The world is still reeling (and will continue to) with the coronavirus pandemic and its after-effects. The&nbsp;unprecedented crisis that has started to become the new normal.&nbsp;

Since its first outbreak&nbsp;in late 2019, COVID-19 has killed millions of people and left millions of others grieving the loss of their loved ones. &nbsp;

Humans have a tendency of moving on quickly in a really fast-paced lifestyle, but sometimes we don't understand to what extent some tragedy has affected us.&nbsp;

Covid has impacted our sanity beyond our understanding, but it's extremely important to identify it and address it before it's too late or starts influencing our day-to-day life or how we behave.&nbsp;

First of all, it is completely normal&nbsp;that people are distressed in the context of the Covid fears and perceived threats.&nbsp;

Unarguably, there will be fear, anxiety and stress. We might see ourselves crying or getting emotional more often even while watching movies and even while reading already-read stories or novels.&nbsp;

For a normal person, it is certainly difficult to understand what's behind the emotional outbursts, why emotions are getting triggered even for the smallest of things.&nbsp;

Sometimes we don't realise that maybe childhood trauma is behind the distress and agony we are facing at the age of 30 and 40. Instead of blaming everything on the pandemic, let's open up and stop being in denial.&nbsp;

How is that possible?&nbsp;

Maybe by taking baby steps. The government of India has taken an initiative at a national level for mental health issues and awareness, which is extremely important and quite encouraging.&nbsp;

While presenting the Union Budget for the year 2022-2023, India's Finance Minister Nirmala Sitharaman announced a National Tele Mental Health Programme, in view of 'long Covid', the phenomenon of coronavirus-related ailments remaining in patients long after they recover.&nbsp;

The government also informed about rolling out of an open platform for the National Digital Health Ecosystem.

Sitharaman said the programme will be launched to improve access to quality mental health counselling and also care services.&nbsp;

It will consist of digital registries of health providers and health facilities, unique health identity, consent framework and universal access to health facilities.&nbsp;

It's a huge step keeping the current situation and the uncertain future in mind — a step to normalise mental health awareness and an attempt to address the stigma around it.&nbsp;

When such steps are taken by governments at a national level, they will certainly bring about changes in the longer run, opening up a common platform for dialogue over the importance of mental health.

<a href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0255683#:~:text=Studies%20have%20revealed%20that%20high,15%5D%20to%20name%20a%20few.">Research</a> published in the journal Plos One has revealed that high distress and anxiety due to coronavirus has resulted in poor psychological well-being. There is a visible increase in suicidal tendencies, exasperated pre-existing mental health conditions.&nbsp;

The research published in August 2021 has stated that stress and anxiety severely affect family relationships and social dynamics. There is also an increase in reported cases of domestic violence and abuse of alcohol.&nbsp;

Another <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7468668/">study</a> published in SAGE Journal highlighted how the issue can be tackled. The conclusion part of the study "Mental health implications of COVID-19 pandemic and its response in India", which was published in September 2020 highlighted ways to tackle Covid's impact on mental health.&nbsp;

It stated that keeping a positive approach, developing vulnerable-group-specific need-based interventions with proper risk communication strategies can provide a robust system in the country.&nbsp;

Prime Minister Narendra Modi's government brought up the issue of mental health while presenting the annual budget, a window has definitely opened to establish a healthy conversation.&nbsp;

What we can do in the future is to normalise it further, understand our health. Give priority to mental sanity. Tell our children why it is important. Also, keep a check of our surroundings, provide information to those who need it.&nbsp;

The rare mention of mental health in the budget has been hailed by the experts. Dr Girdhar Gyani, Director General, Association of Healthcare Providers (India), said the government's intent of focusing on setting up 23-mental health centres will be beneficial in general and more specifically for long Covid patients.&nbsp;

Dr NK Pandey, Chairman and Managing Director, Asian Institute of Medical Sciences, said the cases of depression and anxiety disorders witnessed an increase of about 25 per cent globally, and by 35 per cent in India alone.&nbsp;

"It is encouraging to note the government's attention to addressing the challenge of rising mental health issues in India and proposed to launch a National Tele Mental Health Programme.&nbsp;

"The budget, inculcating the fact that focusing on mental and emotional wellness is the need of the hour, itself talks about how progressive we are becoming in our approach as a nation, Pandey said.&nbsp;

The world is still reeling (and will continue to) with the coronavirus pandemic and its after-effects. The unprecedented crisis that has started to become the new normal.

The world is still reeling (and will continue to) with the coronavirus pandemic and its after-effects. The unprecedented crisis that has started to become the new normal. Since its first outbreak in late 2019, COVID-19 has killed millions of people and left millions of others grieving the loss of their loved ones. Humans have a tendency of moving on quickly in a really fast-paced lifestyle, but sometimes we don't understand to what extent some tragedy has affected us. Covid has impacted our sanity beyond our understanding, but it's extremely important to identify it and address it before it's too late or starts influencing our day-to-day life or how we behave. First of all, it is completely normal that people are distressed in the context of the Covid fears and perceived threats. Unarguably, there will be fear, anxiety and stress. We might see ourselves crying or getting emotional more often even while watching movies and even while reading already-read stories or novels. For a normal person, it is certainly difficult to understand what's behind the emotional outbursts, why emotions are getting triggered even for the smallest of things. Sometimes we don't realise that maybe childhood trauma is behind the distress and agony we are facing at the age of 30 and 40. Instead of blaming everything on the pandemic, let's open up and stop being in denial. How is that possible? Maybe by taking baby steps. The government of India has taken an initiative at a national level for mental health issues and awareness, which is extremely important and quite encouraging. While presenting the Union Budget for the year 2022-2023, India's Finance Minister Nirmala Sitharaman announced a National Tele Mental Health Programme, in view of 'long Covid', the phenomenon of coronavirus-related ailments remaining in patients long after they recover. The government also informed about rolling out of an open platform for the National Digital Health Ecosystem. Sitharaman said the programme will be launched to improve access to quality mental health counselling and also care services. It will consist of digital registries of health providers and health facilities, unique health identity, consent framework and universal access to health facilities. It's a huge step keeping the current situation and the uncertain future in mind — a step to normalise mental health awareness and an attempt to address the stigma around it. When such steps are taken by governments at a national level, they will certainly bring about changes in the longer run, opening up a common platform for dialogue over the importance of mental health. Research published in the journal Plos One has revealed that high distress and anxiety due to coronavirus has resulted in poor psychological well-being. There is a visible increase in suicidal tendencies, exasperated pre-existing mental health conditions. The research published in August 2021 has stated that stress and anxiety severely affect family relationships and social dynamics. There is also an increase in reported cases of domestic violence and abuse of alcohol. Another study published in SAGE Journal highlighted how the issue can be tackled. The conclusion part of the study "Mental health implications of COVID-19 pandemic and its response in India", which was published in September 2020 highlighted ways to tackle Covid's impact on mental health. It stated that keeping a positive approach, developing vulnerable-group-specific need-based interventions with proper risk communication strategies can provide a robust system in the country. Prime Minister Narendra Modi's government brought up the issue of mental health while presenting the annual budget, a window has definitely opened to establish a healthy conversation. What we can do in the future is to normalise it further, understand our health. Give priority to mental sanity. Tell our children why it is important. Also, keep a check of our surroundings, provide information to those who need it. The rare mention of mental health in the budget has been hailed by the experts. Dr Girdhar Gyani, Director General, Association of Healthcare Providers (India), said the government's intent of focusing on setting up 23-mental health centres will be beneficial in general and more specifically for long Covid patients. Dr NK Pandey, Chairman and Managing Director, Asian Institute of Medical Sciences, said the cases of depression and anxiety disorders witnessed an increase of about 25 per cent globally, and by 35 per cent in India alone. "It is encouraging to note the government's attention to addressing the challenge of rising mental health issues in India and proposed to launch a National Tele Mental Health Programme. "The budget, inculcating the fact that focusing on mental and emotional wellness is the need of the hour, itself talks about how progressive we are becoming in our approach as a nation, Pandey said.

How India took a huge step forward by announcing mental health initiatives in its budget

While presenting the Budget 2022-2023, Indian Finance Minister Nirmala Sitharaman announced the 'One class, one TV channel' programme of Prime Minister Narendra Modi's government.&nbsp;

She said that the programme eVIDYA will be expanded from 12 to 200 television channels which will enable all states to provide supplementary education in regional languages for classes 1 to 12 in the country.&nbsp;

The coronavirus (COVID-19) pandemic has forced the students to stay at home and away from their schools, being reliant on online schooling. Such an expansion of the scheme is expected to help students&nbsp;across the country to a larger extent.&nbsp;

She&nbsp;also proposed to set up a digital university to provide education that will be built on a hub and spoke model

<a href="https://www.wionews.com/business-economy/live-india-union-budget-2022-finance-minister-nirmala-sitharaman-arrives-at-rashtrapati-bhavan-449352">Click here to get live updates</a>&nbsp;

In the presence of PM Modi, FM Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1). &nbsp;

She has also 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;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-union-budget-2022-sitharaman-unveils-india-100-key-points-449424">India Union Budget 2022: Sitharaman unveils India @ 100 - Key points</a>

The budget was paperless - just like last year but it will be 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;

While presenting the Budget 2022-2023, Indian Finance Minister Nirmala Sitharaman announced the 'One class, one TV channel' programme of Prime Minister Narendra Modi's government.

While presenting the Budget 2022-2023, Indian Finance Minister Nirmala Sitharaman announced the 'One class, one TV channel' programme of Prime Minister Narendra Modi's government. She said that the programme eVIDYA will be expanded from 12 to 200 television channels which will enable all states to provide supplementary education in regional languages for classes 1 to 12 in the country. The coronavirus (COVID-19) pandemic has forced the students to stay at home and away from their schools, being reliant on online schooling. Such an expansion of the scheme is expected to help students across the country to a larger extent. She also proposed to set up a digital university to provide education that will be built on a hub and spoke model Click here to get live updates In the presence of PM Modi, FM Sitharaman presented the annual Union Budget for the year 2022-2023 in Parliament on Tuesday (February 1). She has also 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). ALSO READ | India Union Budget 2022: Sitharaman unveils India @ 100 - Key points The budget was paperless - just like last year but it will be 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.

'One class, one TV channel': PM Narendra Modi government's gift to students in Budget 2022

Indian Finance Minister Nirmala Sitharaman presented the country's Budget for the year 2022-2023 on Tuesday (February 1) in the Parliament in the presence of Prime Minister Narendra Modi and other members.&nbsp;

While presenting the Budget, Sitharaman said that the government has comprehensively revamped schemes of the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 to provide benefits.&nbsp;

The finance minister further said that the PM development initiatives for North East will be implemented for the North Eastern Council, which will enable livelihood activities for youth and women. This scheme is not a substitute for the existing Centre or State schemes.&nbsp;

<a href="https://www.wionews.com/business-economy/live-india-union-budget-2022-finance-minister-nirmala-sitharaman-arrives-at-rashtrapati-bhavan-449352">Click here to get live updates</a>&nbsp;

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;

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;

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 Nirmala Sitharaman presented the country's Budget for the year 2022-2023 on Tuesday (February 1) in the Parliament in the presence of Prime Minister Narendra Modi and other members.

Indian Finance Minister Nirmala Sitharaman presented the country's Budget for the year 2022-2023 on Tuesday (February 1) in the Parliament in the presence of Prime Minister Narendra Modi and other members. While presenting the Budget, Sitharaman said that the government has comprehensively revamped schemes of the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 to provide benefits. The finance minister further said that the PM development initiatives for North East will be implemented for the North Eastern Council, which will enable livelihood activities for youth and women. This scheme is not a substitute for the existing Centre or State schemes. Click here to get live updates 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). 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."

Budget 2022: Revamped schemes for women & child development will provide benefits, says Sitharaman

Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in the Parliament in the nation's capital New Delhi on Tuesday (February 1).&nbsp;

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 (COVID-19).&nbsp;

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."

<a href="https://www.wionews.com/business-economy/live-india-union-budget-2022-finance-minister-nirmala-sitharaman-arrives-at-rashtrapati-bhavan-449352">Click here to get live updates</a>&nbsp;

The finance minister further said that 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;

The budget was paperless - just like last year but it will be 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;

The mobile app allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.&nbsp;

Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in the Parliament in the nation's capital New Delhi on Tuesday (February 1).

Indian Finance Minister Nirmala Sitharaman presented the annual Union Budget for the year 2022-2023 in the Parliament in the nation's capital New Delhi on Tuesday (February 1). 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 (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." Click here to get live updates The finance minister further said that 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. The budget was paperless - just like last year but it will be 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. The mobile app allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.

Union Budget 2022: India's Finance Minister Sitharaman says growth expected at 9.2%

India's Union Minister of State for Finance Pankaj Chaudhary said that this year's budget will have something for everyone as the country's Finance Minister Nirmala Sitharaman is set to present the union budget for 2022-23 on Tuesday (February 1).&nbsp;

This year's budget is extremely crucial as India's economy is showing signs of recovery from the problems created by the ongoing coronavirus (COVID-19) pandemic.&nbsp;

Ahead of the budget presentation, Chaudhary was quoted by ANI news agency as saying, "The budget will ensure there is something for everyone. Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sector's needs.&nbsp;

"It will benefit everyone. All sectors, including farmers, should have expectations from today's budget. I request all to have a bit of patience. People will be very happy with this budget," he added.&nbsp;

<a href="https://www.wionews.com/business-economy/live-india-union-budget-2022-finance-minister-nirmala-sitharaman-arrives-at-rashtrapati-bhavan-449352">Click here to get live updates</a>&nbsp;

The Indian government is expected to announce measures to boost GDP growth and strengthen the infrastructure of the country. Some experts said that the budget might give special focus to the education and health sectors.&nbsp;

In this year's budget, the customary 'halwa ceremony' to mark the final stage of the budget-making exercise was not held due to Covid protocols.&nbsp;

Instead, the government distributed packed sweets among the core staff members involved in the budget-making.&nbsp;

The budget will also be paperless - just like last year but it will be 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;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-budget-2022-govts-supply-side-reforms-prepare-economy-for-long-term-expansion-says-fm-sitharaman-449345">India Budget 2022: Govt's supply-side reforms prepare economy for long-term expansion, says FM Sitharaman</a>

The mobile app allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.&nbsp;

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.&nbsp;

India's Union Minister of State for Finance Pankaj Chaudhary said that this year's budget will have something for everyone as the country's Finance Minister Nirmala Sitharaman is set to present the union budget for 2022-23 on Tuesday (February 1).

India's Union Minister of State for Finance Pankaj Chaudhary said that this year's budget will have something for everyone as the country's Finance Minister Nirmala Sitharaman is set to present the union budget for 2022-23 on Tuesday (February 1). This year's budget is extremely crucial as India's economy is showing signs of recovery from the problems created by the ongoing coronavirus (COVID-19) pandemic. Ahead of the budget presentation, Chaudhary was quoted by ANI news agency as saying, "The budget will ensure there is something for everyone. Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sector's needs. "It will benefit everyone. All sectors, including farmers, should have expectations from today's budget. I request all to have a bit of patience. People will be very happy with this budget," he added. Click here to get live updates The Indian government is expected to announce measures to boost GDP growth and strengthen the infrastructure of the country. Some experts said that the budget might give special focus to the education and health sectors. In this year's budget, the customary 'halwa ceremony' to mark the final stage of the budget-making exercise was not held due to Covid protocols. Instead, the government distributed packed sweets among the core staff members involved in the budget-making. The budget will also be paperless - just like last year but it will be 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. ALSO READ | India Budget 2022: Govt's supply-side reforms prepare economy for long-term expansion, says FM Sitharaman The mobile app allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. 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.

Budget 2022-2023: Indian minister says 'inclusive budget' will ensure there is something for everyone

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;

"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;

"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;

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;

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;

"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.

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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

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.

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 |&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>

"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.

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,"&nbsp;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 |&nbsp;Indian FM Nirmala Sitharaman tables Indian Economic Survey, 8-8.5% GDP growth projected for FY23

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"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,"&nbsp;he said, noting that India produced 44 unicorns last year and there are over 10,000 startups blossoming in India.

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>

"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.

"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,"&nbsp;Aghi added.

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

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)?

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;

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;

In the year before that, the speech was 2 hours 17 minutes long.&nbsp;

Sitharaman presented the Union Budget 2022-23 in the Lok Sabha today during the Budget Session of Parliament.&nbsp;

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>

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;

"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;

She said India is in a strong position to withstand future challenges.&nbsp;

The Finance Minister said the government's focus will continue on boosting public investment to modernise infrastructure.&nbsp;

One of the priority areas of the government in the coming years would be the PM Gati Shakti programme.&nbsp;

Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra.&nbsp;

The Union Cabinet on Tuesday approved the Budget 2022-23 which was presented by Finance Minister Nirmala Sitharaman in Parliament.&nbsp;

The meeting began at around 10:20am (local time) ahead of the Budget presentation.&nbsp;

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>

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;

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;

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;

WATCH |&nbsp;India Union Budget 2022: Will startups be the engine of jobs?

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&nbsp;

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

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;

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;

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;

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>

This was also seen as an attempt to go green and also to minimise physical contact amid the coronavirus COVID-19 pandemic.&nbsp;

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'.&nbsp;

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;

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>

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).&nbsp;

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(With inputs from agencies)

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

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;

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;

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;

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;

But how will the Budget 2022-2023 will impact the common man and middle class? Here's a report:&nbsp;

Taxation: There are no changes in income tax slabs and rates.&nbsp;

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;

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.&nbsp;

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.&nbsp;

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.&nbsp;

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.&nbsp;

Housing: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.&nbsp;

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.&nbsp;

"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;

"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;

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&nbsp;

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?

India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday (February 1) with different sectors hoping that the government would give some relaxation in taxation, providing ease of doing business amid onslaughts of coronavirus (COVID-19) pandemic.&nbsp;

Health and education are some of the sectors that are expecting significant announcements... so is the electric vehicle (EV)&nbsp;sector.&nbsp;

Amid the climate crisis, the EV&nbsp;sector can promise a future that is cleaner and the government needs to promote the benefits of electric vehicles. But there is a range of issues that the industry is facing. Here are some of the expectations that the EV sector from the Budget 2022-2023.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/what-start-ups-in-india-can-expect-from-countrys-union-budget-2022-23-449295">What start-ups in India can expect from country's Union Budget 2022-23?</a>

The sector would expect the government to create a robust infrastructure that supports the electrification of large vehicles and feasible charging infrastructure.&nbsp;

The industry would expect tax relaxations and would also hope that the government would give a boost to local manufacturing of battery technology, access to raw materials, skilled labour, etc. It is also a task for the government to speed up the battery cell localisation in the country.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-union-budget-2022-will-be-available-on-mobile-app-heres-how-to-download-on-android-and-ios-448501">India's Union Budget 2022 will be available on mobile app: Here's how to download on Android and iOS</a>

The manufacturers might also expect to reduce dependency on imports. The sector also needs attention over the inverted duty structure as experts have revealed that the imported components are not strictly as per the Indian conditions.&nbsp;

Sitharaman would use the Budget as the cornerstone to put the economy on an accelerated growth path after the impact caused by the pandemic.&nbsp;

It is expected that there will be amendments in the tax law to bring about sustainable growth, infrastructure investment, focus on R&amp;D spending, nurturing incentives to the core sectors.&nbsp;

WATCH WION's analysis&nbsp;|&nbsp;India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets

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Deepak MV, who is the CEO and co-founder of Etrio was quoted as saying by India-based news channel ABP: "At a time when EV adoption is gaining unprecedented momentum despite many challenges, in the upcoming Union Budget 2022, we at Etrio would like to see the finance minister address the critically-important area of making a wide and varied range of financing options available for EV commercial vehicles' buyers – as this is extremely critical for further increased uptake of EVs in India, going forward." &nbsp;

(With inputs from agencies)

India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday (February 1) with different sectors hoping that the government would give some relaxation in taxation, providing ease of doing business amid onslaughts of coronavirus (COVID-19) pandemic.

India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday (February 1) with different sectors hoping that the government would give some relaxation in taxation, providing ease of doing business amid onslaughts of coronavirus (COVID-19) pandemic. Health and education are some of the sectors that are expecting significant announcements... so is the electric vehicle (EV) sector. Amid the climate crisis, the EV sector can promise a future that is cleaner and the government needs to promote the benefits of electric vehicles. But there is a range of issues that the industry is facing. Here are some of the expectations that the EV sector from the Budget 2022-2023. ALSO READ | What start-ups in India can expect from country's Union Budget 2022-23? The sector would expect the government to create a robust infrastructure that supports the electrification of large vehicles and feasible charging infrastructure. The industry would expect tax relaxations and would also hope that the government would give a boost to local manufacturing of battery technology, access to raw materials, skilled labour, etc. It is also a task for the government to speed up the battery cell localisation in the country. ALSO READ | India's Union Budget 2022 will be available on mobile app: Here's how to download on Android and iOS The manufacturers might also expect to reduce dependency on imports. The sector also needs attention over the inverted duty structure as experts have revealed that the imported components are not strictly as per the Indian conditions. Sitharaman would use the Budget as the cornerstone to put the economy on an accelerated growth path after the impact caused by the pandemic. It is expected that there will be amendments in the tax law to bring about sustainable growth, infrastructure investment, focus on R&D spending, nurturing incentives to the core sectors. WATCH WION's analysis | India's Budget 2022 with Gautam Chikermane: Taxation, investments and stock markets × Deepak MV, who is the CEO and co-founder of Etrio was quoted as saying by India-based news channel ABP: "At a time when EV adoption is gaining unprecedented momentum despite many challenges, in the upcoming Union Budget 2022, we at Etrio would like to see the finance minister address the critically-important area of making a wide and varied range of financing options available for EV commercial vehicles' buyers – as this is extremely critical for further increased uptake of EVs in India, going forward." (With inputs from agencies)

Will India's Union Budget 2022 live up to the expectations of EV industry?

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;

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;

Important&nbsp;to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark.&nbsp;

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;

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;

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."

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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

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;

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;

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.&nbsp;

She also said that Indian Railways will develop new products and efficient logistics services for small farmers, small and medium enterprises.&nbsp;

"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;

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;

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;

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

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?

Indian Prime Minister Narendra Modi declared that January 16 will be celebrated as 'National Startup Day' annually as he pushed forward the Make in India initiative to encourage companies to develop, manufacture and assemble products in India.&nbsp;

PM Modi termed startups the "backbone" of new India and the engine that will power the nation's economic growth.&nbsp;

The Make in India initiative is also focused to incentivise dedicated investments into manufacturing. But how the startups will be benefitted from India's Union Budget 2022-2023. Here's a report:&nbsp;

India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on February 1 and the startups have urged the government to relax the tax burden amid the coronavirus (COVID-19) crisis.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/halwa-ceremony-coronavirus-forces-india-to-drop-a-customary-tradition-ahead-of-budget-2022-presentation-448470">Halwa ceremony: Coronavirus forces India to drop a customary tradition ahead of Budget 2022 presentation</a>

From this year's Budget, people would be expecting tax exemption along with policies that are startup-friendly.&nbsp;

The policies should be such that can help the entrepreneurs to invest in innovation, research and development. There is a need to promote the ease of doing business and reduce compliance costs.&nbsp;

Companies would also be expecting subsidies, especially in the electronic vehicle sector, experts have claimed. There would also be expectations that the government will expand the startup and Made in India initiative. The move will help home-grown brands grow in Indian markets, reducing dependency on imports.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-union-budget-2022-will-be-available-on-mobile-app-heres-how-to-download-on-android-and-ios-448501">India's Union Budget 2022 will be available on mobile app: Here's how to download on Android and iOS</a>

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.

Watch WION's analysis:

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To give a broader perspective, here are some other examples. As quoted by India-based ABP news, Abhishek Pathak, who is the founder and CEO of Greenwear said, "I expect the budget to lay down a 5-year plan to increase participation/usage of renewable energy resources by decentralized small industries and craft sector."

"The government should ensure growth in procurement from start-ups working with renewable energy resources. The textile industry alone has the potential to reduce carbon footprint by a huge margin along with creating jobs at the local level," he added.&nbsp;

The mentioned news channel also quoted Pankit Desai, who is co-founder and CEO of Sequretek that is a Cybersecurity company, said, "For startups, the fundamental issue continues to be ease of doing business and helping ease cash flow challenges."

During his recent address, the Indian Prime Minister said that the start-ups are going to be the "backbone of new India" and when the country will complete 100 years of independence, start-ups will have an important role.&nbsp;

PM Modi had said that country's innovators are making the country proud globally.&nbsp;

Indian Prime Minister Narendra Modi declared that January 16 will be celebrated as 'National Startup Day' annually as he pushed forward the Make in India initiative to encourage companies to develop, manufacture and assemble products in India.

Indian Prime Minister Narendra Modi declared that January 16 will be celebrated as 'National Startup Day' annually as he pushed forward the Make in India initiative to encourage companies to develop, manufacture and assemble products in India. PM Modi termed startups the "backbone" of new India and the engine that will power the nation's economic growth. The Make in India initiative is also focused to incentivise dedicated investments into manufacturing. But how the startups will be benefitted from India's Union Budget 2022-2023. Here's a report: India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on February 1 and the startups have urged the government to relax the tax burden amid the coronavirus (COVID-19) crisis. ALSO READ | Halwa ceremony: Coronavirus forces India to drop a customary tradition ahead of Budget 2022 presentation From this year's Budget, people would be expecting tax exemption along with policies that are startup-friendly. The policies should be such that can help the entrepreneurs to invest in innovation, research and development. There is a need to promote the ease of doing business and reduce compliance costs. Companies would also be expecting subsidies, especially in the electronic vehicle sector, experts have claimed. There would also be expectations that the government will expand the startup and Made in India initiative. The move will help home-grown brands grow in Indian markets, reducing dependency on imports. ALSO READ | India's Union Budget 2022 will be available on mobile app: Here's how to download on Android and iOS 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. Watch WION's analysis: × To give a broader perspective, here are some other examples. As quoted by India-based ABP news, Abhishek Pathak, who is the founder and CEO of Greenwear said, "I expect the budget to lay down a 5-year plan to increase participation/usage of renewable energy resources by decentralized small industries and craft sector." "The government should ensure growth in procurement from start-ups working with renewable energy resources. The textile industry alone has the potential to reduce carbon footprint by a huge margin along with creating jobs at the local level," he added. The mentioned news channel also quoted Pankit Desai, who is co-founder and CEO of Sequretek that is a Cybersecurity company, said, "For startups, the fundamental issue continues to be ease of doing business and helping ease cash flow challenges." During his recent address, the Indian Prime Minister said that the start-ups are going to be the "backbone of new India" and when the country will complete 100 years of independence, start-ups will have an important role. PM Modi had said that country's innovators are making the country proud globally.

What can the start-ups in India expect from country's Union Budget 2022-23?

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)