On Inside South Asia we look at India's Union Budget that was presented on the 23rd of July. What does it mean for the middle class? How the real estate sector will be impacted? Here are the hits and misses of the budget for 2024-2025

India's union budget 2024: Hits and misses

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

India is gearing up for this year's annual Budget as the country's Finance Minister Nirmala Sitharaman is set to present the Union Budget 2022-23 on February 1.&nbsp;

Keeping coronavirus (COVID-19) restrictions in mind, this years budget will also be paperless - just like last year. People are expecting some significant investments in the health and education sector amid the ongoing pandemic.&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>

Ahead of the Budget presentation, here are how to download/read it on mobile:&nbsp;

What is 'Union Budget Mobile App'?

This year's Budget will be available on an application named "Union Budget Mobile App". The mentioned app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public.&nbsp;

When the Union Budget will be available on the app?

This year's Budget would be available on the mobile app after the process of presentation has been completed in the Parliament.&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;

ALSO READ |&nbsp;<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>

How to download the app?&nbsp;

The app can also be downloaded from the Union Budget Web Portal (<a href="https://www.indiabudget.gov.in/">www.indiabudget.gov.in</a>).&nbsp;

The budget documents will also be available for download by the general public on Union Budget Web Portal (<a href="https://www.indiabudget.gov.in/">www.indiabudget.gov.in</a>), said the statement by the ministry.

The app is available on both Android and iOS platforms.&nbsp;

Here's the link to download the app: <a href="https://play.google.com/store/apps/details?id=com.nic.unionbudget&amp;hl=en_IN&amp;gl=US">Android/UnionBudget</a>

What's the language of the app?

The mobile app is bilingual (English and&nbsp;Hindi).&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indias-budget-2022-with-gautam-chikermane-indias-performance-in-handling-covid-crisis-447914/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Also, the traditional Halwa ceremony has been dropped. The finance ministry informed in a statement that to mark the final stage of the Union Budget making process, sweets were provided to the core staff instead of a customary Halwa ceremony.&nbsp;

The decision was taken in view of the prevailing pandemic situation and the need to observe health safety protocols.&nbsp;

India is gearing up for this year's annual Budget as the country's Finance Minister Nirmala Sitharaman is set to present the Union Budget 2022-23 on February 1. Keeping coronavirus (COVID-19) restrictions in mind, this years budget will also be paperless - just like last year.

India is gearing up for this year's annual Budget as the country's Finance Minister Nirmala Sitharaman is set to present the Union Budget 2022-23 on February 1. Keeping coronavirus (COVID-19) restrictions in mind, this years budget will also be paperless - just like last year. People are expecting some significant investments in the health and education sector amid the ongoing pandemic. ALSO READ | What is a union budget and why is it important to the government of India? Ahead of the Budget presentation, here are how to download/read it on mobile: What is 'Union Budget Mobile App'? This year's Budget will be available on an application named "Union Budget Mobile App". The mentioned app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public. When the Union Budget will be available on the app? This year's Budget would be available on the mobile app after the process of presentation has been completed in the Parliament. 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. ALSO READ | Union Budget 2022: A detailed insight to how the document is prepared How to download the app? The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). The budget documents will also be available for download by the general public on Union Budget Web Portal (www.indiabudget.gov.in), said the statement by the ministry. The app is available on both Android and iOS platforms. Here's the link to download the app: Android/UnionBudget What's the language of the app? The mobile app is bilingual (English and Hindi). × Also, the traditional Halwa ceremony has been dropped. The finance ministry informed in a statement that to mark the final stage of the Union Budget making process, sweets were provided to the core staff instead of a customary Halwa ceremony. The decision was taken in view of the prevailing pandemic situation and the need to observe health safety protocols.

India's Union Budget 2022 will be available on mobile app: Here's how to download on Android and iOS

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

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-fm-nirmala-sitharaman-tables-indian-economic-survey-8-85-gdp-growth-projected-for-fy23-449178/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"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 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?

India's Union Budget is just around the corner and a shocking report has revealed that it will not take more than 70 billionaires to fund the finances of the country in a year. Watch report:

Do billionaires have more money than government in India?

indias-union-budget

India's Union Budget, News on India's Union Budget, stories on India's Union Budget, articles on India's Union Budget, India's Union Budget stories at Wion, India's Union Budget news, India's Union Budget latest news