Budget Session 2022 Highlights: FY22 fiscal deficit estimate a responsible target, says Sitharaman

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Finance Minister Nirmala Sitharaman on Wednesday said the projected fiscal deficit of 6.9 per cent for the current financial year is a "responsible" target as the government has tried to ensure a balance between keeping up expenditure and being fiscally prudent. Making an intervention during the discussion on the Union Budget 2022-23 in the Lok Sabha, the minister also said the Rs 1 lakh crore loan for states will help in speeding up infrastructure development and capital expenditure.In her Budget speech on February 1, Sitharaman had said the revised fiscal deficit in the current financial year is estimated at 6.9 per cent of GDP as against 6.8 per cent of GDP projected in the budget estimates. "I don't want anyone to think this (fiscal deficit estimate) is unusual. The pandemic was unusual and therefore 6.9 per cent is a responsible fiscal deficit. That is the kind of fiscal deficit ... we have tried to do balancing between keeping up spending and being fiscally prudent," Sitharaman said.She was responding to certain remarks made by NCP leader Supriya Sule during the discussion.

As many as 305 cases have been registered under the Legal Metrology Act for various violations of mandatory declarations, like country of origin and expiry dates, since October 16, 2020, Parliament was informed on Wednesday. In a written reply to the Lok Sabha, Minister of State for Consumer Affairs, Food and Public Distribution Ashwini Kumar Choubey said, "As against violations of mandatory declarations under the Legal Metrology Act 2009 and the rules made thereunder like country of origin, expiry date, etc, 305 total cases have been booked for various violations from October 16, 2020, and February 3, 2022."Out of the 305 cases, 281 cases pertain to grievances related to the country of origin. The minister also informed that 15 notices have been sent to e-commerce entities and sellers so far for selling non-standard pressure cookers online.

A question asked in Tamil triggered heated exchanges in Lok Sabha on Wednesday between the Opposition and Treasury benches that spilled over to the issue of ministers giving replies in Hindi. It all started during Question Hour, with DMK member A Ganeshamurthi asking a supplementary question about FDI inflow in Tamil and Union minister Piyush Goyal saying that he missed the first part in Tamil and wanted to know which project was he referring to."If I ask a question in English, then the ministers should respond in English only... a member asks a question in Tamil and the minister replies in Hindi," the member remarked and Goyal responded by saying that he can answer in Hindi while the translation is available for the member. Some opposition members shouted as they also apparently sought to raise the issue of ministers replying in Hindi to questions asked in English. In recent times, there have been instances in the House when opposition members, especially from southern states, have protested against such a trend. Some opposition members shouted as they also apparently sought to raise the issue of ministers replying in Hindi to questions asked in English.

Commerce and Industry Minister Piyush Goyal on Wednesday said the Open Network for Digital Commerce (ONDC) will give an opportunity to small retailers to compete with big firms and its beta version is likely to be launched in few months. As UPI is to the digital payment domain, ONDC is to e-commerce in India. It will enable buyers and sellers to be digitally visible and transact through an open network, no matter what platform/ application they use.Goyal said that over the past few years, large companies have almost taken a complete stronghold on e-commerce business and small retailers do not get equal opportunity to be able to engage with e-commerce due to weak financials and strong financial muscle of large firms. Replying to a question in the Lok Sabha, he said there are start-ups and small shops that are an important part of the ecosystem that provides retail shopping."We are in the process of the governance structure of ONDC. We have taken technocrats to help us to create the technology and in another few months, we will be able to do a beta launch and this system will give opportunity for small retailers to stand up in competition against big companies," Goyal said. He added that the platform will provide opportunities for new start-ups to start creating a network of sellers, provide service to local areas, and increase competition.

Congress leader Kapil Sibal on Wednesday slammed the government for increasing excise duty on petrol and diesel, alleging its tax regime is worse than that of Mughal ruler Aurangzeb. During the second day of the discussion on the union budget 2022-23, Sibal said that in 2014, the price of petrol was Rs 71, and in January 2022, it was Rs 95.

India is in discussion with the 10-nation bloc ASEAN for initiating the review of the free-trade agreement in goods between the two regions to seek more market access for domestic products, Parliament was informed on Wednesday. Minister of State for Commerce and Industry Anupriya Patel said the market access issues and trade barriers being faced in ASEAN (Association of Southeast Asian Nations) countries and China are being regularly taken up with individual countries through bilateral engagements."The Government of India is in discussion with ASEAN countries for initiating the review of ASEAN-India trade in goods agreement to seek more market access for Indian products," she said in a written reply to the Lok Sabha. In a separate reply, she said that to increase exports including apparel exports, India is actively negotiating regional trade agreements (RTAs)/ FTAs with a number of countries including the UAE, Australia, Canada, Israel and the UK."Ongoing FTA negotiations will also provide more favourable market access to products exported from India," she said. The minister said that textile and apparel export growth has been facing adverse impact of the COVID-19 pandemic and higher import tariffs in key markets such as the European Union and the United Kingdom as compared to zero duty access in these countries to competing countries like Bangladesh and Cambodia.

Almost all the social media companies have set up an institutional structure and are publishing monthly compliance reports as required under the statute, IT Minister Ashwini Vaishnaw said on Wednesday. Replying to a question in the Lok Sabha, Vaishnaw said to ensure that social media is safe and people can trust what is written on that, a very self-regulating regime, which was laid down in IT social media intermediary guidelines, was brought in last year.In a supplementary question, BJP member Nishikant Dubey asked that since the Supreme Court has removed Section 66A of the Information Technology Act, whether the government is planning to bring any amendment in the IT Act against the SC verdict. Vaishnaw said the matter needs a "detailed debate" to arrive at a solution.

National Single Window System has been created in which online approval of 30-32 departments can be found at one place. Many states are also involved in this. Thousands of companies are taking advantage of this: Union Minister Piyush Goyal in Lok Sabha