Finance Minister Nirmala Sitharaman presented her fourth Union Budget today. She said the Budget aims to lay the path for reforms over the next 25 years. But will this budget address the needs of foreign investors?

India: Does this budget address the need of foreign investors?

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

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

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

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

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

India Budget 2022: 4 main pillars of development highlighted

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

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

In her Budget speech, India's finance minister Nirmala Sitharaman said the Budget seeks to lay the foundation to steer the economy over "Amrit Kaal" of the next 25 years from India at 75 to India at 100 while continuing to build on the vision of Budget.

In a sense, India's finance minister was pointing towards the long-term effect of the Budget as a vision statement.

<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449">Also Read |&nbsp;Budget 2022: Finance Minister announces kisan drones in boost to agriculture sector</a>

"The approach is powered by clean energy and Sabka Prayas(everyone's effort together&nbsp;leading to huge job and entrepreneurial opportunities for all, especially the youth," India's finance minister said while highlighting the plan.

It involved seven engines - roads, railways, airports, mass transport, ports, waterways and logistics infrastructure which will be supported by energy transmission, IT, water, sewerage and social infrastructure.&nbsp;

Watch:&nbsp;We will undertake reforms in customs administration of SEZ, says Sitharaman

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The plan is based on "seamless multimodal connectivity and logistics efficiency". It will also include infrastructure developed by state governments, according to the "Gati Shakti National Master Plan".

According to the plan, the key focus would be planning, financing and finding innovative ways through technology and fast implementation.

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-no-change-in-income-tax-rates-tax-relief-for-persons-with-disabilities-449480">Also Read|&nbsp;Budget 2022: No change in income tax rates, tax relief for persons with disabilities</a>

PM Gati Shakti framework is the key focus area, according to the finance minister's Budget statement. The PM Gati Shakti programme seeks to formulate a master plan for expressways for the faster movement of people and goods.

It involves a Unified Logistics Interface Platform (ULIP) designed for application programming interface (API). It will cut time and eliminate tedious documentation, Sitharaman said.

"This will provide real-time information to all stakeholders and improve international competitiveness. Open-source mobility stack&nbsp;for organising seamless travel of passengers will also be facilitated," the finance minister informed.

(With inputs from Agencies)

In her Budget speech, India's finance minister Nirmala Sitharaman said the Budget seeks to lay the foundation to steer the economy over "Amrit Kaal" of the next 25 years from India at 75 to India at 100 while continuing to build on the vision of Budget.

In her Budget speech, India's finance minister Nirmala Sitharaman said the Budget seeks to lay the foundation to steer the economy over "Amrit Kaal" of the next 25 years from India at 75 to India at 100 while continuing to build on the vision of Budget. In a sense, India's finance minister was pointing towards the long-term effect of the Budget as a vision statement. Also Read | Budget 2022: Finance Minister announces kisan drones in boost to agriculture sector "The approach is powered by clean energy and Sabka Prayas(everyone's effort together leading to huge job and entrepreneurial opportunities for all, especially the youth," India's finance minister said while highlighting the plan. It involved seven engines - roads, railways, airports, mass transport, ports, waterways and logistics infrastructure which will be supported by energy transmission, IT, water, sewerage and social infrastructure. Watch: We will undertake reforms in customs administration of SEZ, says Sitharaman The plan is based on "seamless multimodal connectivity and logistics efficiency". It will also include infrastructure developed by state governments, according to the "Gati Shakti National Master Plan". According to the plan, the key focus would be planning, financing and finding innovative ways through technology and fast implementation. Also Read| Budget 2022: No change in income tax rates, tax relief for persons with disabilities PM Gati Shakti framework is the key focus area, according to the finance minister's Budget statement. The PM Gati Shakti programme seeks to formulate a master plan for expressways for the faster movement of people and goods. It involves a Unified Logistics Interface Platform (ULIP) designed for application programming interface (API). It will cut time and eliminate tedious documentation, Sitharaman said. "This will provide real-time information to all stakeholders and improve international competitiveness. Open-source mobility stack for organising seamless travel of passengers will also be facilitated," the finance minister informed. (With inputs from Agencies)

Indian Union Budget 2022: Amrit Kaal & India at 100 explained

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?

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

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

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

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

During the speech for Indian Union Budget 2022-23 in parliament on Tuesday, Finance Minister (FM) Nirmala Sitharaman said that the country will auction 5G airwaves this year. It will bring about a roll out of the next-generation telecoms service in 2022-23.&nbsp; &nbsp;

"Spectrum auctions will be conducted in 2022 to facilitate the roll-out of 5G mobile services within 2022-23 by private telecom providers," Sitharaman said.&nbsp;

The telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities, she added. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-digital-rupee-to-be-introduced-virtual-assets-to-be-taxed-at-30-449464" hreflang="en">Indian Budget: Digital rupee to be introduced, virtual assets to be taxed</a>

"A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production-linked incentive scheme," the FM said.&nbsp;

To enable affordable broadband and mobile services in rural and remote areas, five per cent of annual collections under the universal service obligation fund will be allocated, she said. &nbsp;

"This will promote R&amp;D and commercialisation of technologies and solutions. Our mission is that all villages and their residents should have the same access to e-services, communication facilities and digital resources as urban areas and their residents," the FM said.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-union-budget-2022-finance-minister-announces-kisan-drones-in-boost-to-agriculture-sector-449449" hreflang="en">Indian Union Budget 2022: FM announces kisan drones in boost to agri sector</a>

The contract for laying optical fibre in all villages will be awarded through the BharatNet project in PPP mode in 2022-23, the minister added.&nbsp;

"Completion is expected in 2025. Measures will be taken to enable better and more efficient use of the optical fibre," the FM said.&nbsp;&nbsp;

(With inputs from agencies)&nbsp;

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

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

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

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-no-change-in-income-tax-rates-tax-relief-for-persons-with-disabilities-449480">Also read | No change in income tax rates, tax relief for persons with disabilities</a> 
 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2020/04/27/138227-tax-ians.jpg" /> 
Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

<a href="https://www.wionews.com/business-economy/indian-union-budget-2022-what-the-start-ups-received-from-this-years-budget-449475">Also read | Indian Union Budget 2022: What the start-ups received from this year's budget</a> 
 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/02/01/237617-untitled-design-2022-02-01t112517481.jpg" /> 
After Indian Finance Minister Nirmala Sitharaman concluded her 90-minute long budget speech, Parliament adjourned till 4:30 pm tomorrow.

Announcements for taxpayers

Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes.

The new provision will encourage people to file their taxes voluntarily and reduce litigation.

The proceeds of virtual/digital assets are subject to a 30% tax, with no deductions other than the cost of purchase.

There is no allowance for a set-off against other income.

Payments made for the transfer of digital assets will be subject to a 1% TDS.

Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 per cent for state government employees, up from 10 per cent previously.&nbsp; 
&nbsp;

Income from cryptocurrency to be taxed at 30%

In her Budget speech, Finance Minister Nirmala Sitharaman made a huge statement, saying that any income from virtual digital assets will be taxed at 30%.

She also stated that any losses incurred as a result of virtual digital assets cannot be offset against other gains.

Gifts of virtual digital assets will be taxed in the hands of the recipient, according to the FM.

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<h5>Digital Rupee based on blockchain to be introduced in 2022 by the RBI, says FM</h5>
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Important Announcements

Electric Vehicles

To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards.

E-passports

In 2022-23, the issuance of E passports employing embedded ship and futuristic technology will be rolled out to improve the convenience of citizens travelling abroad.

National Digital Health Ecosystem

Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it.

Urban planning high-level committee

For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted.&nbsp;

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<a href="https://twitter.com/hashtag/LIVE?src=hash&amp;ref_src=twsrc%5Etfw">#LIVE</a> | Indian Finance Minister <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> presents <a href="https://twitter.com/hashtag/UnionBudget2022?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2022</a> in the parliament<a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://twitter.com/hashtag/UnionBudget?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget</a> 
 
Watch more: <a href="https://t.co/AXC5qRuO3J">https://t.co/AXC5qRuO3J</a> <a href="https://t.co/mDFtYAEWbA">https://t.co/mDFtYAEWbA</a>
— WION (@WIONews) <a href="https://twitter.com/WIONews/status/1488384207500251141?ref_src=twsrc%5Etfw">February 1, 2022</a></blockquote>
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&nbsp;

Inclusion of financial resources

100% of the 150,000 post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts.

This would be especially beneficial to farmers and senior residents in rural areas, as it will allow for interoperability and financial inclusion.

So far, Indian Finance Minister Nirmala Sitharaman has made a number of significant statements.

1) In the coming fiscal year, India's economic growth is expected to reach 9.2%.

2) Everyone can see that the health infrastructure is being strengthened and that the vaccination programme is being implemented quickly.

3) Afternoon Gati Shakti will propel the economy forward, resulting in more jobs and opportunity for young people.

4) In 2022-23, the National Highway network will be enlarged by 25,000 kilometres.Gati Shakti would have seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 200 billion.&nbsp;

5) Railways will develop efficient logistics for small farmers &amp; enterprises. 'One station, one product' to help supply chain of local product.

6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.

7) 'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes.

India@100

Sitharaman said that their goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action.

&nbsp;

<a href="https://www.wionews.com/business-economy/ahead-of-india-union-budget-2022-sensex-and-nifty-surge-in-early-trade-449412">Also read | Ahead of India Union Budget 2022, Sensex and Nifty surge in early trade</a> 
 
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The Sensex surged over 600 points in early trade to reach 58,617.56 as bank stocks ICICI, HDFC, Kotak rose including Sun Pharma, Infosys and Bajaj Finserv. 
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<h5>Finance Minister Nirmala Sitharaman took a digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23 in a paperless format just like the last year.</h5>
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<h5>The Union Cabinet has approved the India Budget 2022; the Parliamentary meeting is now over. Nirmala Sitharaman, the Union Finance Minister, will present the Budget shortly.</h5>
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<h5>Prime Minister Narendra Modi arrives at the Parliament</h5>
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Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the <a href="https://twitter.com/hashtag/Budget?src=hash&amp;ref_src=twsrc%5Etfw">#Budget</a> <a href="https://t.co/GtUEvt7gmo">pic.twitter.com/GtUEvt7gmo</a>
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Also read | No change in income tax rates, tax relief for persons with disabilities Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

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

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

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

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

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

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

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

Indian FM Nirmala Sitharaman announces 5G spectrum auction rollout

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

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

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

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

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

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

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?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

India's Budget 2022: Important terms you should know

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Economic Survey is the annual flagship document presented by the finance ministry of India that contains a detailed analysis of the economic development of the country.

It evaluates the trends in agricultural and industrial production along with infrastructure, employment, money supply, prices, imports and exports, foreign exchange that have a significant bearing on the annual budget of India.

The Survey makes the case for continued focus on economic growth as the most important objective for India at its stage of development.&nbsp;

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It delineates the constituents that would strengthen the effectiveness of policymaking,&nbsp;continued reforms, innovation, timely regulatory support, and withdrawal of forbearance.

After a massive COVID-19 vaccination drive and a rebound in consumer demand and investments, India forecast robust economic growth of 9 per cent for the coming fiscal year.

As per a popular tradition of presenting the Survey in two volumes. Volume I attempts to provide evidence-based economic analyses of the challenges of policymaking and tools to make it more effective.&nbsp;

Volume II reviews recent developments in the major sectors of the economy with a focus on the challenges faced due to the pandemic this year. This would serve as the ready reckoner for the existing status and outlook for the sectors.

<a href="https://www.wionews.com/india-news/india-announces-first-of-its-kind-nuclear-programme-to-have-9-nuclear-reactors-by-2024-433654">Also read |&nbsp;India announces 'first of its kind' nuclear programme, to have 9 nuclear reactors by 2024</a>

As per Krishnamurthy V. Subramanian, ''Clarity of objectives is imperative in policymaking as the various macro-economic policy choices always present inherent trade-offs.''

Amid the coronavirus pandemic, he called Economic Survey ''an ardent tribute to the immortal human spirit of grit and compassion encapsulated by the tireless battle against the pandemic by our frontline COVID-19 warriors.''

The Economic Survey 2022-23 will be presented by the chief economic advisor (CEA) before the ninth Union Budget under the Modi government on February 1.

The theme of last year's survey was ‘#SavingLives&amp;Livelihoods’ and it focused on the V-shaped recovery of the Indian economy.

The first Economic Survey was released in 1950-51 and was presented along with the Union Budget for 14 years. But the trend was discontinued in 1964.

(With inputs from agencies)

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

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

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

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

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

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

Budget 2021: A lot of interesting themes and talking points