Union Budget 2022 HIGHLIGHTS | Didn't Want To Hike Income Tax At The Time Of Pandemic, Says FM Sitharaman
Union Budget 2022 India HIGHLIGHTS: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022-23 in the Lok Sabha.
Background
Union Budget 2022 India HIGHLIGHTS: Hello and welcome to ABP Live Blog for all the latest updates from the Budget Session 2022.
The Finance Ministry had said that Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 on February 1 in a paperless form. The ministry also said that the Budget will be available on Mobile App after it is presented in Parliament.
The Union Budget of 2021-22 was delivered in paperless form for the first time.
On Monday, President Ram Nath Kovind in his joint address to Parliament ahead of the Budget session noted major achievements of the government in the health sector, while lauding the pharma sector’s contribution to the pandemic globally.
After the President's address, the finance minister tabled the Economic Survey that details the state of the economy in Parliament. The survey projected a growth rate of 8 - 8.5 per cent in 2022-23.
The survey (2021-22) focusses on supply-side issues to improve the resilience of the economy. The forecast of economic growth of 8 per cent to 8.5 per cent for the coming fiscal year that starts in April (FY23), down from the estimated 9.2 per cent growth in the current year, according to the Economic Survey.
Advance estimates suggest that the GVA of industry (including mining and construction) will rise by 11.8 per cent in 2021-22 after contracting by 7 per cent in 2020-21.
India’s Principal Economic Advisor (PEA) Sanjeev Sanyal highlighted that there has been a revival in economic activities to pre-pandemic levels in the year 2021-22. India’s Chief Economic Advisor (CEA) V Anantha Nageswaran was present at the news meeting.
The Goods and Services Tax (GST) collection crossed Rs 1.38 trillion in January, growth of 15 per cent over the year-ago period. Total number of GSTR-3B returns filed up to January 30, 2022 is 10.5 million, which includes 3.6 million quarterly returns, the finance ministry said,
January is the fourth straight month when GST collection has crossed Rs 1.3 trillion.
Budget 2022 LIVE | Govt Taking Steps To Tackle Unemployment & Inflation Issues: FM Sitharaman
We're taking several steps to tackle these (unemployment & inflation) issues. Our govt didn't allow inflation to go double-digit. Yes, it breached the 6% limit for a month but never crossed it. However, before 2014 it was always in the range of 10,11,12,13: FM Sitharaman
Budget 2022 LIVE | Central Bank Will Issue A Digital Currency, Consultation Underway: FM
When asked about the details of digital currency announcement in Budget 2022, Sitharaman said consultation with stakeholders is underway.
#WATCH | Central bank will issue a digital currency, no discussions over what are Crypto & Crypto assets for now. Consultation with stakeholders is underway. The description of digital assets will come after the consultation: FM Nirmala Sitharaman pic.twitter.com/13a2eaUtWe
— ANI (@ANI) February 1, 2022
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