India Union Budget 2022: As it happened

'More infrastructure, more investment, more growth and more jobs,' says PM Modi on Budget 2022

Prime Minister Narendra Modi on Tuesday Congratulated Finance Minister Nirmal Sitharaman and her team for a people-friendly budget and noted that it is full of 'more infrastructure, more investment, more growth and more jobs.'

"This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full of 'more infrastructure, more investment, more growth and more jobs'. There is also a new provision of green jobs; budget ensures a bright future for youth," added PM Modi.

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Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

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. 

Existing tax incentives for startups that have been awarded tax relief for three years in a row will be extended for another year.

Tax deduction limit to be reduced for central government employees from 18% to 15% in their contribution to NPAs.

To equalise the playing field between cooperatives and corporations, the tax rate for cooperative societies has been decreased to 15%.

Cooperatives' surcharge has been lowered to 7%.

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. 

Cooperative societies' tax rate has been lowered to 15%

To equalise the playing field between cooperatives and corporations, the tax rate for cooperative societies has been decreased to 15%.

Cooperatives' surcharge has been lowered to 7%.

So far, the most popular announcements

1) A comprehensive package with the participation of state governments and MSMEs would be introduced to encourage farmers to switch to natural farming.

2) Because the small and medium sector's hospitality services have yet to recover, the government has decided to prolong the ECGL service to this sector until March 2023, with a cover increase of Rs 50,000.

3) The focus of skill-building programmes will be shifted.The Digital DESH e-portal will be launched for the skilling, upskilling, and reskilling of our youth.

4) The number of 'One Class One TV Channels' will be extended from 12 to 200 to provide extra instruction in regional languages for students in grades 1 through 12.

5) A digital university will be created to give students access to world-class quality education in accordance with ISTE Standards.

Important Announcements

Electric Vehicles

To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards.

E-passports with embedded chips to be rolled out in 2022-23

Finance Minister Nirmala Sitharaman said that e-passports using embedded chips will be rolled out in 2022-23. The move is for the convenience of citizens in their overall travels, she said. The government had earlier announced e-passports with electronic chips that will store digitally-signed personal particulars of applicants, for enhanced security.

National Digital Health Ecosystem

A national open platform for the digital health ecosystem will be launched.

It will be made up of digital health provider registries, resulting in this one-of-a-kind identification consent framework with universal access to health facilities.

The pandemic has exacerbated mental health issues, making it more difficult for people of all ages to get effective mental health counselling and care.

There will be a national telemental health programme launched.

This will feature a network of 23 world-class telemedicine mental health centres.

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. 

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 and 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.

Big private investment in infra would be guided by Gati Shakti

Virtuous cycle of investment expected to revive on the back of capex and crowd in private investment. NARCL has commenced its activity. Big private investment in infra would be guided by Gati Shakti.

Also read | India Union Budget 2022: Sitharaman unveils India @ 100 - Key points

India's finance minister Nirmala Sitharaman presented the India Budget 2022 in Parliament today. The finance minister presented a paperless Budget for the second time this year amid the pandemic.

• PLI scheme in 14 sectors has received excellent response
•  
• 'Make in India' can create 6 million new jobs
•  
• Seek to lay foundation for the next 25 years
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• NARCL has commenced its activities
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• LIC IPO is expected shortly

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.

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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.

Watch: FM Nirmala Sitharaman to table 4th annual budget, focus on economic recovery

Also read | Indian Finance Minister says 'inclusive budget' will ensure there is something for everyone


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

Sensex soars 582.85 points, currently at 58,597.02. Nifty up by 156.20 points, currently at 17,496.05

Nirmala Sitharaman has arrived at the Rashtrapati Bhawan.

Nirmala Sitharaman, the Finance Minister, arrived at Rashtrapati Bhawan on Tuesday after attending a meeting in the Finance Ministry ahead of the Union Budget 2022.

She will deliver the 10th Budget of the Narendra Modi-led administration.
 

Union Finance Minister Nirmala Sitharaman leaves from the Ministry of Finance. 

She will present and read out the  #Budget2022 at the Parliament through a tab, instead of the traditional 'bahi khata'.

Also read | A detailed insight to how the document is prepared

India Budget 2022: Meet A-team that have helped draft budget with Finance Minister Nirmala Sitharaman

Sitharaman's team, which includes five high-profile officials — TV Somanatham, Tarun Bajaj, Debashish Panda, Ajay Seth, and Tuhin Kanta Pandey — plays a crucial role in determining how funding is allotted to various sectors during each fiscal year.

They were also operational in Budget 2022. 
 

Lok Sabha will meet at 11 am today for the presentation of the Union Budget

Lok Sabha will meet from 4 pm to 9 pm from February 2 to February 11.

The second part of the session will be from March 14 to April 8.

BUDGET TOP EVENTS:

8:40am- FM to leave for North Block 

9am- Photo op outside gate no 2 of North Block  

9:25am- FM to leave for President House for consent on Budget 

10am- Back to Parliament 

10:10am- Cabinet Meeting, to approve Budget 

11am - Presentation of Budget in Parliament 

3.45pm- Post Budget Press Conference, NMC 

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

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

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

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.

Also read: Tax partnership not 'tax terrorism', US companies look for tax parity, predictability

The US companies, he noted, are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor

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

The Survey has pointed out that the government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required, ASSOCHAM said in a statement.

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As per the sources, privy to the details of the meeting Adhir Ranjan Chowdhury floor leader of the Lok Sabha for the Congress, Sudip Bandyopadhyay from the TMC, Vinayak Raut from Shiv Sena, and Supriya Sule of NCP were some of the leaders who spoke about the subject

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It is expected that the Indian finance minister would use this year's Budget as the cornerstone to put the economy on an accelerated growth path after the impact caused by the pandemic.

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The budget session of parliament is being held in two parts. The first part will continue till February 11 and the second part from March 14 to April 8