as the government looks to create jobs, also seek tax breaks for industries such as automobiles, manufacturing and tourism, hit by the coronavirus pandemic.

The MSMEs asked to focus more on manufacturing in the budget, while the mammoth textile industry of its hub, Surat, is hoping for multiple issues to be addressed.

India increased the GST applicable on finished products such as apparel, textiles, and footwear from 5 percent to 12 percent, however, it rolled back the order after severe backlash.

Indian Prime Minister Narendra Modi had launched the GST in 2017, and replaced more than a dozen federal and state levies and unifying a $2 trillion economy and 1.3 billion people into one of the world's biggest common markets.

However, the regime had faced a lot of criticism and has ignited some of the largest protests by the traders since then.

Passengers are hoping from more trains and affordable journeys from the rail budget this year.

While the tourism industry, which suffered the most during the coronavirus pandemic, is also hoping for a special package to power its revival.

(With inputs from agencies) 
&nbsp;

India's Finance Minister Nirmala Sitharaman will present the union budget 2022-23 in the parliament on February 01. One of the most keenly awaited announcements in the union budget every year is related to personal taxation.

India's Finance Minister Nirmala Sitharaman will present the union budget 2022-23 in the parliament on February 01. One of the most keenly awaited announcements in the union budget every year is related to personal taxation. In every budget income tax rates and slabs are reviewed. However, the income tax slabs have not been changed since 2014. Will Sitharaman change the slabs and give relief to taxpayers in the budget on Tuesday? Major steps towards simplification and rationalisation of the income tax regime are also expected in this year's budget. In the Budget 2020-21, around 70 exemptions and deductions of different nature were removed. The finance minister had announced that the "remaining exemptions and deductions will be reviewed and rationalised in the coming years with a view to further simplifying the tax system and lowering the tax rate." In the 2021-22 Budget the finance minister did not make any significant change in the income tax rates or slabs. "Although the Government has taken several measures to resolve tax disputes and overhaul the tax dispute resolution framework over the past few years, further measures in this regard may help in reducing litigation. Rationalisation of TDS and TCS provisions to ease compliance burdens will also be welcome," said Rajeev Dimri, Partner and National Head of Tax, KPMG in India. Also read | What is the economic survey? All you need to know about India's annual flagship document As per the leading healthcare providers in the country in the private sector, the government should also consider continuation of tax incentives, upgradation of medical facilities in smaller towns and skilling of workforce in the budget. "The government had rightly placed health and well-being as the first of the six pillars in the Union Budget 2021 and the focus must continue in 2022 too. Firstly, the outlay for healthcare infrastructure to be increased further...Facilities in tier 2-3 towns need to be equipped with diagnosis centres, ventilators, ICUs, critical care facilities and oxygen plants," Fortis Healthcare MD and CEO Ashutosh Raghuvanshi noted. There is an urgent need to allocate a separate budget for a national campaign around preventive health, testing and screening as these are key to reducing the overall disease burden in India, he added. "Healthcare should be accorded priority status so that the sector can derive benefit from the GST transition and providers and healthcare service delivery institutions can avail loans at lower rates and extended tenure. It is also essential that the government reduces duty and cess for critical care and life saving equipment and drugs to reduce costs for both providers and patients," Raghuvanshi said. Apollo Hospitals Group Executive Vice Chairperson Preetha Reddy said the immediate priorities must include taking up public expenditure on health to at least 3 per cent of GDP, a concerted thrust on encouraging investments that bridge gaps in infrastructure and resources and also efforts to accelerate the adoption of digital technologies. "These actions are pivotal building blocks of an Atmanirbhar healthcare ecosystem. Also, more than ever before, at this point in time, the people of India are looking to the Union Budget 2022-23 to chart a transformational course in nurturing good health for all and also to be able to access best in class healthcare at all times," she stated. Also read | What is a union budget and why is it important to the government of India? Apollo Hospitals Group Joint Managing Director Sangita Reddy said that the pandemic has shown the potential of India to become a global centre for R&D in drugs and vaccines. "Tax incentives should also be extended to R&D as this would encourage further innovation in healthcare. Another key area that the budget needs to address is skilling of healthcare workers. This will help to address the manpower challenge that we face and bring India up to par with the recommended ratio in terms of trained doctors and nurses," she added. Asia Healthcare Holdings Executive Chairman Vishal Bali said the multiple waves of the pandemic have exposed India's demand ? supply gap in healthcare across infrastructure, people, technology. "Budget' 2022 must remain focused on increased allocation to the healthcare sector and fast track the bridging of the gap. Public healthcare spending on healthcare needs urgent reform and a clear allocation of 2.5 per cent of GDP in real terms and not under a consolidation of allocations to various schemes and departments related to health and sanitation," he noted. Indian Micro, Small & Medium Enterprises (MSME), textile, and tourism industry, and citizens shared their expectations ahead of the federal budget presentation for the financial year 2022-23. Corporates and industry lobby groups, which expect bigger capital expenditure as the government looks to create jobs, also seek tax breaks for industries such as automobiles, manufacturing and tourism, hit by the coronavirus pandemic. The MSMEs asked to focus more on manufacturing in the budget, while the mammoth textile industry of its hub, Surat, is hoping for multiple issues to be addressed. India increased the GST applicable on finished products such as apparel, textiles, and footwear from 5 percent to 12 percent, however, it rolled back the order after severe backlash. Indian Prime Minister Narendra Modi had launched the GST in 2017, and replaced more than a dozen federal and state levies and unifying a $2 trillion economy and 1.3 billion people into one of the world's biggest common markets. However, the regime had faced a lot of criticism and has ignited some of the largest protests by the traders since then. Passengers are hoping from more trains and affordable journeys from the rail budget this year. While the tourism industry, which suffered the most during the coronavirus pandemic, is also hoping for a special package to power its revival. (With inputs from agencies)

From tax slab to healthcare sector: What are the expectations from India's union budget 2022?

The Union Budget is rapidly approaching. With Finance Minister Nirmala Sitharaman preparing to deliver the Budget on February 1, now is the time for us to study and prepare for the speech.

To assist you in better understanding the budget, WION digital has created a list of frequently used financial phrases that you may anticipate hearing during the budget announcements. Read on 
 
Union Budget

Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates.

Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year.&nbsp; It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this.&nbsp; &nbsp;&nbsp;

Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. 
 
Watch: India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets

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Gross Domestic Product

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.&nbsp;

Direct and Indirect Taxes

Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

GST

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

“Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply.

“Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.

Customs Duty

These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Fiscal Deficit&nbsp;

When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

Revenue Deficit&nbsp;

The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary Deficit

The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments.

Fiscal policy

It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy.

Monetary Policy

This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates.

Inflation

A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Capital Budget

The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties.

Revenue Budget

The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.

Finance Bill

The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Vote on Account

The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of&nbsp;new&nbsp;financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.

Excess Grants

If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills.

Budget Estimates

Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Revised Estimates

Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order.

Re-appropriations

Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller &amp; Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions.

Outcome Budget

From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.

Guillotine

Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Cut Motions

Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Consolidated Fund of India

All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law.

Contingency Fund of India

A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure.

Public Account

Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament.

Corporate Tax

This is the tax paid by corporations or firms on the incomes they earn.

Minimum Alternative Tax (MAT)

The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits.

Disinvestment

By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

The Union Budget is rapidly approaching. With Finance Minister Nirmala Sitharaman preparing to deliver the Budget on February 1, now is the time for us to study and prepare for the speech.

The Union Budget is rapidly approaching. With Finance Minister Nirmala Sitharaman preparing to deliver the Budget on February 1, now is the time for us to study and prepare for the speech. To assist you in better understanding the budget, WION digital has created a list of frequently used financial phrases that you may anticipate hearing during the budget announcements. Read on Union Budget Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates. Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year. It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this. Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. Watch: India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets Gross Domestic Product GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country. Direct and Indirect Taxes Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. GST The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government. “Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. “Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged. Customs Duty These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Fiscal Deficit When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit. Revenue Deficit The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary Deficit The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments. Fiscal policy It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy. Monetary Policy This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates. Inflation A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Capital Budget The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties. Revenue Budget The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments. Finance Bill The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget. Vote on Account The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of new financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act. Excess Grants If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills. Budget Estimates Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Revised Estimates Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order. Re-appropriations Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller & Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions. Outcome Budget From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage. Guillotine Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. Cut Motions Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Consolidated Fund of India All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law. Contingency Fund of India A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure. Public Account Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament. Corporate Tax This is the tax paid by corporations or firms on the incomes they earn. Minimum Alternative Tax (MAT) The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits. Disinvestment By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

India's Budget 2022: Important terms you should know

We've arrived at the time of year when Indian Finance Minister Nirmala Sitharaman and her colleagues must perform a delicate balancing act in order to satisfy the budget's numerous objectives.

Because of the prolonged pandemic, this budget is more challenging than most, but the recent strong tax revenues have given her some freedom.

Even so, she must ensure that economic growth is maintained, that social sector spending is not decreased, and that all of this is done without jeopardising fiscal responsibility.&nbsp;

Finance ministers are regarded as holding the most powerful positions in the world.

In India, many of these ministers went on to become Prime Ministers (PMs) or even Presidents of the country.

Jawaharlal Lal Nehru, Indira and Rajiv Gandhi all delivered the Budget while serving as Prime Minister of India.

Jawaharlal Nehru (Finance Minister and Prime Minister)

Beginning with the country's first Prime Minister, Jawaharlal Nehru served as India's first Prime Minister from 1947 to 1964, and was the second person to propose the Union Budget (after Shanmukham Chetty), while holding the Ministry of Finance position in the fiscal year 1958-59.

Morarji Desai (Finance Minister to the Prime Minister)

With ten times as Finance Minister, Morarji Desai holds the record for presenting the most Union Budgets.

Following Jawaharlal Nehru, Desai served as finance minister from 13 March 1958 to 29 August 1963, and then again from 13 March 1967 to 16 July 1969 after Indira Gandhi.

Between March 24, 1977, and July 28, 1979, Desai served as India's fourth Prime Minister.

Indira Gandhi:

Indira Gandhi, Nehru's daughter, was the first and only woman to serve as Prime Minister twice, from 1966 to 1977 and from 1980 to 1984.

From July 16, 1969, to June 27, 1970, she was also in charge of the Ministry of Finance.

Similarly, when serving as Prime Minister of India, Charan Singh held the position of Finance Minister but did not submit the Budget.

Charan Singh

Similarly, Charan Singh served as India's finance minister (for a brief period between January and July 1979) before becoming Prime Minister from July 1979 to January 1980.&nbsp;

Rajiv Gandhi

Rajiv Gandhi, Indira Gandhi's son, served as Prime Minister from 1984 to 1989 and delivered the Union Budget in 1987-88, during which time he introduced the corporate tax. He also served as Minister of Finance.

Manmmohan Singh

Manmohan Singh served as India's Finance Minister from 1991 to 1996, and was a key figure in the liberalisation of the economy and the abolition of the licence raj system.

From 1982 to 1985, he served as the Governor of the Reserve Bank of India.

From 1998 to 2014, he served as Prime Minister of the United Progressive Alliance (UPA), succeeding Atal Bihari Vajpayee (before Narendra Modi).

V P Singh

Vishwanath Pratap Singh was India's finance minister from December 1984 to January 1, 1987, and then Prime Minister from December 2, 1989 to November 10, 1990.

R Venkataraman

Venkataraman was the finance minister from January 14, 1980, to January 15, 1982, during which time he presented the budget three times.

From August 31st, 1984, to July 24, 1987, he served as Vice President, and then as President from July 25, 1987, until July 25, 1992.

Pranab Mukherjee

Pranab Mukherjee, like Venkataram, was the finance minister before ascending to the presidency as India's 13th President in July 2012.

From 1982 to 1984, he was the finance minister, and then again from 2009 until 2012.

He has delivered the budget seven times, along with Yashwant Sinha for third most, after P. Chidambaram and Morarji Desai.

(With inputs from agencies)

We've arrived at the time of year when Indian Finance Minister Nirmala Sitharaman and her colleagues must perform a delicate balancing act in order to satisfy the budget's numerous objectives.

We've arrived at the time of year when Indian Finance Minister Nirmala Sitharaman and her colleagues must perform a delicate balancing act in order to satisfy the budget's numerous objectives. Because of the prolonged pandemic, this budget is more challenging than most, but the recent strong tax revenues have given her some freedom. Even so, she must ensure that economic growth is maintained, that social sector spending is not decreased, and that all of this is done without jeopardising fiscal responsibility. Finance ministers are regarded as holding the most powerful positions in the world. In India, many of these ministers went on to become Prime Ministers (PMs) or even Presidents of the country. Jawaharlal Lal Nehru, Indira and Rajiv Gandhi all delivered the Budget while serving as Prime Minister of India. Jawaharlal Nehru (Finance Minister and Prime Minister) Beginning with the country's first Prime Minister, Jawaharlal Nehru served as India's first Prime Minister from 1947 to 1964, and was the second person to propose the Union Budget (after Shanmukham Chetty), while holding the Ministry of Finance position in the fiscal year 1958-59. Morarji Desai (Finance Minister to the Prime Minister) With ten times as Finance Minister, Morarji Desai holds the record for presenting the most Union Budgets. Following Jawaharlal Nehru, Desai served as finance minister from 13 March 1958 to 29 August 1963, and then again from 13 March 1967 to 16 July 1969 after Indira Gandhi. Between March 24, 1977, and July 28, 1979, Desai served as India's fourth Prime Minister. Indira Gandhi: Indira Gandhi, Nehru's daughter, was the first and only woman to serve as Prime Minister twice, from 1966 to 1977 and from 1980 to 1984. From July 16, 1969, to June 27, 1970, she was also in charge of the Ministry of Finance. Similarly, when serving as Prime Minister of India, Charan Singh held the position of Finance Minister but did not submit the Budget. Charan Singh Similarly, Charan Singh served as India's finance minister (for a brief period between January and July 1979) before becoming Prime Minister from July 1979 to January 1980. Rajiv Gandhi Rajiv Gandhi, Indira Gandhi's son, served as Prime Minister from 1984 to 1989 and delivered the Union Budget in 1987-88, during which time he introduced the corporate tax. He also served as Minister of Finance. Manmmohan Singh Manmohan Singh served as India's Finance Minister from 1991 to 1996, and was a key figure in the liberalisation of the economy and the abolition of the licence raj system. From 1982 to 1985, he served as the Governor of the Reserve Bank of India. From 1998 to 2014, he served as Prime Minister of the United Progressive Alliance (UPA), succeeding Atal Bihari Vajpayee (before Narendra Modi). V P Singh Vishwanath Pratap Singh was India's finance minister from December 1984 to January 1, 1987, and then Prime Minister from December 2, 1989 to November 10, 1990. R Venkataraman Venkataraman was the finance minister from January 14, 1980, to January 15, 1982, during which time he presented the budget three times. From August 31st, 1984, to July 24, 1987, he served as Vice President, and then as President from July 25, 1987, until July 25, 1992. Pranab Mukherjee Pranab Mukherjee, like Venkataram, was the finance minister before ascending to the presidency as India's 13th President in July 2012. From 1982 to 1984, he was the finance minister, and then again from 2009 until 2012. He has delivered the budget seven times, along with Yashwant Sinha for third most, after P. Chidambaram and Morarji Desai. (With inputs from agencies)

Watch: Indian finance ministers who went on to become President or PM

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health.

What exactly is the Sin Tax?

A sin tax is placed on goods and services that are seen to be socially detrimental.

Tobacco, gambling ventures, alcohol, cigarettes, and other things are examples of products that are subject to a sin tax.

What is the primary goal of the sin tax?

Sin taxes are intended to discourage people from engaging in socially detrimental activities.

The goal is to make dangerous products more expensive to obtain in order to reduce or eliminate their consumption.

They also provide governments with a source of revenue.

Alcohol, tobacco, and cigarettes are primarily included among these items, and governments strive to tax them at a higher rate in order to prevent usage while also using the funds gained to fund welfare programmes.&nbsp;

Tobacco products are taxed at a rate of 28 per cent in India, whereas tobacco leaves are taxed at a rate of 5%.&nbsp;

Is it coming this year?

Over the last two years, the Indian government has not increased taxes on these commodities.

However, the government established an expert panel a few months ago in order to create a comprehensive tax policy plan that would include all tobacco products from a public health standpoint.

This time, analysts anticipate a higher'sin' tax on cigarette products as a result of this move.&nbsp;

(With inputs from agencies)

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health. What exactly is the Sin Tax? A sin tax is placed on goods and services that are seen to be socially detrimental.

Governments around the world have traditionally imposed a "sin" tax on things that have a negative impact on people's health. What exactly is the Sin Tax? A sin tax is placed on goods and services that are seen to be socially detrimental. Tobacco, gambling ventures, alcohol, cigarettes, and other things are examples of products that are subject to a sin tax. What is the primary goal of the sin tax? Sin taxes are intended to discourage people from engaging in socially detrimental activities. The goal is to make dangerous products more expensive to obtain in order to reduce or eliminate their consumption. They also provide governments with a source of revenue. Alcohol, tobacco, and cigarettes are primarily included among these items, and governments strive to tax them at a higher rate in order to prevent usage while also using the funds gained to fund welfare programmes. Tobacco products are taxed at a rate of 28 per cent in India, whereas tobacco leaves are taxed at a rate of 5%. Is it coming this year? Over the last two years, the Indian government has not increased taxes on these commodities. However, the government established an expert panel a few months ago in order to create a comprehensive tax policy plan that would include all tobacco products from a public health standpoint. This time, analysts anticipate a higher'sin' tax on cigarette products as a result of this move. (With inputs from agencies)

India's Budget 2022: What is the Sin Tax? Is it in this year's budget? 

With India’s Budget announcement round the corner, every tax payer longs for some pleasing announcements to be made by the government. &nbsp;

The best examples are the hike in the standard deduction and new ways to save tax. &nbsp;

The standard deduction is actually a relief allowed in gross salary income for salaried individuals and pensioners by the government under the rules. &nbsp;

Although the standard deduction affects every individual, whether one has opted for old or new tax regime, the ways to save tax, such as kids' education, belong to only the people, who have gone for old regime. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-budget-2022-important-terms-you-should-know-448628" hreflang="en">India's Budget 2022: Important terms you should know</a>

This year would not be any different. The citizens of the country have already pinned hopes on the Indian Finance Minister’s announcement about the Budget in this regard. &nbsp;&nbsp;

Till now, the standard deduction for salaried taxpayers, who are below the age of 60 years, is Rs 2,50,000. The rate is same for both tax regimes, new and old. &nbsp;&nbsp;

In the old tax regime, the deduction is Rs 3,00,000 for taxpayers above 60 years of age and Rs 5,00,000 for people above 80 years of age. In new regime, the deduction is Rs 2,50,000 for everyone. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-budget-2022-what-is-the-sin-tax-is-it-in-this-years-budget-448627" hreflang="en">India's Budget 2022: What is the Sin Tax? Is it in this year's budget?&nbsp;</a>

Another standard deduction of Rs 50,000 is allowed for every individual going for old regime as per rules. &nbsp;

The deduction for the children’s tuition fee comes under section 80C and has a limit of Rs 1,50,000. &nbsp;&nbsp;

The raising of these limits by around 20% would be warmly welcomed by citizens as they have been witnessing tough times for last two years due to coronavirus pandemic. &nbsp;&nbsp;

The hike in the above limits would also encourage people to do more savings for future. If the government comes up with a tax relief related to COVID-19, the citizens will get the much-needed respite. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

With India’s Budget announcement round the corner, every tax payer longs for some pleasing announcements to be made by the government. The best examples are the hike in the standard deduction and new ways to save tax.

With India’s Budget announcement round the corner, every tax payer longs for some pleasing announcements to be made by the government. The best examples are the hike in the standard deduction and new ways to save tax. The standard deduction is actually a relief allowed in gross salary income for salaried individuals and pensioners by the government under the rules. Although the standard deduction affects every individual, whether one has opted for old or new tax regime, the ways to save tax, such as kids' education, belong to only the people, who have gone for old regime. Also Read: India's Budget 2022: Important terms you should know This year would not be any different. The citizens of the country have already pinned hopes on the Indian Finance Minister’s announcement about the Budget in this regard. Till now, the standard deduction for salaried taxpayers, who are below the age of 60 years, is Rs 2,50,000. The rate is same for both tax regimes, new and old. In the old tax regime, the deduction is Rs 3,00,000 for taxpayers above 60 years of age and Rs 5,00,000 for people above 80 years of age. In new regime, the deduction is Rs 2,50,000 for everyone. Also Read: India's Budget 2022: What is the Sin Tax? Is it in this year's budget? Another standard deduction of Rs 50,000 is allowed for every individual going for old regime as per rules. The deduction for the children’s tuition fee comes under section 80C and has a limit of Rs 1,50,000. The raising of these limits by around 20% would be warmly welcomed by citizens as they have been witnessing tough times for last two years due to coronavirus pandemic. The hike in the above limits would also encourage people to do more savings for future. If the government comes up with a tax relief related to COVID-19, the citizens will get the much-needed respite. (With inputs from agencies)

India’s Budget 2022 expectations: Hike in standard deduction, tuition fee relief under income tax rules

The ongoing coronavirus (COVID-19) situation, especially the recent increase in the number of cases in India has forced the nation to drop a popular and decades-old Budget-related tradition - the "Halwa ceremony"

The customary Halwa (a sweet dish) ceremony has been dropped for the first time this year in view of the pandemic situation in the nation's capital New Delhi.&nbsp;

India's Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 in a paperless form for the second time on February 1. However, this year, the customary Halwa&nbsp;ceremony will not take place.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/what-is-a-union-budget-and-why-is-it-important-to-the-government-of-india-448180">What is a union budget and why is it important to the government of India?</a>

In a statement, the government said, "To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo "lock-in" at their workplaces, instead of a customary Halwa&nbsp;ceremony every year in view of the prevailing pandemic situation and the need to observe health safety protocols".&nbsp;

The tradition is quite old as ahead of the Budget presentation in the Parliament,&nbsp;Halwa&nbsp;is prepared in large quantities and served to the officers and support staff.&nbsp;

The halwa is served by the finance minister as a part of the Indian tradition of having something sweet before starting an important work.&nbsp;

ALSO READ | <a href="https://www.wionews.com/india-news/union-budget-2022-a-detailed-insight-to-how-the-document-is-prepared-448246">Union Budget 2022: A detailed insight to how the document is prepared</a>

The cases increased in the recents weeks, especially after the emergence Omicron variant. It is worth mentioning that more than 400 staff of Parliament were tested COVID-19 positive in the first week of January.&nbsp;

Rajya Sabha Chairman M Venkaiah Naidu had reviewed the situation and directed that necessary measures be taken to contain the spread of the virus among the Secretariat officials and staff.

Meanwhile, Vice President M Venkaiah Naidu has tested positive for coronavirus on Sunday. The VP, who is in Hyderabad, has asked those who came in contact with him to isolate themselves and get tested.

WATCH |&nbsp;India's Budget 2022 with Gautam Chikermane: India's performance in handling Covid crisis?

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The ongoing coronavirus (COVID-19) situation, especially the recent increase in the number of cases in India has forced the nation to drop a popular and decades-old Budget-related tradition - the "Halwa ceremony" The customary Halwa (a sweet dish) ceremony has been dropped for the first time this year in view of the pandemic situation in the nation's capital New Delhi.

The ongoing coronavirus (COVID-19) situation, especially the recent increase in the number of cases in India has forced the nation to drop a popular and decades-old Budget-related tradition - the "Halwa ceremony" The customary Halwa (a sweet dish) ceremony has been dropped for the first time this year in view of the pandemic situation in the nation's capital New Delhi. India's Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 in a paperless form for the second time on February 1. However, this year, the customary Halwa ceremony will not take place. ALSO READ | What is a union budget and why is it important to the government of India? In a statement, the government said, "To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo "lock-in" at their workplaces, instead of a customary Halwa ceremony every year in view of the prevailing pandemic situation and the need to observe health safety protocols". The tradition is quite old as ahead of the Budget presentation in the Parliament, Halwa is prepared in large quantities and served to the officers and support staff. The halwa is served by the finance minister as a part of the Indian tradition of having something sweet before starting an important work. ALSO READ | Union Budget 2022: A detailed insight to how the document is prepared The cases increased in the recents weeks, especially after the emergence Omicron variant. It is worth mentioning that more than 400 staff of Parliament were tested COVID-19 positive in the first week of January. Rajya Sabha Chairman M Venkaiah Naidu had reviewed the situation and directed that necessary measures be taken to contain the spread of the virus among the Secretariat officials and staff. Meanwhile, Vice President M Venkaiah Naidu has tested positive for coronavirus on Sunday. The VP, who is in Hyderabad, has asked those who came in contact with him to isolate themselves and get tested. WATCH | India's Budget 2022 with Gautam Chikermane: India's performance in handling Covid crisis? ×

Halwa ceremony: Coronavirus forces India to drop a customary tradition ahead of Budget 2022 presentation

India's startup sector is one of the shining examples of the Indian economy over the past two years. Going forward, 2022 is supposed to be even more optimistic, with more hopes for the startup ecosystem.

Bright outlook for India's startup ecosystem ahead of budget 2022

The union budget is a budget prepared by the central government for the country as a whole. It is presented in two parts: the railway budget and the main budget.

While the railway budget shows the details of the estimated receipts and proposed expenditures along with the disbursement by the railway ministry with regards to the Indian railways only. The main budget shows financial planning for the entire economy describing in details the estimated receipts and proposed expenditures for the economy as a whole.

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The importance of a union budget are as follows:

Planned approach to government's activities: The importance of a budget has increased due to a tremendous rise in government activities. This calls for mobilisation of large resources to meet the expenditure required to undertake these activities. There has to be a definite planning with regard to the estimated revenue and proposed expenditure.

Integrated approach to fiscal operations: The government cannot take decisions regarding taxation, borrowings, expenditures, other fiscal measures at random. All these decisions and policies are interconnected and they must form a part of overall set of objectives which the government wants to pursue. A union budget serves this purpose.

<a href="https://www.wionews.com/india-news/what-is-the-economic-survey-all-you-need-to-know-about-indias-annual-flagship-document-447230">Also read |&nbsp;What is the economic survey? All you need to know about India's annual flagship document</a>

Instrument of economic policy: A budget is not merely an exercise in revenue raising and planning expenditure, but it is a powerful instrument for implementing various economic and social objectives of the government. It is an important instrument of promoting economic development, reducing inequalities of income, efficient allocation of resources, etc.

Index of government's functioning: A budget is an important index of functioning of the government. A proper planning with regard to its revenue and expenditure reflects the effiency of the government. Absence of budgetary exercise regarding revenue and expenditure may lead to corruption, inefficiency and bankruptcy of the government. The budget is the mirror of the performance of the government.

Influences economic activities: Budgetary operations of the economy influence the functioning of the economy in an important way. There has been a large increase in the magnitude of the government's revenue and expenditure in India since the start of planning. Such a large scale public transactions through budget affects the economy in a crucial manner.

The union budget is a budget prepared by the central government for the country as a whole. It is presented in two parts: the railway budget and the main budget.

The union budget is a budget prepared by the central government for the country as a whole. It is presented in two parts: the railway budget and the main budget. While the railway budget shows the details of the estimated receipts and proposed expenditures along with the disbursement by the railway ministry with regards to the Indian railways only. The main budget shows financial planning for the entire economy describing in details the estimated receipts and proposed expenditures for the economy as a whole. The importance of a union budget are as follows: Planned approach to government's activities: The importance of a budget has increased due to a tremendous rise in government activities. This calls for mobilisation of large resources to meet the expenditure required to undertake these activities. There has to be a definite planning with regard to the estimated revenue and proposed expenditure. Integrated approach to fiscal operations: The government cannot take decisions regarding taxation, borrowings, expenditures, other fiscal measures at random. All these decisions and policies are interconnected and they must form a part of overall set of objectives which the government wants to pursue. A union budget serves this purpose. Also read | What is the economic survey? All you need to know about India's annual flagship document Instrument of economic policy: A budget is not merely an exercise in revenue raising and planning expenditure, but it is a powerful instrument for implementing various economic and social objectives of the government. It is an important instrument of promoting economic development, reducing inequalities of income, efficient allocation of resources, etc. Index of government's functioning: A budget is an important index of functioning of the government. A proper planning with regard to its revenue and expenditure reflects the effiency of the government. Absence of budgetary exercise regarding revenue and expenditure may lead to corruption, inefficiency and bankruptcy of the government. The budget is the mirror of the performance of the government. Influences economic activities: Budgetary operations of the economy influence the functioning of the economy in an important way. There has been a large increase in the magnitude of the government's revenue and expenditure in India since the start of planning. Such a large scale public transactions through budget affects the economy in a crucial manner.

What is a union budget and why is it important to the government of India?

The Economic Survey is the annual flagship document presented by the finance ministry of India that contains a detailed analysis of the economic development of the country.

It evaluates the trends in agricultural and industrial production along with infrastructure, employment, money supply, prices, imports and exports, foreign exchange that have a significant bearing on the annual budget of India.

The Survey makes the case for continued focus on economic growth as the most important objective for India at its stage of development.&nbsp;

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Watch WION's special show on <a href="https://twitter.com/hashtag/IndiaBudget2022?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaBudget2022</a> with <a href="https://twitter.com/gchikermane?ref_src=twsrc%5Etfw">@gchikermane</a> <a href="https://t.co/URj14fzMKm">https://t.co/URj14fzMKm</a>
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It delineates the constituents that would strengthen the effectiveness of policymaking,&nbsp;continued reforms, innovation, timely regulatory support, and withdrawal of forbearance.

After a massive COVID-19 vaccination drive and a rebound in consumer demand and investments, India forecast robust economic growth of 9 per cent for the coming fiscal year.

As per a popular tradition of presenting the Survey in two volumes. Volume I attempts to provide evidence-based economic analyses of the challenges of policymaking and tools to make it more effective.&nbsp;

Volume II reviews recent developments in the major sectors of the economy with a focus on the challenges faced due to the pandemic this year. This would serve as the ready reckoner for the existing status and outlook for the sectors.

<a href="https://www.wionews.com/india-news/india-announces-first-of-its-kind-nuclear-programme-to-have-9-nuclear-reactors-by-2024-433654">Also read |&nbsp;India announces 'first of its kind' nuclear programme, to have 9 nuclear reactors by 2024</a>

As per Krishnamurthy V. Subramanian, ''Clarity of objectives is imperative in policymaking as the various macro-economic policy choices always present inherent trade-offs.''

Amid the coronavirus pandemic, he called Economic Survey ''an ardent tribute to the immortal human spirit of grit and compassion encapsulated by the tireless battle against the pandemic by our frontline COVID-19 warriors.''

The Economic Survey 2022-23 will be presented by the chief economic advisor (CEA) before the ninth Union Budget under the Modi government on February 1.

The theme of last year's survey was ‘#SavingLives&amp;Livelihoods’ and it focused on the V-shaped recovery of the Indian economy.

The first Economic Survey was released in 1950-51 and was presented along with the Union Budget for 14 years. But the trend was discontinued in 1964.

(With inputs from agencies)

The Economic Survey is the annual flagship document presented by the finance ministry of India that contains a detailed analysis of the economic development of the country.

The Economic Survey is the annual flagship document presented by the finance ministry of India that contains a detailed analysis of the economic development of the country. It evaluates the trends in agricultural and industrial production along with infrastructure, employment, money supply, prices, imports and exports, foreign exchange that have a significant bearing on the annual budget of India. The Survey makes the case for continued focus on economic growth as the most important objective for India at its stage of development. #LIVE | How will India invite new investments? Will there be more reforms to attract FDI? How to push for India's infra growth? Watch WION's special show on #IndiaBudget2022 with @gchikermane https://t.co/URj14fzMKm — WION (@WIONews) January 24, 2022 × It delineates the constituents that would strengthen the effectiveness of policymaking, continued reforms, innovation, timely regulatory support, and withdrawal of forbearance. After a massive COVID-19 vaccination drive and a rebound in consumer demand and investments, India forecast robust economic growth of 9 per cent for the coming fiscal year. As per a popular tradition of presenting the Survey in two volumes. Volume I attempts to provide evidence-based economic analyses of the challenges of policymaking and tools to make it more effective. Volume II reviews recent developments in the major sectors of the economy with a focus on the challenges faced due to the pandemic this year. This would serve as the ready reckoner for the existing status and outlook for the sectors. Also read | India announces 'first of its kind' nuclear programme, to have 9 nuclear reactors by 2024 As per Krishnamurthy V. Subramanian, ''Clarity of objectives is imperative in policymaking as the various macro-economic policy choices always present inherent trade-offs.'' Amid the coronavirus pandemic, he called Economic Survey ''an ardent tribute to the immortal human spirit of grit and compassion encapsulated by the tireless battle against the pandemic by our frontline COVID-19 warriors.'' The Economic Survey 2022-23 will be presented by the chief economic advisor (CEA) before the ninth Union Budget under the Modi government on February 1. The theme of last year's survey was ‘#SavingLives&Livelihoods’ and it focused on the V-shaped recovery of the Indian economy. The first Economic Survey was released in 1950-51 and was presented along with the Union Budget for 14 years. But the trend was discontinued in 1964. (With inputs from agencies)

What is the economic survey? All you need to know about India's annual flagship document

Beyond the allocations, this budget featured a lot of interesting themes and talking points. Like vehicle scrapping policy, support for startups, a boost to public transport, push for regional languages.

Could these moves dictate India's post-pandemic recovery?

India's finance minister Nirmala Sivaraman began her speech with an observation. The Wuhan virus has changed the world. There is promise and hope. The pandemic is relatively under control. &nbsp;But for a full-fledged revival. India needs new and bold ideas. The 2021 budget has some.

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Like a new vehicle scrapping policy that could help in phasing out old and unfit vehicles. This would encourage the adoption of fuel-efficient, environment-friendly vehicles and help reduce vehicular pollution and oil import bills. The thrust is on public transport. A new scheme hopes to boost the system. 18 thousand crores will be made available to improve public transport in urban areas.

Earlier this month, India's Prime Minister Narendra Modi said start-ups are playing a crucial role in making India self-reliant.

The Finance Minister mentioned the word start-up 11 times in her speech. It shows how important a role they are expected to play in India's post-pandemic growth. The government has extended their tax holiday by one more year. It will incentivise the setting-up of one-person companies.

As a part of the self-reliance mission regional languages will be promoted. India plans to set up a national language translation mission. Under this, a wealth of governance and policy-related knowledge will be made available in major Indian languages.

The pandemic increased the burden on the insurance sector. The govt has extended help and has reviewed the FDI limits in insurance. And lifted the cap on foreign investment. The insurance sector remains highly under-developed. India's insurance penetration is 3.7 per cent of the GDP against a world average of 6.31 per cent. The hike in the FDI cap will open up new sources of funding for the players and improve insurance penetration.

This year's budget may leave the common man wanting more, but the new ideas and themes that feature in this budget open up possibilities for the government to promote new sectors and create new opportunities for growth.

Beyond the allocations, this budget featured a lot of interesting themes and talking points. Like vehicle scrapping policy, support for startups, a boost to public transport, push for regional languages.

Beyond the allocations, this budget featured a lot of interesting themes and talking points. Like vehicle scrapping policy, support for startups, a boost to public transport, push for regional languages. Could these moves dictate India's post-pandemic recovery? India's finance minister Nirmala Sivaraman began her speech with an observation. The Wuhan virus has changed the world. There is promise and hope. The pandemic is relatively under control. But for a full-fledged revival. India needs new and bold ideas. The 2021 budget has some. Like a new vehicle scrapping policy that could help in phasing out old and unfit vehicles. This would encourage the adoption of fuel-efficient, environment-friendly vehicles and help reduce vehicular pollution and oil import bills. The thrust is on public transport. A new scheme hopes to boost the system. 18 thousand crores will be made available to improve public transport in urban areas. Earlier this month, India's Prime Minister Narendra Modi said start-ups are playing a crucial role in making India self-reliant. The Finance Minister mentioned the word start-up 11 times in her speech. It shows how important a role they are expected to play in India's post-pandemic growth. The government has extended their tax holiday by one more year. It will incentivise the setting-up of one-person companies. As a part of the self-reliance mission regional languages will be promoted. India plans to set up a national language translation mission. Under this, a wealth of governance and policy-related knowledge will be made available in major Indian languages. The pandemic increased the burden on the insurance sector. The govt has extended help and has reviewed the FDI limits in insurance. And lifted the cap on foreign investment. The insurance sector remains highly under-developed. India's insurance penetration is 3.7 per cent of the GDP against a world average of 6.31 per cent. The hike in the FDI cap will open up new sources of funding for the players and improve insurance penetration. This year's budget may leave the common man wanting more, but the new ideas and themes that feature in this budget open up possibilities for the government to promote new sectors and create new opportunities for growth.

Budget 2021: A lot of interesting themes and talking points

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