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Budget | 'Only Digital Rupee Released by RBI Will Be Currency': FM Sitharaman

Catch all the live updates on the Union Budget 2022 here.

Updated
India
13 min read
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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.)

6:22 PM , 01 Feb

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.

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6:09 PM , 01 Feb

'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."

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5:32 PM , 01 Feb

'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.

"That's obviously at the behest of very rich people of the country. Instead of RBI, the FM has virtually announced that cryptocurrency is legal from today. Now all of this is not beneficial to 99.99% of people of India."
Congress leader P Chidambaram, over taxes on virtual digital asset
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4:57 PM , 01 Feb

'$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.

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Published: 01 Feb 2022, 7:59 AM IST
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