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Union Budget 2022 Highlights | Union Finance Minister Nirmala Sitharaman on February 1 presented her 4th Budget speech by expressing empathy for those who suffered during COVID-19 pandemic. The finance minister said that India's growth estimated to be at 9.2%, highest among all large economies. Meanwhile, PM Modi said that he will be talking about 'people friendly and progressive' Budget at a programme on February 2, at 11 am. Here are top announcements from her Budget
The Union Budget was preceded by a virtual meeting of the Rajya Sabha floor leaders, chaired by Chairman of the House and Vice President M Venkaiah Naidu on January 31. President Ram Nath Kovind also addressed the joint sitting of two Houses on January 31, kick-starting the Budget session of the Parliament. Besides this, the Economic Survey 2022 was presented in both houses of Parliament on January 31. 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.
Notably, this Parliament session is being held amid electioneering for Assembly Elections to five states — Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh. With voting scheduled later in the month, it is to be seen whether the 2022-23 Budget will focus more on populist measures.
What's new with the Budget this year?
— Digital Budget: In 2021, for the first time, the Union Budget in India was read out from a tablet. In the customary photo before the presentation of the Budget in Parliament, Finance Minister Nirmala Sitharaman was seen carrying the device in a compact red case. This is expected to continue this year too.
In the preceding years, finance ministers had carried Budget documents in brown, red or tan briefcases, in keeping with British tradition. That changed in 2019, when Nirmala Sitharaman replaced them with a traditional Bahi Khata or cloth ledger. “I thought it is high time we move on from the British hangover, to do something on our own,” the finance minister had said. “And well, easier for me to carry too.”
— Budget on mobile app: The finance minister will present the Union Budget in "paperless form" this year, the government said on January 27. The entire budget document will be released on a mobile application named 'Union Budget Mobile App', for lawmakers and the general public after it is presented in the Parliament on February 1.
The app allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), and Finance Bill etc., as prescribed by the Constitution, the ministry stated. The application is bilingual (English & Hindi) and is available on both Android and iOS platforms.
— No Halwa ceremony: This year, 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 held every year in view of the prevailing pandemic situation and the need to observe health safety protocols, the ministry said.
"To maintain the secrecy of Budget, there is a “lock-in” of the officials involved in making the Budget. Budget Press, situated inside North Block, houses all officials in the period leading up to the presentation of the Union Budget. These officers and staff will come in contact with their near and dear ones only after the Budget is presented by the Union Finance Minister in the Parliament," it further noted.
Stay tuned for the latest news, developments analysis and opinion posts from our expert teams at MC!
Budget 2022 at a glance – your definitive, quick guide to one and a half hours of FM speech
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1486 union laws repealed to make it easier for businesses
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FM Nirmala Sitharaman proposes to set up 75 digital banking units; link 100% of post offices to Core Banking
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Infra, construction stocks rise after govt aims to expand national highway network by 25,000 kms
Budget growth-oriented, focused on building long term strength: SIAM
Affordable housing gets major boost
Govt taking 'revenge' on farmers for farm law protests, alleges Yogendra Yadav
SEZ Act to be replaced with new legislation, says Nirmala Sitharaman
Centre to set up digital university for students, announces Nirmala Sitharaman
Paytm, Fino Payments Bank gain on push for digital ecosystem, fintech
PLI Scheme to be launched for manufacturing in 5G
Atmanirbhar Bharat Ka Budget brings with it new energy and strength to our development trajectory, tweets PM Modi
Here’s what Finance Minister Nirmala Sitharaman said about taxing cryptocurrencies
Budget 2022 like another "Mann ki Baat" of Centre, says Jharkhand CM Hemant Soren
Ken-Betwa river-linking project worth Rs 44,605 Cr to be taken up in Bundelkhand, says FM
Zerodha founder Nithin Kamath decrypts the budget findings on cryptos
Railways to develop new products for small farmers, MSMEs: Nirmala Sitharaman
Oberoi Realty, Aavas Financiers rally as housing projects allotted Rs 48,000 crore
FM Nirmala Sitharaman sets aside Rs 60,000 crore for Jal Jeevan Mission
Rahul Gandhi anyway has a problem in understanding maths, looks everything with a sum of 0: Piyush Goyal
PLI scheme for Aatmanirbhar Bharat can create 60 lakh new jobs
Adani Power, Tata Power rally 3-4% on allocation for hydro and solar projects in FY23
Budget 2022 allots Rs 1,500 crore for development initiatives in northeast
Kisan Drones to be used to technologically advance farming sector
ECLGS scheme extended till March 2023, Finance Minister Nirmala Sitharaman announces
Govt will work on amending the SEZ Act, says FM
India should be a $5 trillion economy in terms of nominal GDP in the FY2025-26, says CEA
Didn't raise import duties on intermediary products, raw materials to support manufacturing, says FM
Green bonds are within govt's overall market borrowing number, says Finance Secretary TV Somanathan
Crypto tax to come into effect from from April 1, says Finance Secretary TV Somanathan
Apologize for not being able to come out with any cut in tax slabs, says FM
FM hits out Rahul Gandhi, says 'pity people who comment without thinking'
Working account-by-account with other countries on sharing of information to bring back black money, says FM
Inflation has not exceeded 6% target on sustained basis, says FM
Stakeholder consultations are ongoing on digital asset, says FM
CapEx target for FY22 is expected to be achieved, says Finance secretary TV Somanathan
Amount of MSP handed out to farmers to double farmers' income, says CEA V Anantha Nageswaran
Higher capital expenditure will create jobs, says FM
Did not raise taxes last year or this year, says FM
Cryptocurrencies are not currencies, currency issued by RBI will be digital currency, says FM
LIC IPO in all probability to go through in FY22, says FM
Tax estimates not overly excessively optimistic, says FM
Recognise that hospitality & related sectors have been hit post second wave, says FM
Post budget press conference by FM Sitharaman begins
FM Sitharaman to address press post presentation of Budget 2022-23 at 3.45 pm
Budget will double farmers' income, says PM Modi
Congratulate FM Sitharaman for 'people friendly and progressive budget', says PM Modi
This budget brings in new hopes, opportunities for people, says PM Modi
Rahul Gandhi hits out at Modi govt, refers it as 'zero sum budget'
Budget not populist, extremely bullish on India, says Rakesh Jhunjhunwala
Budget has zero for common people getting crushed by unemployment, says WB CM Mamata Banerjee
Top budget highlights on taxes sectors-wise
Unblended fuel to get additional duty, ethanol makers to benefit
Dalal Street breathes a sigh of relief over LTCG
CAIT terms Budget as a progressive economic document
The Finance Minister's move to cap long term capital gains at 15 percemt is a huge win.
The huge increase in allocation for renewable energy will provide a significant boost to the fiscal capacity of states.
The next three years will see 400 new Vande Bharat trains.
The FM announced that the tax law will be amended to clarify that cess or surcharge on income tax cannot be treated as business expenditure.
Taxpayers can now avail of a 2-year window to file revised returns
The fiscal deficit target of 6.4 percent of GDP for FY23 is above expectations.
Animation, Visual Effects, Gaming, and Comics promotion task force will be set up to build domestic capacity.
ePassports will be rolled out in 2022-23 for convenience in overseas travel.
Exclusive EV zones and focus on battery swapping will be good news for the EV sector
The BSE Power index was up 1.5 percent as Adani Green, Tata Power, Adani Power, BHEL, Siemens, and NTPC rose 1-4 percent.
FM proposes necessary amendments in IBC structure to promote cross border insolvency resolutions.
A national tele mental health program will be launched.
Shares of road construction companies rose sharply after FM said that national highway network will grow by 25,000 km in 2022-23.
The aim to expand the National Highways network by 15% next fiscal will be a positive for road construction companies.
Government will encourage innovative ways of financing and faster implementation for building of metro projects.
PLI Scheme for achieving Aatma Nirbhar Bharat has received excellent response.
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All eyes on infra push but key is to drive pace of execution
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Sensex surges over 800 points, nears 59,000-mark; Nifty climbs 240 points at 17,540.
India has set lofty clean energy goals and has made decent progress on renewable energy capacity installations.
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Budget 2022 Live Updates | Budget 2022 at a glance – your definitive, quick guide to one and a half hours of FM speech
Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget for 2022-23, which pegged the government’s fiscal deficit for the financial year at 6.4% of gross domestic product. Here is a quick guide to the budget.
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Budget 2022 Live Updates | What exactly are green bonds that FM announced in the budget and how are they issued?
In the Union Budget speech 2022-23, Finance Minister Nirmala Sitharaman announced that the government will be issuing green bonds ‘for mobilising resources for green infrastructure’. This article looks at the idea behind green bonds and how the Indian government can design and issue these green bonds.
What is the need for green bonds?
Climate change has emerged as a major concern for policymakers. The relation between climate change and financial markets runs in both directions asymmetrically. On the one hand, climate change impacts financial markets unfavourably as climate shocks could lead to losses on banks and financial institutions. On the other hand, financial markets can address climate change favourably by designing financial products to lower the risks. This article reviews the second relation and in particular the role and design of green bonds to lower climate-related risks.
Budget 2022 Live Updates | What has become cheaper and what’s more expensive; check full list here
From a much-awaited cut in long-term capital gains (LTCG) tax on unlisted shares to levying a tax on crypto gains, a sign of legitimising the asset class, there was a lot to unpack. Overall the budget was a little disappointing as far as the taxpaying middle class was concerned with the government taking a cautious approach. A large number of commonly used items, including headphones, earphones, loudspeakers, smart meters, imitation jewellery, solar cells and solar modules will become more expensive due to a hike in customs duties on imported parts, as proposed by Finance Minister Nirmala Sitharaman in the Union Budget for 2022-23. However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid will become cheaper as a result of rationalisation in customs duties.
Budget 2022: Equities have their day in the sun as dark clouds circle
The Budget day action rarely proves to be this good. The Nifty 50 index jumped 1.4 percent even after giving up all of its gains a little after Finance Minister Nirmala Sitharaman ended her shortest speech ever.
The gains were the third-best for a Budget day in the past 10 years as investors rejoiced in the fact that the government will take up the mantle of boosting capital formation in the economy for another year given that private sector CAPEX still remains comatose.
Outlay on capital expenditure jumped over 35 percent to Rs 7.5 lakh crore and compared to the revised estimate for the current financial year it rose by 24.5 percent. These are numbers that exceeded even the optimists on the Street given that consensus hoped for a 20 percent growth in public CAPEX.
Budget 2022 Live Updates | Budget 2022 will double farmers' income, benefit MSMEs, says PM Modi
The Union Budget for financial year 2022-23, presented by Finance Minister Nirmala Sitharaman on February 1, will lead to the doubling of farmers' income and benefit the medium, micro and small entreprises (MSMEs), Prime Minister Narendra Modi said. The fiscal road map unveiled by Sitharaman will benefit every sector of the economy, "with a special focus on agriculture", the prime minister claimed.
The announcement of "over Rs 2.25 lakh crore MSP (minimum support price)" is aimed at benefitting the farmers as the amount is "being directly transferred" to them, he said. This "budget will double farmers' income," news agency ANI further quoted him as saying. "For MSMEs, credit guarantee and many new schemes have been announced," Modi noted.
Budget 2022: Builders welcome Rs 48,000 crore outlay for PMAY; upset over no tax sops for homebuyers, industry
Real estate developers on February 1 hailed the government's decision to allocate Rs 48,000 crore in Budget under the Pradhan Mantri Awas Yojana (PMAY) and faster approvals for affordable housing in urban areas but rued that no additional tax deduction was allowed on interest paid on home loans.
"Allocation of Rs 48,000 crores towards completion of 80 lakh homes under PMAY is a welcome step. FM also announced that approvals related to land and construction particularly for Affordable Housing in the urban areas will be given priority," CREDAI President Harshvardhan Patodia said. He also welcomed the government's focus on urban planning, especially in tier II and III cities.
Boman Irani – President, CREDAI-MCHI, said there has been an introduction of a revolutionary reform — one land and one registration system — which is beneficial for the real estate ecosystem. "…though the real estate industry analysts and developers community were hoping for some more rebates given its performance and contribution to the overall economy in the past few months. A simple point that could have added cheer to home buyers would be an increase in tax deduction for home loan interest," he added.
Budget 2022: Lack of private capex led to spending push in budget, will help lenders: Bankers
Challenges posed by the multiple waves of the pandemic have led to a situation where the private capital expenditure is yet to pick up in a big way, and the government has acknowledged this fact while proposing higher spending in the budget, bankers said on Tuesday.
The over 35 per cent jump in public capex for FY23 proposed in the budget with thrust on hard infrastructure will also lead to an increase in the sagging domestic demand, industry lobby Indian Banks' Association's chairman and state-owned lender UCO Bank's chief executive AK Goel said.
Listing out other welcome proposals in Finance Minister Nirmala Sitharaman's Budget, Goel said when the growth is broad-based, the banking sector will have more avenues to lend.
Budget 2022 Live Updates | Health sector sees 45% drop in proposed expenses, allocation up 0.2%
The government’s proposed expenditure on medical and public health in the coming fiscal is going to see a drastic drop of more than 45 percent from the revised Budget estimate for 2021-22, the fine print of the Budget document shows. The Centre proposes to spend Rs 41,011 crore towards medical and public health in 2022-23, while this expense was Rs 74,820 in the current financial year. The sharp reduction in the head is due to the lower requirement for COVID vaccination, the document explains. Union Finance Minister Nirmala Sitharaman has also pledged Rs 5,000 crore as support to states for COVID vaccination this year, which is Rs 33,000 crore lesser than the 2021-22 allocation. The government, as per the revised Budget estimate, had committed Rs 39,000 crore for COVID-19 vaccination this fiscal.
Budget 2022 Live Updates | Finance Minister steers clear of announcements for five poll-bound states
The Budget 2022-23 tabled by Finance Minister Nirmala Sitharaman on February 1 did not have any special announcements or schemes for five states going to the assembly polls in less than two weeks. This was in contrast to last year’s budget in which the finance minister made substantial allocations for four states going to polls soon after she tabled the budget in the Parliament.In her 90-minute speech, the finance minister on February 1 said the government was aware of the concerns of the youth, women, farmers, the scheduled castes and scheduled tribes but didn’t specifically allocate funds for any of the five poll-bound states of Uttar Pradesh, Uttarakhand, Manipur, Punjab and Goa.
Budget 2022 Live Updates | Crypto gets a backdoor entry in India
On February 1, while announcing the Budget 2022, Finance Minister Nirmala Sithraman announced something that was totally unexpected. Sithraman said income from 'virtual assets' will be taxed at 30% and one percent TDS (tax deducted at source) will be deducted on these investments. The government defines virtual assets as any instrument, generated through cryptographic means providing a digital representation. In simple words, it includes all private crypto currencies.
True, the 30% taxation is punitive tax, a harsh levy that could discourage many in dealing in such assets. But, for an industry which was fearing a countrywide ban at one point, permission to exist even with a punitive tax rate is a blessing. The bigger takeaway from Sitharaman’s Budget statement is not the rate of tax but the fact that crypto assets have finally got recognition in India. By recognising crypto as a taxable asset, the government has acknowledged its existence along with other virtual assets. The legality of the crypto assets can still be debated. But logically how can a government tax something that is illegal? Secondly, by doing so, the government has also ignored the repeated public warnings by the RBI on crypto assets. To understand this point, let’s first look at why the RBI was opposing crypto in the first place.
