Union Budget 2022 Highlights: The Union Budget or Finance Bill is the annual financial statement of India.
The Union Budget is 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. It also contains estimates for the next fiscal year. Keeping with recent tradition, Union Finance Minister Nirmala Sitharaman is expected to announce Union Budget 2022 on February 1 this year.
This will be preceded by a virtual meeting of the Rajya Sabha floor leaders, ahead of the budget session of the Parliament, will be held on January 31. The meeting will be chaired by Chairman of the House and Vice President M Venkaiah Naidu. The parliament session will begin amid electioneering for assembly elections to five states President Ram Nath Kovind will address the joint sitting of two Houses on January 31 and the Union Budget will be presented on February 1. Rajya Sabha is likely to function from 10 am till 3 pm on working days while the Lok Sabha will function from 4 pm to 9pm.
The first part of the budget session will begin on January 31 and will continue till February 11. The second part of the budget session will be held from March 14 to April 8. This year will be Sitharaman's fourth Budget after 2019, 2020 and 2021. She had read out the Budget from a tablet last year in parliament.
Budget should focus on ESG issues, say experts
ICAI seeks reforms: The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming Union budget.
Naidu to chair virtual meeting: Rajya Sabha Chairman M Venkaiah Naidu will hold a virtual meeting with leaders of various parties and groups in the House on Monday evening for setting the agenda for the Budget session of Parliament.
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The financial services sector is the pillar of the economy. Timely and specific policy measures will go a long way to boost and strengthen this sector while also paving the way for financial inclusion
Budget 2022 Live | Budget should focus on ESG issues, say experts
With the government committing to become carbon neutral by 2070, it is imperative that the forthcoming Budget should focus on Environmental, Social and Governance (ESG) issues by providing tax and non-tax incentives needed to promote green economy, say experts. Indian businesses are undergoing significant changes amidst externalities such as climate change, finite resource availability, technology disruptions, emerging linked ecosystems and evolving stakeholder expectations.
According to PwC India, the budget should incorporate ESG parameters when structuring incentives, allocating resources and in the procurement processes, across sectors and institutions. It is also imperative to stimulate a more enabling ecosystem for ESG adoption, by promoting research and innovation. "Additional budgetary allocation, viability based funding and institutional capacity building for cleantech, including carbon capture, utilisation and storage (CCUs), hydrogen, transportation, grid flexibility, afforestation and nature based solutions are critical for creating an enabling ecosystem for ESG adoption," said PwC India.
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for the next fiscal in Parliament on Tuesday. Rishi Raj, COO, Max Estates Ltd, said as a progressive real estate player, his company wants to make a positive contribution to the environment.
Source: PTI
Will the Union Budget favour homebuyers?
Have you been scouting for an apartment of late? If the answer is yes, then now may be the right time to enter the property market. If one is to believe market indicators, favourable price points and high inventory of unsold units make it a buyer-friendly market. As the COVID-19 pandemic has hit the sector hard, the presence of large inventory across key cities of the country has increased the troubles of the sector. In such a scenario, several factors favour homebuyers. The upcoming Union Budget 2022-23 is one of the reasons that homebuyers can expect to have more money to make a purchase decision.
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