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February 01, 2022 / 11:04 PM IST

Union Budget 2022 Highlights | All the action from FM Sitharaman’s announcements—as it happened

Union Budget 2022 Summary: Presenting Budget 2022-23, Nirmala Sitharaman estimated India's total expenditure at Rs 39.45 lakh crore and projected fiscal deficit at 6.4% of GDP for FY23. What did the budget have for the middle class, taxpayer and investor? Here are the full details, packed with expert views, reported pieces and in-depth analyses.

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

proposals and announcements so far:

  • For farmers to adopt to natural farming, comprehensive package for participation of State governments & MSMEs to be introduced.

  • Hospitality services by the small & medium sector are yet to bounce back, therefore, the government has decided to extend the ECGL service for this sector by March 2023 with an increased cover of Rs 50,000

  • Skilling programs will be reoriented. For skilling, upskilling & reskilling of our youth, Digital DESH e-portal will be launched.

  • 'One Class One TV Channel' will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for class 1-12.

  • A digital university will be developed to provide access to students for world-class quality education with ISTE Standards.

  • For mental health counselling, a National Tele Mental Health Program will be launched

  • Our government is committed towards Atma Nirbhar Bharat in armed forces. 68% of capital procurement budget will be earmarked for domestic industry for 2022-23 up from 58% in 2021-22, the FM said

  • Rs 19,500 crore marked for PLI for manufacturing of high efficiency module for polysilicon.

  • Financial support will be provided to farmers wanting to take up Agro-Forestry.

  • 5-7% biomass pellets will be co-fired in thermal power plants resulting in carbon dioxide savings of 38 mmt annually.

  • Outlay for capital expenditure increased by 35.4% from previous year to 7.50 lakh crore in 2022-23.

  • Sovereign Green Bonds to be issued in public sector projects to reduce carbon footprint initiatives in the economy.

  • To further electronics manufacturing, duty concessions given for high growth of electronics items.

  • Customs duty on cut & polished diamonds, gems to be reduced to 5%.

  • Duty concessions on parts of mobile phones.

  • To levy 7.5% customs duty on select capital goods

  • Gradually to have customs duty of 7.5% on projects imports

The Union Budget is the annual report of India as a country. It contains the government of India's revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31. 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 will announce Union Budget 2022 today, on February 1. This year will be her fourth Budget after 2019, 2020 and 2021. She had read out the Budget from a tablet last year in Parliament; and from a Bahi Kata in the preceding years.

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!

  • Union Budget 2022 Highlights | All the action from FM Sitharaman’s announcements—as it happened
    • 10:50 PM IST

      Budget 2022 at a glance – your definitive, quick guide to one and a half hours of FM speech

    • 10:47 PM IST

      What exactly are green bonds that FM announced in the budget and how are they issued?

    • 10:42 PM IST

      What has become cheaper and what’s more expensive; check full list here 

    • 10:40 PM IST

      Equities have their day in the sun as dark clouds circle

    • 10:39 PM IST

      Budget 2022 will double farmers' income, benefit MSMEs, says PM Modi

    • 10:37 PM IST

      Lack of private capex led to spending push in budget, will help lenders: Bankers

    • 10:36 PM IST

      Health sector sees 45% drop in proposed expenses, allocation up 0.2%

    • 10:34 PM IST

      Finance Minister steers clear of announcements for five poll-bound states

    • 10:27 PM IST

      Crypto gets a backdoor entry in India

    • 10:27 PM IST

      Budget 2022: AVGC taskforce to boost employment, give regularity clarity, say gaming industry experts

    • 10:22 PM IST

      Budget 2022 | Here’s what Finance Minister Nirmala Sitharaman said about taxing cryptocurrencies

    • 10:20 PM IST

      Union Budget 2022 | Civil aviation gets Rs 10,667 crore but sees no relief from cost headwinds

    • 10:20 PM IST

      What the finance minister is doing ‘indirectly’ for consumption

    • 10:18 PM IST

      Budget 2022 | After FM's remark on LIC IPO, secretary of DIPAM says 'DRHP likely in two weeks'

    • 10:16 PM IST

      MC Interview | No mention of any tax reforms for bonds can be seen as unfavourable for market, says Navin Agarwal of Motilal Oswal AMC

    • 10:15 PM IST

      From digital currency to e-passports, Budget 2022 opens up more opportunities for Indian IT sector

    • 10:13 PM IST

      Budget 2022 | India may become $5 trillion economy by 2025-26: CEA Nageswaran

    • 10:11 PM IST

      Budget 2022: Capital expenditure sees 35.4 percent rise to Rs 7.50 lakh crore for FY'23

    • 10:11 PM IST

       A mixed bag for startups

    • 10:09 PM IST

      Union Budget 2022 | 6 hidden money changes that finance minister did not spell out

    • 10:07 PM IST

      Budget 2022 | A look at some major tech boost for digital India

    • 10:05 PM IST

      Employment generation a recurring theme; capex push may create jobs but few misses too

    • 10:05 PM IST

      Nilesh Shah on Budget 2022: Shortest speech with the longest roadmap for the economy

    • 10:02 PM IST

      Focus on drones to help create $5 billion market, operators say

    • 10:01 PM IST

      No respite for restaurants, left to fend for themselves, says NRAI

    • 09:56 PM IST

      Petrol may cost more as additional duty of Rs 2/litre to be imposed on unblended fuel from Oct 1

    • 09:54 PM IST

      A breakdown of the key numbers for FY23 

    • 09:38 PM IST

      FM pegs fiscal deficit at 6.4% of GDP for FY23

    • 09:33 PM IST

      1486 union laws repealed to make it easier for businesses

    • 09:31 PM IST

      FM Sitharaman announces Digital Rupee. Here's how it will work

    • 09:28 PM IST

      All 1.5 lakh post offices in India to be connected to core banking system: Nirmala Sitharaman 

    • 09:18 PM IST

      Budget 2022 visionary, says NITI Aayog Vice-Chairman Dr Rajiv Kumar

    • 09:14 PM IST

      Focus on inclusive development, climate action as India enters "Amrit Kaal", Nirmala Sitharaman

    • 09:04 PM IST

      FM Nirmala Sitharaman proposes to set up 75 digital banking units; link 100% of post offices to Core Banking

    • 08:55 PM IST

      What are e-passports and how will they work?

    • 08:46 PM IST

      Infra, construction stocks rise after govt aims to expand national highway network by 25,000 kms

    • 08:31 PM IST

      Budget growth-oriented, focused on building long term strength: SIAM 

    • 08:25 PM IST

      Affordable housing gets major boost

    • 08:17 PM IST

      Govt taking 'revenge' on farmers for farm law protests, alleges Yogendra Yadav 

    • 08:12 PM IST

      SEZ Act to be replaced with new legislation, says Nirmala Sitharaman

    • 08:08 PM IST

      Centre to set up digital university for students, announces Nirmala Sitharaman

    • 08:03 PM IST

      Paytm, Fino Payments Bank gain on push for digital ecosystem, fintech

    • 07:59 PM IST

      PLI Scheme to be launched for manufacturing in 5G

    • 07:47 PM IST

      Atmanirbhar Bharat Ka Budget brings with it new energy and strength to our development trajectory, tweets PM Modi

    • 07:42 PM IST

      Here’s what Finance Minister Nirmala Sitharaman said about taxing cryptocurrencies

    • 07:30 PM IST

      Budget 2022 like another "Mann ki Baat" of Centre, says Jharkhand CM Hemant Soren

    • 07:27 PM IST

      Ken-Betwa river-linking project worth Rs 44,605 Cr to be taken up in Bundelkhand, says FM

    • 07:19 PM IST

      Zerodha founder Nithin Kamath decrypts the budget findings on cryptos

    • 07:14 PM IST

      Railways to develop new products for small farmers, MSMEs: Nirmala Sitharaman

    • 07:08 PM IST

      Oberoi Realty, Aavas Financiers rally as housing projects allotted Rs 48,000 crore

    • 06:58 PM IST

      FM Nirmala Sitharaman sets aside Rs 60,000 crore for Jal Jeevan Mission

    • 06:53 PM IST

      Rahul Gandhi anyway has a problem in understanding maths, looks everything with a sum of 0: Piyush Goyal

    • 06:49 PM IST

      PLI scheme for Aatmanirbhar Bharat can create 60 lakh new jobs

    • 06:42 PM IST

      Adani Power, Tata Power rally 3-4% on allocation for hydro and solar projects in FY23 

    • 06:37 PM IST

      Budget 2022 allots Rs 1,500 crore for development initiatives in northeast 

    • 06:34 PM IST

      Kisan Drones to be used to technologically advance farming sector 

    • 06:31 PM IST

      ECLGS scheme extended till March 2023, Finance Minister Nirmala Sitharaman announces

    • 05:05 PM IST

      Govt will work on amending the SEZ Act, says FM

    • 05:03 PM IST

      India should be a $5 trillion economy in terms of nominal GDP in the FY2025-26, says CEA

    • 04:56 PM IST

      Didn't raise import duties on intermediary products, raw materials to support manufacturing, says FM

    • 04:52 PM IST

      Green bonds are within govt's overall market borrowing number, says Finance Secretary TV Somanathan

    • 04:46 PM IST

      Crypto tax to come into effect from from April 1, says Finance Secretary TV Somanathan

    • 04:38 PM IST

      Apologize for not being able to come out with any cut in tax slabs, says FM

    • 04:37 PM IST

      FM hits out Rahul Gandhi, says 'pity people who comment without thinking'

    • 04:32 PM IST

      Working account-by-account with other countries on sharing of information to bring back black money, says FM

    • 04:30 PM IST

      Inflation has not exceeded 6% target on sustained basis, says FM

    • 04:28 PM IST

      Stakeholder consultations are ongoing on digital asset, says FM

    • 04:25 PM IST

      CapEx target for FY22 is expected to be achieved, says Finance secretary TV Somanathan

    • 04:19 PM IST

      Amount of MSP handed out to farmers to double farmers' income, says CEA V Anantha Nageswaran

    • 04:08 PM IST

      Higher capital expenditure will create jobs, says FM

    • 04:07 PM IST

      Did not raise taxes last year or this year, says FM

    • 04:05 PM IST

      Cryptocurrencies are not currencies, currency issued by RBI will be digital currency, says FM

    • 04:01 PM IST

      LIC IPO in all probability to go through in FY22, says FM

    • 04:00 PM IST

      Tax estimates not overly excessively optimistic, says FM

    • 03:57 PM IST

      Recognise that hospitality & related sectors have been hit post second wave, says FM

    • 03:53 PM IST

      Post budget press conference by FM Sitharaman begins

    • 03:45 PM IST

      FM Sitharaman to address press post presentation of Budget 2022-23 at 3.45 pm

    • 03:25 PM IST

      Budget will double farmers' income, says PM Modi

    • 03:18 PM IST

      Congratulate FM Sitharaman for 'people friendly and progressive budget', says PM Modi

    • 03:16 PM IST

      This budget brings in new hopes, opportunities for people, says PM Modi

    • 02:59 PM IST

      Rahul Gandhi hits out at Modi govt, refers it as 'zero sum budget'

    • 02:42 PM IST

      Budget not populist, extremely bullish on India, says Rakesh Jhunjhunwala

    • 02:18 PM IST

      Budget has zero for common people getting crushed by unemployment, says WB CM Mamata Banerjee

    • 01:47 PM IST

      Top budget highlights on taxes sectors-wise

    • 01:17 PM IST

      Unblended fuel to get additional duty, ethanol makers to benefit

    • 01:14 PM IST

      Dalal Street breathes a sigh of relief over LTCG

    • 01:12 PM IST

      CAIT terms Budget as a progressive economic document

    • 12:53 PM IST

      The Finance Minister's move to cap long term capital gains at 15 percemt is a huge win. 

    • 12:30 PM IST

      The huge increase in allocation for renewable energy will provide a significant boost to the fiscal capacity of states.

    • 12:28 PM IST

      The next three years will see 400 new Vande Bharat trains. 

    • 12:27 PM IST

      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. 

    • 12:17 PM IST

      Taxpayers can now avail of a 2-year window to file revised returns 

    • 12:13 PM IST

      The fiscal deficit target of 6.4 percent of GDP for FY23 is above expectations. 

    • 12:03 PM IST

      Animation, Visual Effects, Gaming, and Comics promotion task force will be set up to build domestic capacity.

    • 11:55 AM IST

      ePassports will be rolled out in 2022-23 for convenience in overseas travel.

    • 11:52 AM IST

      Exclusive EV zones and focus on battery swapping will be good news for the EV sector 

    • 11:49 AM IST

      The BSE Power index was up 1.5 percent as Adani Green, Tata Power, Adani Power, BHEL, Siemens, and NTPC rose 1-4 percent. 

    • 11:47 AM IST

      FM proposes necessary amendments in IBC structure to promote cross border insolvency resolutions.

    • 11:44 AM IST

      A national tele mental health program will be launched. 

    • 11:28 AM IST

      Shares of road construction companies rose sharply after FM said that national highway network will grow by 25,000 km in 2022-23.

    • 11:23 AM IST

      The aim to expand the National Highways network by 15% next fiscal will be a positive for road construction companies.

    • 11:22 AM IST

      Government will encourage innovative ways of financing and faster implementation for building of metro projects. 

    • 11:18 AM IST

      PLI Scheme for achieving Aatma Nirbhar Bharat has received excellent response. 

    • 11:16 AM IST

      Budget 2022 to focus on 4 pillars - productivity, climate action, financing investments & PM Gati Shakti plan

    • 11:14 AM IST

      Public issue of LIC is expected shortly, others are in line too.

    • 11:00 AM IST

      Will Budget 2022 give more incentives for new tax regime?

    • 10:57 AM IST

      Watch Union Budget 2022 LIVE here

    • 10:55 AM IST

      All eyes on infra push but key is to drive pace of execution

    • 10:50 AM IST

      The strong start to the day on Dalal Street ahead of the Union Budget beckons well for the bulls in India’s equity market.

    • 10:39 AM IST

      Will Budget 2022 increase the standard deduction from Rs 50,000 to Rs 100,000?

    • 10:34 AM IST

      One of the key asks from Indian investors is for the govt to bring in some parity in the way it treats domestic and foreign investors

    • 10:30 AM IST

      Shares of fertiliser companies were up in the range of 2-9 percent in the morning trade ahead of the Budget presentation

    • 10:26 AM IST

      Sensex surges over 800 points, nears 59,000-mark; Nifty climbs 240 points at 17,540. 

    • 10:22 AM IST

      India has set lofty clean energy goals and has made decent progress on renewable energy capacity installations. 

    • 10:17 AM IST

      Will Budget 2022 give a boost to the real estate sector?

    • 10:09 AM IST

      Could FM Nirmala Sitharaman make way for the inclusion of electricity under the purview of GST?

    • 10:06 AM IST

      Will the FM announce tax relief on medical expenses for individual tax-payers?

    • 10:05 AM IST

      Budget needs to strike balance: Prashant Jain of HDFC AMC

    • 10:05 AM IST

      How varied are CPI-inflation forecasts of RBI, economists?

    • 10:04 AM IST

      Several of the Budget estimates for FY23 will depend on GDP

    • 10:04 AM IST

      Will Budget day belong to infrastructure stocks?

    • 10:04 AM IST

      Will Budget cut income tax rates?

    • 10:03 AM IST

      Economists see a fiscal deficit target of 6.1 percent of GDP being set for FY23

    • 10:00 AM IST

      Cryptocurrency Prices Update

    • 09:54 AM IST

      Cigarette stocks trades flat ahead of budget

    • 09:45 AM IST

      Corporates watch for demand boost & relief for pandemic hit sectors

    • 09:44 AM IST

      Expected IBC amendments in Budget 2022

    • 09:43 AM IST

      Cost inflation in agriculture sector

    • 09:39 AM IST

      An investor’s prelude to the Union Budget for FY23

    • 09:36 AM IST

      Which sectors' jobs did Covid-19 hack off the most?

    • 09:36 AM IST

      Will the Budget trap pessimist foreign investors?

    • 09:35 AM IST

      Fresh PSB capital infusion unlikely

    • 09:31 AM IST

      Market Opening Highlights

    • 09:27 AM IST

      Market LIVE - Indices open strong

    • 09:22 AM IST

      Who are the new homebuyers in the market?

    • 09:21 AM IST

      Will the Crypto Puzzle remain?

    • 09:19 AM IST

      Experts want Centre to set aside 'green expenditure' funds in Budget

    • 09:15 AM IST

      Govt considering Rs 2,942 crore on auto industry

    • 09:09 AM IST

      Will FM clarify on PSB privatisation path?

    • 09:07 AM IST

      Non-BJP states looks askance at the Centre’s financial muscle

    • 09:02 AM IST

      What to expect from the Budget - decoded (Video)

    • 08:59 AM IST

      Where and how to watch Nirmala Sitharaman's speech

    • 08:54 AM IST

      Budget – 5 stocks with an upside of up to 100%

    • 08:51 AM IST

      Market Outlook

    • 08:46 AM IST

      PM Modi: Budget session must be fruitful

    • 08:38 AM IST

      Budget Expectations - Sorbh Gupta of Quantum AMC

    • 08:32 AM IST

      Are India's financial conditions tightening?

    • 08:26 AM IST

      Budget Expectation - Suman Bannerjee of Hedonova

    • 08:13 AM IST

      Opinion: Govt cannot go easy on taxes

    • 08:07 AM IST

      Hope for a feel-good Budget: Kiran Mazumdar-Shaw

    • 07:50 AM IST

      Evolution of the Budget briefcase

    • 07:46 AM IST

      List of business in LS

    • 07:38 AM IST

      Budget – Key highlights of President Ram Nath Kovind's speech (2/2)

    • 07:33 AM IST

      Budget - Key highlights of President Ram Nath Kovind's speech (1/2)

    • 07:32 AM IST

      Budget – Opinion (MC Pro)

    • 07:28 AM IST

      Market on Budget Day 

    • 07:22 AM IST

      Budget Expectations - US companies

    • 07:18 AM IST

      A beginner’s guide to reading the Budget

    • 07:18 AM IST

      CEA VA Nageswaran on the economy

    • 07:12 AM IST

      Will Booster Budget fire up growth?

    • 07:04 AM IST

      Economic Survey 2022 – CEA VA Nageswaran

    • 07:00 AM IST

      Economic Survey 2022 - 8 Key Takeaways

    • 06:52 AM IST

      The Budget Team at a glance

    • 06:50 AM IST

      Market Opening: 10 things to know

    • 06:47 AM IST

      Budget Expectation - Housing

    • 06:36 AM IST

      Election Update

    • 06:32 AM IST

      Key Highlights From The Economic Survey

    • 06:28 AM IST

      Market Outlook

    • 06:21 AM IST

      FY23 growth expectations based on resilience of economy: Sanjeev Sanyal

    • 06:15 AM IST

      Budget Expectations – Healthcare

    • 06:12 AM IST

      14 Bills, 6 financial items to be taken up

    • 06:07 AM IST

      Budget Expectations – CII

    • 06:01 AM IST

      Budget – Opinion (MC Pro)

    • 06:00 AM IST

      Budget Expectations – AMC

    • 05:59 AM IST

      Stock trader’s Guide to the Budget

    • 05:54 AM IST

      What’s new – No crypto or banking bill mentioned during Budget Session

    • 05:50 AM IST

      What’s new – No halwa ceremony

    • 05:49 AM IST

      What’s new – Paperless Budget, Mobile app

    • 05:44 AM IST

      Budget presentation through the years

    • 05:43 AM IST

      Budget amid elections

    • 05:42 AM IST

      What is the Budget?

    • 05:41 AM IST

      FinMin to announce Union Budget 2022 today

    • 05:19 AM IST

      Market LIVE - Update

    • 05:14 AM IST

      Economic Survey 2022

    • 04:58 AM IST

      Likely Budget announcements

  • February 01, 2022 / 10:50 PM IST

    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.


  • February 01, 2022 / 11:03 PM IST

    This blog is now closed. Thank you for being with us. For more news, views and updates log in to

  • February 01, 2022 / 10:47 PM IST

    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.


  • February 01, 2022 / 10:42 PM IST

    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.


  • February 01, 2022 / 10:40 PM IST

    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.


  • February 01, 2022 / 10:39 PM IST

    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.


  • February 01, 2022 / 10:38 PM IST

    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.


  • February 01, 2022 / 10:37 PM IST

    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.


  • February 01, 2022 / 10:36 PM IST

    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. 


  • February 01, 2022 / 10:34 PM IST

    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.


  • February 01, 2022 / 10:27 PM IST

    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.