Budget | 'Only Digital Rupee Released by RBI Will Be Currency': FM Sitharaman
Catch all the live updates on the Union Budget 2022 here.
Union Budget 2022
(Photo: The Quint)
Finance Minister Nirmala Sitharaman on Tuesday, 1 February, addressed a press conference on the Union Budget 2022.
Sitharaman had presented the Union Budget 2022 in the the Lok Sabha earlier on Tuesday.
Prime Minister Narendra Modi has called the Budget "people-friendly and progressive," and has said that it has brought new hopes and opportunities for the common people.
While the Centre has applauded the Budget, the Opposition has criticised it saying that it does not bring the expected relief to the poor and the salaried classes.
Key Announcements:
Centre announces introduction of digital rupee using blockchain and other technology, which is to be issued by the Reserve Bank of India (RBI)
The National Highway network will be expanded by 25,000 km in 2022-23
Railways will develop efficient logistics for small farmers and enterprises
Use of Kisan Drones for crop assessments, land records, and spraying of insecticides is expected to drive a wave of technology in agriculture and farming sector
For mental health counselling due to the repercussions of the pandemic, a National Tele Mental Health Programme will be launched
In 2022-23, 80 lakh houses will be completed for identified beneficiaries of the PM Awas Yojana
ePassports will be rolled out in 2022-23 for convenience in overseas travel
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)
FY23 Growth Projected at 8-8.5%: Economic Survey
The Economic Survey 2021-22 was tabled in both houses of Parliament on Monday, a day ahead of the Union Budget, indicating that India's Gross Domestic Product (GDP) is expected to expand by 9.2 percent in the present financial year.
Further, the survey noted that India will see a growth of 8 percent to 8.5 percent in upcoming fiscal year that starts in April.
Tax Collection – Feat for Modi Govt, Burden for People: Rahul Gandhi on Economic Survey
Congress leader Rahul Gandhi, on Monday, 31 January, said that high tax collection is a big achievement Prime Minister Narendra Modi’s government, while the same tax is a burden for the people in the country.
Rahul Gandhi's comment comes in the aftermath of the Economic Survey report that was tabled by Union Finance Minister Nirmala Sitharaman in Lok Sabha on Monday, and a day before the release of the Union Budget 2022.
Fertiliser Subsidy Likely To Be Announced in Budget 2022
In Budget 2022, a fertiliser subsidy might be considered ahead of the elections in five states, including the agrarian Punjab and Uttar Pradesh. This anticipation has had a positive impact on markets towards stocks of fertiliser companies.
PM Modi Expects Oppn to Cooperate: MoS Karad
Ahead of the Budget 2022 presentation, MoS Finance Bhagwat Karad said that PM Modi expects the ruling side and the Opposition to cooperate and listen, ANI reported.
Budget Will Benefit Everybody: MoS Pankaj Chaudhary
Ahead of the Budget 2022 presentation, MoS Finance Pankaj Chaudhary was quoted by ANI as saying that the budget is "inclusive" and is in line with each and every sector's needs.
Sitharaman Arrives at Finance Ministry Office
Union Finance Minister Nirmala Sitharaman arrives at Finance Ministry office in North Block.
Nirmala Sitharaman Leaves for Parliament From Ministry Office
Union Finance Minister Nirmala Sitharaman leaves from the ministry office to present Union Budget 2022 in Parliament.
Nirmala Sitharaman
Sitharaman Arrives at Rashtrapati Bhavan
Union Finance Minister Nirmala Sitharaman arrived at Rashtrapati Bhavan ahead of the presentation of Union Budget 2022.
Sitharaman Meets President Kovind Ahead of Budget 2022
Union Finance Minister Nirmala Sitharaman met President Ram Nath Kovind at Rashtrapati Bhavan ahead of the presentation of Union Budget.
Ministers of State for Finance Dr Bhagwat Kishanrao Karad, Shri Pankaj Chaudhary, and senior officials of the Finance Ministry were also present.
(Photo Courtesy: Twitter/President of India)
(Photo Courtesy: Twitter/President of India)
(Photo Courtesy: Twitter/President of India)
Sitharaman Arrives at Parliament
Union Finance Minister Nirmala Sitharaman arrived at the Parliament on Tuesday, 1 February, ahead of the presentation of the Union Budget.
(Photo: PTI)
(Photo: PTI)
(Photo: PTI)
(Photo: PTI)
PM Modi Arrives at Parliament for Cabinet Meeting
Ahead of the presentation of Union Budget 2022, Prime Minister Narendra Modi arrived at Parliament to chair the Union cabinet meeting.
Union Cabinet Meeting Concludes
Union cabinet meeting at the Parliament concludes.
Cabinet Approves Budget 2022
Union Cabinet approves Budget 2022 in the cabinet meet.
Nirmala Sitharaman Presents Union Budget 2022
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 in the Lok Sabha. The budget was earlier approved by the Union Cabinet in a meeting chaired by PM Narendra Modi at the Parliament.
'India's Estimated Growth Highest at 9.2%': Sitharaman
While presenting the Union Budget, Finance Minister Nirmala Sitharaman said that India's economic growth in current year is estimated to be 9.2%, which is the "highest among all large economies."
"During Amrit Kaal, our government aims to achieve the vision for India@100 set out by the Prime Minister in his Independence Day Address," she said.
'Schemes Benefitted Backward Classes, Women, Poor': Sitharaman
While presenting the Union Budget, Finance Minister Nirmala Sitharaman said that strengthening of health infrastructure and speedy implementation of vaccination programme are evident for all.
"With our provision for public investment in the last budget, this budget continues to provide multiplier effect which will benefit youth farmer, SCs, STs, women and poor," she added.
"Our economic recovery is continuing to benefit from the multiplier effect & the budget 2022-23 is designed primarily to benefit core sectors: - women, students, farmers," she said.
'National Highway Network To Be Expanded by 25,000 kms': Sitharaman
The national highway network will be expanded by 25,000 km in 2022-23, Nirmala Sitharaman said while presenting Union Budget 2022.
"PM Gati Shakti will encompass the seven engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people and goods through Rs 20,000 crore financed by the govt to speed up this project," she said.
She further said that Railways will develop efficient logistics for small farmers and enterprises.
"100 Cargo Terminals under PM Gati Shakti will be developed in the next few years," she said.
"As a part of Atmanirbhar Bharat over 2,000kms will be brought under KAWACH the indigenous world-class technology in 2022-23," she added.
Natural Farming Boost for Farmers, Drone Assessment of Crops in Sitharaman's Budget
Natural farming will be promoted along Ganga corridor
Inclusive development is the government's priority, which includes farmers for paddy, kharif and rabi crops under which 1,000 LMT paddy is expected to be procured benefitting over 1 crore farmers.
Use of Kisan Drones for crop assessments, land records, and spraying of insecticides is expected to drive a wave of technology in agriculture and farming sector
The implementation of the Ken-Betwa link worth Rs 44,605 crore will be taken up at providing irrigation of over 9 lakh hectares of farmers land providing irrigation, farming and livelihood facilities to farmers and local population
For farmers to adopt natural farming, comprehensive package for participation of state governments and MSMEs to be introduced
Financial support will be provided to farmers wanting to take up agro-forestry
Relief for Hospitality Sector
As the hospitality services by the small and medium sector are yet to bounce back, the government has decided to extend the ECGL service for this sector by March 2023 with an increased cover of Rs 50,000, said Nirmala Sitharaman.
Key Announcements for Education Sector
Skilling programmes will be reoriented. For skilling, 'upskilling' and '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
National Tele Mental Health Program To Be Launched
For mental health counselling due to the repercussions of the pandemic, a National Tele Mental Health Programme will be launched, Nirmala Sitharaman announced.
"This will include a network of 23 tele mental health centres of excellence with Nimhans being the nodal centre and IIIT Bangalore providing technology support," she said.
Key Announcements for Women
For women-led development, the government has launched 'Mission Shakti,' 'Mission Vatsalya,' and 'Poshan 2.0'
"Nari shakti is the Harbinger of our bright future," said Nirmala Sitharaman.
Key Announcements for PM Awas Yojana, Housing and Development Sector
60,000 houses will be identified as beneficiaries for the PM Awas Yojana in rural and urban areas
In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana
To improve quality of life, Aspirational Districts have translated into success. 95% of 102 districts have made significant progress in key sectors
Border villages with sparse population with limited connectivity will be covered under the 'New Vibrant Villages Programme'
The coverage of Har Ghar Nal se Jal is 8.7 crores out of which 5.5 crore households were provided with tap water in the last 2 years itself
For urban capacity building, modernisation of building by-laws, town planning schemes, and transit oriented development will be implemented
Centres of Excellence will be established with an outlay of 250 crore for urban sector development
Key Announcements for Banking Sector
With the aim to take digital banking to every citizen, 75 digital banking units in 75 districts of the country will be launched
With 1,486 union laws repealed, Ease of Doing Business 2.0 will be launched
Sitharaman Announces E-Passports
ePassports will be rolled out in 2022-23 for convenience in overseas travel, Nirmala Saitharaman announced.
'400 Vande Bharat Trains': Key Announcements for Railways Sector
PM Gati Shakti will encompass the seven engines for multimodal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people and goods through Rs 20,000 crore financed by the government to speed up this project
She further said that Railways will develop efficient logistics for small farmers and enterprises
100 cargo terminals under PM Gati Shakti will be developed in the next few years
As a part of Atmanirbhar Bharat over 2,000 km will be brought under KAWACH – the indigenous world-class technology – in 2022-23
400 new generation Vande Bharat trains with better Energy Efficiency and passenger riding experience to be manufactured in next three years
Domestic Boost in Defence Budget
68% of the capital procurement budget for Defence will be earmarked for domestic industry to promote Aatmanirbhar Bharat and reduce dependence on imports of defence equipment.
"This is up from the 58% last fiscal," said Sitharaman.
Push for Clean Energy, Solar Power
Green Energy and Clean Mobility systems have immense potential to modernise the country, make Indian industry more inclusive and generate employment for the youth
5-7% biomass pellets will be co-fired in thermal power plants resulting in carbon dioxide savings of 38 mmt annually
Sovereign Green Bonds to be issued in public sector projects to reduce carbon footprint initiatives in the economy
To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made
Capital Expenditure Increased
Outlay for capital expenditure increased by 35.4% from previous year to 7.50 lakh crore in 2022-23.
"Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP," Nirmala Sitharaman announced.
Digital Rupee via Blockchain, Other Technologies
Centre announces introduction of digital rupee using blockchain and other technology, to be issued by the RBI.
"This will give a big boost to the economy," said Nirmala Sitharaman during the presentation of Union Budget 2022.
Simplified Tax System, Relief for Govt Employees: Key Income Tax Announcements
Centre further simplifies tax system, introduces new updated return where people can file updated return within two years of the filed IT Return
Centre reduces alternate minimum tax for cooperatives from 18.5% to 15%
Both Centre and state government employees' tax deduction limit to be increased from 10% to 14% to help social security benefits of state government employees and bring them at par with the central government employees
Tax deduction limit to be reduced for central government employees from 18% to 15% in their contribution to NPAs
Reduce of surcharge of cooperative societies from 12% to 7% for those having income below 1 crore
Existing tax benefits for start-ups, which were offered redemption of taxes for three consecutive years, to be extended by one more year
Corporate surcharge to be reduced from 12% to 7%
Cooperative surcharge to be reduced from 12% to 7%
Income From Transfer of Virtual Digital Assets To Be Taxed at 30%
Any income from transfer of any virtual digital asset shall be taxed at the rate of 30%.
"No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition," Nirmala Sitharaman said.
Reduction of Corporate Surcharge
Corporate surcharge will be reduced from 12% to 7%, Nirmala Sitharaman announced.
Finance Bill 2022 Introduced
Union Finance Minister Nirmala Sitharaman introduces Finance Bill 2022.
'Disappointing' Budget, Says Shashi Tharoor
Congress MP Shashi Tharoor, while speaking to ANI called the Union Budget 'disappointing' and a 'damp squib'.
"When you listen to the speech, no mention of MGNREGA, of Defence, of any other urgent priorities facing the public," he said.
"We are facing terrible inflation and there's no tax relief for the middle class," he added.
Congress Labels Union Budget 2022 as 'Kuch Nahi' Budget
Congress spokesperson Randeep Surjewala took to Twitter to label the Union budget as 'Kuch Nahi' Budget.
'Zero for Common People': Mamata Banerjee Slams Union Budget
TMC chief and West Bengal CM Mamata Banerjee took to Twitter to slam the Union Budget 2022, saying it has nothing for the common man.
"BUDGET HAS ZERO FOR COMMON PEOPLE, WHO ARE GETTING CRUSHED BY UNEMPLOYMENT & INFLATION. GOVT IS LOST IN BIG WORDS SIGNIFYING NOTHING - A PEGASUS SPIN BUDGET (sic)," she tweeted.
'Inclusive Budget,' Says Union Minister Kiren Rijiju
Union Minister Kiren Rijiju hailed the Union Budget.
"It is a very inclusive Budget that takes care of the interests of every section of society including the poor, rural and border areas, and the people living in the Northeast," he told ANI.
Rajyavardhan Singh Rathore Calls it a 'Booster Budget'
MP Rajyavardhan Singh Rathore called the This is a very good budget for the common man... with an increase of 35% in infrastructure, to automatically accelerate the economy. It's a booster shot that will pace up manufacturing in the country, keeping the country's money in the country: BJP MP Rajyavardhan Singh Rathore
Rajnath Singh Hails Union Budget
Union Ministers Rajnath Singh hailed the Union Budget 2022 and welcomed the allocation of 68% of defence capital procurement.
Amit Shah Hails Budget for North-East
Union Home Minister Amit Shah took to Twitter to laud the Budget allocation for the north-east.
Union Health Minister Hails Budget, National Tele-Mental Health Programme
Union Health Minister Mansukh Mandaviya took to Twitter to hail the National Tele-Mental Health Programme announced by Nirmala Sitharaman in the Union Budget.
"The National Tele-Mental Health Programme will ensure access to quality, standardized & free 24x7 mental health services to all and will play a crucial role in bridging a major gap in access to mental healthcare in the country," he said.
Rahul Gandhi Slams 'Zero Budget'
Congress leader Rahul Gandhi took to Twitter to slam the Union Budget, saying that it has nothing for the salaried class, poor, and farmers.
'No Relief for Poor, Common Man': Anand Sharma
Congress leader Anand Sharma told ANI that the Union Budget did not meet the expectation of relief for the poor and the common people
"Rising inequality has not been addressed. This Budget has brought no relief for small industries also," he said.
PM Modi Hails Union Budget 2022 in Address to Nation
Prime Minister Narendra Modi on Tuesday, 1 February addressed the nation to hail the Union Budget 2022 that was presented by Finance Minister Nirmala Sitharaman earlier in the day.
"The budget has brought new hopes and opportunities for the common people," he said.
To benefit border regions and states like Himachal Pradesh, Uttarakhand, J&K, and north-east, a 'Parvat Mala' scheme is being launched for the first time to facilitate modern system of transportation and connectivity in the hills. This will strengthen the villages in border areas," he said.
A major step has been taken for the welfare of farmers with the encouragement of natural farming on the banks of river Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, and West Bengal. This will help make river Ganga chemical-free," he said.
"The BJP has invited me to speak on the subject of the Budget and self-reliant India at 11 am tomorrow. I will speak in detail on the Budget tomorrow," he stated.
FM Sitharaman Addresses Press Conference on Union Budget 2022
Finance Minister Nirmala Sitharaman is addressing a press conference on the Union Budget 2022.
When asked about the lack of relief from taxes to the salaried and middle classes, the finance minister stated, "I have not increased the tax. I would like to repeat that. I have not tried to earn a single rupee by increasing tax. Last time, the PM had instructed that no additional burden of tax is to be imposed on the public. The same instruction this time."
To a query on the LIC IPO, Sitharaman said, “I’ve indicated clearly that it will happen.” She added that it would, in all probability, go through in FY22.
"Increased outlay for capital expenditure/public investment will have immediate impact on job creation Production Linked Incentives for new manufacturing units are being provided in 14 sectors, this too will create jobs," she stated.
RBI-Issued Digital Rupee To Be Only Digital Currency: FM
"The digital rupee will be issued by the RBI. That will be the digital currency. Everything that prevails outside of it, digital whatever, are assets being created by individuals. And if in those transactions, profits are being made, we are taxing profits made out of those assets, at 30 percent," Sitharaman said, adding that the digital rupee will be released later this year.
"We are also tracking every trail of money in that (transaction of crypto assets) by imposing 1 percent TDS at every transaction," she added.
"Central bank will issue a digital currency, no discussions over what are crypto and crypto assets for now. Consultation with stakeholders is underway. The description of digital assets will come after the consultation," the finance minister said in response to a query on 'digital assets' mentioned in the Budget speech.
'Taking Steps To Tackle Inflation, Unemployment': FM
"We're taking several steps to tackle these (unemployment and inflation) issues. Our government didn't allow inflation to go double-digit. Yes, it breached the 6 percent limit for a month but never crossed it. However, before 2014 it was always in the range of 10, 11, 12, 13," Sitharaman was quoted as saying.
She added that the COVID-19 pandemic "snatched away so many jobs across the world."
"We are trying to help those who lost their jobs, through various schemes. I am denying but it is not fair to say that we didn't do anything," Sitharaman added.
'$5 Trillion Economy in Nominal GDP By FY 25-26': CEA
Chief Economic Advisor Dr V Anantha Nageswaran said that if India continued to retain the path of 8 percent of real GDP growth, it would even translate into 8 percent dollar GDP growth.
"If we extrapolate it, we should be a USD 5 trillion economy in terms of nominal GDP in the FY2025-26 or FY2026-27," he said.
'Capitalist Speech': Chidambaram Slams Budget 2022
Former Finance Minister and Congress leader P Chidambaram said that the budget speech was the "most capitalist" one made by any finance minister.
"The word 'poor' occurs only twice in para 6 and we thank FM for remembering that there are poor people in this country. People will reject this capitalist budget," he said.
'Will Help Complete Stalled Projects': Railway Min
Railway Minister Ashwini Vaishnaw, speaking about the budget said: "The Union Budget has a provision of Rs 1.37 lakh crores of the capital investment support for the Railways. It will help complete the stalled projects."
Nitish Kumar Welcomes Union Budget
Bihar CM Nitish Kumar lauded the Union Budget, claiming that it will "boost the pace of development."
"In the Union Budget, many steps have been taken by the Centre to boost the pace of development in the country, which is commendable. The decision to build infrastructure on a large scale in the country is also welcome," Kumar said.