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Budget 2022: We’ve been very realistic in telling what we will do and in achieving what we’ve told, says Nirmala Sitharaman

This budget is vital for this government as there are two years left for the Narendra Modi government’s tenure. Finance Minister Nirmala Sitharaman will present the budget today, and with this, she will be presenting her fourth budget in Parliament. FM Sitharaman started presenting the budget at 11 am.

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2 years ago

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FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman started presenting the union budget 2022. On Monday, Finance Minister Sitharaman presented the Economic Survey of 2021-22. This budget is vital for this government as there are two years left for the Narendra Modi government’s tenure. Finance Minister Nirmala Sitharaman is all set to present the budget today, and with this, she will be presenting her fourth budget in Parliament. FM Sitharaman started presenting the budget at 11 am.

Budget 2022 Live Updates:

We’ve been very realistic in telling what we will do and in achieving what we’ve told, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman holds a press conference after presenting Union Budget 2022-23.

Budget 2022: This year’s aim is welfare of poor, says Prime Minister Modi

Prime Minister Narendra Modi reacted to the Union Budget 2022, that was announced today. He congratulated Finance Minister Nirmala Sitharam and her team on presenting a people-friendly and progressive budget.

Gross GST collection in January at record Rs 1,40,986 Crore

In her speech to announce the Union Budget 2022, Finance Minister Nirmala Sitharaman said that the gross GST collection in January 2022, was Rs 1,40,986 Crore. The reason behind this was the rapid economic recovery.

Remarkable progress in GST but there were huge challenges, says Nirmala Sitharaman

Any Income from Transfer of Virtual Digital Asset to be taxed at 30%

Finance Minister Nirmala Sitharaman added that loss can’t be set off against any other gain and gain from the transfer of Virtual Digital Asset is non-deductible.

FY 22-23 expenditure will be around Rs 39 Lakh Crore , Revenue estimated at Rs 22 Lakh Crore Fiscal deficit to be around 6.4% for FY23

As Finance Minister Nirmala Sitharaman reads out the Union Budget 2022, she mentioned the expected fiscal deficits for fiscal year (FY) 2022-23, which is expected to be around 6.4%.

Digital Rupee backed by blockchain to be issued by the RBI

R&D and commercialisation in telecommunication for rural and remote areas

Talking about the development in rural and remote areas, Finance Minister Nirmala Sitharaman said that R&D and commercialisation in telecommunication for rural and remote areas will be promoted.

Linkage in NGDRS with one nation one registration will be promoted as a uniform process of registration, says Sitharaman.

E-passports with embedded chips will be rolled out, says Sitharaman

Finance Minister Nirmala Sitharaman said that E-passports with embedded chips will be rolled out

Rs 60,000 crore allocated for 3.8 crore households in 2022-23, says Sitharaman

Rs 60,000 crore has been allocated for 3.8 crore households in 2022-23, said Nirmala Sitharaman. She also said that 80 lakh households will be established under Aawaas Yojana for both rural and urban areas.

Supplementary teaching will be promoted, PM e-vidya will be expanded from 12-200 TV channels for class 1-12 in all regional languages, says Sitharaman

Nirmala Sitharaman said that supplementary teaching will be promoted, PM e-vidya will be expanded from 12-200 tv channels for classes 1-12 in all regional languages. She further said that digital universities will be established across the country, world-class education, regional languages. Sitharaman also said that children in rural areas SCs and STs have lost almost 2 years of formal education, need to impart supplementary teaching.

FM Sitharaman says Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy will be given to farmers

Finance Minister Nirmala Sitharaman said that FM Sitharaman says Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy will be given to farmers. She further said that chemical-free natural farming to be promoted.

Finance Minister Nirmala Sitharaman announces about PM Gati Shakti

Finance Minister Nirmala Sitharaman announced about PM Gati Shakti project and said that it will be an inclusive development. In this, productivity enhancement, energy transmission, climate action and financing of investment will be the key areas.

Finance Minister Nirmala Sitharaman says Atma Nirbhar Bharat achieved excellent response

In her speech, FM Nirmala said that Atma Nirbhar Bharat achieved an excellent response in the last year.

Finance Minister Nirmala Sitharaman begins budget speech

Finance Minister Nirmala Sitharaman begins her budget speech. She began her speech by talking about Omicron and said that health and infrastructure is in a strong position right now.

Cabinet approves Union Budget, session to begin soon

The cabinet has approved Union Budget 2022 and soon Finance Minister Nirmala Sitharaman is going to deliver Budget session speech in the Parliament. The speech will begin at 11 am.

Know when and where to watch the Budget 2022 speech, click here.

Cabinet meeting at Parliament concludes

A cabinet meeting took place at Parliament ahead of the budget session. In the meeting, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others were present, Now, the meeting has been concluded and the budget session will be presented at 11 am.

Rajnath Singh, Amit Shah, Ashwini Vaishnaw, Pralhad Joshi, and others arrive at Parliament for union cabinet meeting ahead of budget session

Ahead of the budget session, Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting.

Finance Minister Nirmala Sitharaman arrives at Parliament

Finance Minister Nirmala Sitharaman arrived at Parliament. She will present the budget at 11 am.

Finance Minister Nirmala Sitharaman to address press conference post-presentation of budget at 3.45 pm

Finance Minister Nirmala Sitharaman will address a press conference at 3.45 pm after presenting the Union Budget 2022-23. She will present the budget at 11 am today on February 1.

Nirmala Sitharaman leaves from Ministry of Finance, to present budget through tab, instead of bahi khata

Finance Minister Nirmala Sitharaman left from the Ministry of Finance. She was seen outside the Ministry of Finance posing with his colleagues ahead of the budget. This time, she will present and read out the budget through tab, instead of traditional bahi khata.

Ahead of budget session, former Finance Minister P Chidambaram takes a dig at government

Ahead of budget session 2022-23, former Finance Minister P Chidambaram took a dig at the government as they released the economic survey. He shared a tweet in which he wrote that on the morning after Economic Survey, if you read newspapers, you will come to the conclusion that there is no Opposition in India. He further said that if there is a feeble opposition, it has no views on the economy.

Finance Minister Nirmala Sitharaman arrives at North Block

Finance Minister Nirmala Sitharaman has arrived at North Block and she is all set to present the budget today. It will be her fourth budget presentation in the Modi led government’s tenure. FM Sitharaman will present the budget at 11 am.

India needs to spend $1.4 trillion to achieve $5 trillion economy goal by 2024-25, says Economic Survey

According to Economic Survey, India needs to spend around $1.4 trillion to achieve the $5 trillion economy goal by 2024-25. It was mentioned that keeping this object in view, National Infrastructure Pipeline (NIP) was launched with a projected infrastructure investment of around Rs. 111 lakh crore (US$ 1.5 trillion) during FY 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens.

Rajya Sabha adjourned for the day

Finance Minister Nirmala Sitharaman tables Economic Survey 2021-22 in Rajya Sabha. After this, the Rajya Sabha was adjourned for the day. Now, the Economic Survey will be tabled before the public.

Inflation, crude oil price went up in 2021, says Economic Survey

  • According to the Economic Survey, global inflation went up as the economies opened up in 2021.
  • Apart from this, Crude oil prices also went high due to the increase in demand from recovering economies and supply cuts by the Organization of the Petroleum Exporting Countries and its allies.

Finance Minister tables Economic Survey 2022

Finance Minister Nirmala Sitharaman tables Economic Survey 2022.

The Economic Survey 2022 will be tabled before the public after it is tabled before Rajya Sabha at 3.30 pm.

Key Highlights of Economic Survey 2022:

  • India’s Financial Year 2022 growth seen at 9.2 per cent.

GDP growth for Financial Year 2023 has been projected at 8 per cent to 8.5 per cent.

Congress moves privilege motion over Pegasus snooping row

Congress Lok Sabha leader Adhir Ranjan Chowdhury said that they have moved the privilege motion in the House over Pegasus snooping row. He further said that this government is misleading the House, Supreme Court, and the people. He further said that being the opposition, it’s their responsibility to raise this issue. However, the Centre is trying to spread lies about it.

President Ramnath Kovind’s virtual address from Rashtrapati Bhavan

President Ramnath Kovind in his virtual address said that the Bill to raise the age of marriage for girls to 21 will be introduced in this session. He said that this Bill will seek to increase the minimum 18 years of age for women to get married to 21, so that they can give equal status to boys and girls.

Read Also: Economic Survey 2022: Why is it presented a day before Union Budget? What changes India will witness in this year’s Economic Survey? All you need to know

President Kovind also hailed the country’s digitalisation and said that India is a country with the cheapest internet cost and the price of smartphones is also cheap. He further said that the youth of India was able to get benefit from this.

He further talked about the Make In India project and said that the government has given priority to that and because of Make In India, now, 209 items used by the Indian Army will not be imported.

Read full budget speech of Finance Minister Nirmala Sitharaman below.

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Financial changes effective from September, Aadhaar update, nomination deadline for demat account

Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.

Published

8 months ago

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September 1, 2023

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In the month of September, there are many changes occurring, particularly in the financial sector. Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.

The deadline to update an individual’s Aadhaar card details for free is quickly approaching. The Unique Identification Authority of India (UIDAI) extended the deadline from June 14 to September 14, 2023. This scheme is specifically for citizens who obtained their Aadhaar card 10 years ago and have yet to update their information. People can take this opportunity to update their details before it’s too late.

The nomination process for trading and demat accounts is mandatory for holders and the deadline for this has been extended by the Security and Exchange Board of India (SEBI). The account holders have to make nominations or opt out of it before September 30.

People will need to update and link of Aadhaar identity documents with PAN cards. Those who have credit cards from Axis Bank will also experience the effects of these changes starting this month.

As per the updated terms and conditions, Axis Bank’s Magnus credit card users need to pay higher fees. The annual fee has been increased to Rs 12,500. Also, the benefits associated with the card will be updated.  

This month marks the final opportunity for individuals to exchange Rs 2,000 notes. As stated by the Reserve Bank of India (RBI) in May, individuals may exchange or deposit these notes into their bank accounts before the specified deadline.

The central bank has specified that individuals may exchange or deposit for lower denomination notes, up to Rs 20,000 at a time, until September 30th. Interestingly, even after the deadline, Rs 2,000 notes will still be considered valid tender.

Starting from the current financial year, the Ministry of Finance has made it mandatory to provide both Permanent Account Number (PAN) and Aadhaar card information when making investments in small saving schemes such as the Public Provident Fund (PPF), Post Office Saving Scheme, and Senior Citizens Saving Scheme (SCSS). Existing subscribers must submit their Aadhaar number before September 30th, or their accounts will be frozen.

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India will remain on similar growth curve till 2030, expect well behaved inflation this fiscal: CEA

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade.

Published

1 year ago

on

January 31, 2023

By

Economic Survey

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade.

Nageswaran, while talking to the media after tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, said that the inflation is likely to be “well behaved” in the coming fiscal year barring any unforeseen factors.

According to the Economic Survey prepared by the CEA, RBI projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor too low as to weaken inducement to invest.

The Economic Survey for the current fiscal also state that the Indian economy is expected to hit a minor slow down to 6.5 percent in April 2023 but will continue to remain the fastest-growing major economy in the world owing to its ability to better deal with challenges faced by the global economy.

The CEA maintained that the projected growth rate would remain stable as long as oil prices stayed below 100 dollars per barrel. He also pointed out that the quality of public expenditure has gone up and the government has become more transparent with budget deficit numbers, adding that an increased transparency is being witnessed in public procurement.

Read Also: Finance Minister Nirmala Sitharaman tables Economic Survey 2023, check highlights here

Nageswaran stressed that credit growth is picking up across sectors, and credit to MSMEs has grown at 30 per cent since January 2022, while NPAs in NBFCs is lower than what it was 15 months ago.

The CEA revealed that India is well ahead of its targets for renewable energy mix.

Earlier on Tuesday, the International Monetary Fund in its January update of the World Economic Outlook called India as a bright spot in an otherwise gloomy world economy which, together with China, will account for half of the global growth in 2023, compared to the US and Euro area, who account for just a 10th of the world’s growth.

The IMF report had made almost similar projections to the Economic Survey tabled by the government. It has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

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India a bright spot amid projected decline in global growth: IMF

The International Monetary Fund (IMF) has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

Published

1 year ago

on

January 31, 2023

By

International Monetary Fund

The International Monetary Fund (IMF) has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

According to the January update of the World Economic Outlook released by global fiscal body on Tuesday, global growth is projected to fall from a projected 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.

Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF said in a statement that the IMF’s projections for India remain unchanged from its October update as they predict a 6.8 percent growth curve for the Indian economy for the current fiscal and an expected minor dip to 6.1 percent in the next fiscal.

According to the IMF World Economic Outlook, the slowdown is largely driven by external factors, adding that the India’s growth will once again see an upward curve and go up to 6.8 percent in 2024 due to resilient domestic demand despite external factors.

The report expects a rise in growth in developing Asian nations in 2023 and 2024 to 5.3 percent and 5.2 percent, respectively, after the slowdown in 2022 to 4.3 percent.

For the first time in the last four decades, China’s growth fell below the global average in the fourth quarter of 2022 which saw a 0.2 percentage point downgrade, settling at 3.0 percent. However, China’s growth is expected to rise to 5.2 percent in 2023 and fall to 4.5 percent in 2024 before settling at below 4 percent over the medium term amid declining business dynamism and slow progress on structural reforms.

Read Also: Railways cancel over 350 trains, divert route of 16 trains, check full list here

Gourinchas pointed out that emerging market economies and developing economies are already on the way up and have seen a slight rise in growth for the region from 3.9 percent in 2022 to 4 percent in 2023.

He stressed that India and China combined account for almost 50 percent of world growth in 2023, adding that IMF’s positive view on India’s growth curve remains unchanged.

Gourinchas in a blog post termed India as a bright spot which, together with China, will account for half of the global growth in 2023, compared to the US and Euro area, who account for just a 10th of the world’s growth.

Gourinchas also forecasted a much more pronounced slowdown for advanced economies with a decline from 2.7 percent last year to 1.2 percent and 1.4 percent this year and next.

Nine out of 10 advanced economies will likely decelerate, he added.

He predicted that the US’ growth will slow to 1.4 percent in 2023 as Federal Reserve interest-rate hikes work their way through the economy. Euro area conditions are more challenging despite signs of resilience to the energy crisis, a mild winter, and generous fiscal support, he said.

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