Union Budget 2022-23 : Live Updates

Union Budget 2022-23 : Live Updates

 India likely to grow at 9.27%; Gati Shakti masterplan to make world-class infra; PLI scheme to create at least 60 lakh new jobs in 5 years

11:01 AM :

Just In: Finance Minister Nirmala Sitharaman begins her Budget presentation

11:03 AM :

FM Sitharaman begins her budget speech by expressing empathy to those who suffered during the pandemic

11:06 – Amrit Kal from India at 75 to India at 100
“We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100,” Ms Sitharaman said today.

11:09 – Engines of growth
PM Gati Shakti, inclusive development, productivity enhancement, energy transmission, climate action and financing of investment.

11:11 – Infra development
National Highways to be expanded by 25,000 km

11:16 – Minimum support price (MSP)
Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy

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

11:17 – More infra development
2,000 km under Kawach programme. 400 new generation Vande Bharat plans. 100 PM Gati Shakti cargo terminals. Moving forward on this parallel track, we lay the following four priorities — PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action and financing of investments, says FM Nirmala Sitharaman

11:20 – River water sharing
Draft detailed project reports for five river water sharing projects have been finalized. Once consensus is reached among states, centre will support them for implementation.

11:21 – Better farming
“For better farming, we will provide comprehensive package with state government coordination”: Nirmala Sitharaman

11:22 – Resilient MSME
Credit guarantee trust for micro and small enterprises will be revamped with required infusion of funds. This will give ₹ 2 lakh crore more for MSMEs.

11:24 – For start-ups
Drone Shakti through various application centres for start-up that work on drone technology.

11:28 – For women and child development
2 lakh Anganwadis to be upgraded with better facilities

11:30 – Northeast infra
PM development initiative for the northeast to fund infra and social development projects.

11:32 Fund to be set up to finance agriculture, rural start-ups
A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain will be set up. States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget and organic farming, modern-day agriculture: Nirmala Sitharaman

11:35- PM Modi’s development initiatives for North East to be implemented by NEC:

Finance Minister PM Modi’s development initiatives for the North East will be implemented by the North Eastern Council… This will enable livelihood activities for the youth and women. This scheme is not a substitute for the existing Centre or state schemes: FM Nirmala Sitharaman

11:37- Open platform for healthcare services to be rolled out soon
An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities The pandemic has accentuated mental health problems in people of all ages. To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched: FM Nirmala Sitharaman

11:39 – Emergency Credit Line Guarantee Scheme to be extended to March 2023
Emergency Credit Line Guarantee Scheme will be extended up to March 2023 and the guaranteed cover will be expanded by Rs 50,000 crore to cover an amount of Rs 5 lakh crore: FM Nirmala Sitharaman

11:42 – 400 new Vande Bharat trains to be manufactured in the next 3 years, says FM
Over 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation. 400 new Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in the next three years: FM Nirmala Sitharaman

Social welfare
Transliteration of land records in 8 languages will be rolled out

11:43  New education channel
One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19.

11:44 – e-passport
Issuance of e-passports will be rolled out in 2022-23 to make it easier for citizens

11:45 Drones to be used for crop assessment, digitization of land records, spraying of insecticides: FM
Use of drones to be promoted for crop assessment, digitization of land records, spraying of insecticides and nutrients. Fund to be facilitated through NABARD to finance start-ups for agriculture and rural enterprise which are relevant for the farm produce value chain

Tech solutions
5G rollout by private telcos in 2022-23 and online e-bill facility for all government supplies.

Optical fibre -Bharat Net optical fibre project to be complete in 2025

11:50 – 68% of R&D budget in Defence earmarked for Make In India

Green Energy & Clean Mobility systems have immense potential to modernise the country, make Indian industry more inclusive & generate employment for the youth

Post offices
All post offices to be linked with core banking solution to push financial inclusion.

11:51 – Animation, gaming task force to be set up
Animation, visual effects, gaming and comics sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand: Nirmala Sitharaman

11:54 – ‘Special Economic Zones Act to be replaced soon’
Special Economic Zones Act will be replaced with new legislation for the development of enterprise and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports

11:55 – Spectrum auctions this year to enable 5G roll out by 2023
Required spectrum auctions will be conducted in 2022, to facilitate roll-out of 5G mobile services by private telecom players

11:56 – Ken Betwa linking project to cost around Rs 44,605 crore
Implementation of the Ken Betwa Linking project at an estimated cost of Rs 44,605 crore to be taken up with irrigation benefits to 9 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower and 27 MW solar power generation

11:59- Capital expenditure to be around Rs 10.68 lakh crore: FM
Effective capital expenditure of the Central government is estimated at Rs 10.68 lakh crore in 2022-23, about 4.1% of GDP

12:01 – Additional allocation of Rs 19,500 crore for manufacturing solar modules: FM
To facilitate domestic manufacturing of 280 gigawatt 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

12:03 – Digital rupee to be issued by RBI in the upcoming year
Digital rupee to be issued using blockchain and other technologies and will be issued by RBI starting 2022-23. This will give a big boost to the economy

12:08 – Direct taxes

New updated returns. Income Tax Department has made new roadmap. To correct errors by taxpayers, file updated returns within 2 years.

12:10 – Cooperative societies tax
Tax rate for cooperative societies reduced to 15 per cent.

Rs 1 lakh crore allocated to states to help investments
For 2022-23, allocation of Rs 1 lakh crore has been made to assist the states in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to states. It’ll be used for PM Gati Shakti-related and other productive capital investments of states

12:12 – Taxpayers can now update I-T returns within 2 years
To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year

12:16 – Tax deduction limit to be increased from 10% to 14% for Centre, state govt employees
Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees

12:17 – Rs 48,000 crore allocated for completion of construction of 80 lakh houses
Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23

12:18 – Income from virtual digital assets to be taxed at 30%
Income from transfer of digital assets to be charged 30% tax, plus 1% tax on transaction

12:20 – Corporate surcharge to be reduced from 12% to 7%

12:21 – GST

Remarkable progress in GST but there were huge challenges

12:24 – LTCG to be taxed at 15%
Income from Long Term Capital Gains will be taxed at 15%

12:28 – January gross GST collection highest since inception of tax
The gross GST collections for the month of January 2022 are Rs 1,40,986 crore —the highest since the inception of the tax

Faceless customs have done exceptional work against all odds and been an enabler in PLI & Ease of Doing Business

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

Customs duty on cut-diamonds has been reduced to 5%

Battery swapping policy to allow EV charging stations for automobiles will be framed

Union Finance Minister Nirmala Sitharaman introduced the Finance Bill 2022 in Parliament, following which the Lok Sabha was adjourned till tomorrow.