!1 New UpdateClick here for latest updates
Budget has laid road map for long term development: Ashok Leyland
“Investment led growth strategy and the sizable capital investment for sustained and speedy economic revival are reflected in the sharp increase in capital expenditure for FY23. The special focus on education, digital and clean mobility is laudable”, executive chairman of heavy commercial vehicle maker Ashok Leyland Ltd, Dheeraj Hinduja said.
Govt subsidies to fall 39 pc to Rs 4.33 lakh cr in FY22; Rs 3.18 lakh cr pegged for FY23
In its revised budget (RE) estimate for the 2021-22 fiscal, the government has pegged total subsidies to be at Rs 4,33,108 crore against the actual budget estimate of Rs 7,07,707 crore in the previous financial year.
This is the most capitalist budget. There is not a word about the poor, the tax-paying middle class and the agriculturists. I am shocked that they (ruling party) don’t care
– P Chidambaram
SBI Chairman Dinesh Khara on Budget
- Khara said the budget strikes a balance between the challenges posed by the recurring COVID-19 waves and the need to contain the economic damage due to pandemic.
- “The emphasis going forward is on seven parallel tracks – PM GatiShakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition and Climate Action and Financing of Investments.”
- ” On the banking and finance side the announcements are significant. The budget proposes to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks. This proposal is in sync with our ongoing digital banking initiatives.
- ” The most significant announcement of the budget are higher allocation to Capital expenditure and extension of ECLGS”
I hadn’t raised income tax rates last year and this year too…I have not collected a single rupee additionally through tax burden: FM Sitharaman
There are many provisions in this Budget aimed at transforming the agriculture sector: PM Modi
Today’s #AatmanirbharBharatKaBudget brings with it new energy and strength to our development trajectory, especiall… https://t.co/wBvCGz0FWf
— Narendra Modi (@narendramodi) 1643723607000
The budget is inclusive, growth-oriented and balanced with a clear focus on strengthening physical and digital infrastructure, boosting the startup ecosystem and providing a strong digital push.
– Kalyan Krishnamurthy, CEO, Flipkart Group
Centre to borrow record Rs 11.6 lakh cr in FY’23 to meet expenses
- This is nearly Rs 2 lakh crore higher than the current year’s Budget estimate of Rs 9.7 lakh crore.
- Total market borrowings of the government for 2022-23 are estimated at Rs 11,58,719 crore, according to the Budget document.
This (Budget 2022) is just like another “Mann ki Baat” of Centre. By selling companies and properties of the country the BJP has become a company of worth Rs 5,000 Cr
– Jharkhand CM Hemant Soren
Budget 2022: Govt classifies genomics & pharma as sunrise opportunities
It’s a Budget of self-reliant India. It reflects PM Modi’s mantra of ‘Sabka Sath, Sabka Vikas’. It provides a development package of Rs 15,00 crores for the Northeast. I thank PM Modi & congratulate FM Nirmala Sitharaman for this Budget
– Union Minister Sarbananda Sonowal
The Ministry of Home Affairs (MHA) has been allocated an increased budget of 12.46 per cent in the Union Budget 2022-2023
Govt pegs STT collection at Rs 20,000-cr for FY23
- The government expects to collect Rs 20,000 crore from securities transaction tax (STT) in 2022-23, which is 60 per cent higher than the budget estimate of the preceding fiscal year.
- The Budget Estimate for 2021-22 projected collection of Rs 12,500 crore.
RSS affiliate demands crypto ban
On cryptocurrency, co-convener of RSS-affiliate Swadeshi Jagran Manch Ashwani Mahajan said, “Taxing it is a welcome step and now the government should move towards banning it. The decision to come up with digital currency issued by RBI is also praiseworthy.”
Higher MSP allocation will drive consumption in rural markets: FMCG makers
- With an unexpected higher thrust on capital investment, putting more money in the pockets of farmers and continued focus on infrastructure development, it takes the much-needed investment route to drive long-term economic growth for the country, Dabur India Ltd CEO Mohit Malhotra said in a statement.
- In the Budget 2022-23, Finance Minister Nirmala Sitharaman has made a provision for Rs 2.37 lakh crore worth of MSP (Minimum Support Price) direct payments to wheat and paddy farmers, financial support for taking up agro-forestry and promoting chemical-free natural farming.
Metro projects get Rs 19,130-crore in Union budget
New Co-operation Ministry gets Rs 900 cr budget allocation for FY23
Uttar Pradesh Chief Minister Yogi Adityanath terms Budget ‘holistic’, Akhilesh says it will bite into people’s savings
Industry hails infra push through Gati Shakti, PPP in Budget
- “Overall, the budget seems to have given a booster dose to facilitate faster economic growth of the nation; roads is definitely one of the prominent sectors to get deserved focus through adequate funding,” IRB Infrastructure Developers Chairman & Managing Director Virendra D Mhaiskar said.
- According to EY India Tax Partner – Infrastructure Samir Kanabar said the key pillars of infrastructure i.e. NIP, NMP and PM Gati Shakti have been fuelled with energy to propel economic growth with an array of announcements relating to roads, railways and power among others which are indicative of expansionist mindset and sustainable development.
- The gross budgetary support towards capital expenditure has been increased significantly with the infrastructure sector being the key beneficiary, Rajeshwar Burla, Vice President and Group Head, Corporate Ratings, Icra said.
Bankers welcome Budget
- “The budget focussed on a familiar strategy of driving capital expenditure to drive growth, with the intention of crowding in private investment through higher public spending,” the country’s largest private sector lender HDFC Bank said in a note.
- Micro-lending focused Bandhan Bank’s chief executive CS Ghosh said the substantial rise in planned capital expenditure for the creation of infrastructure, focus on affordable housing, welfare and development of small enterprises, and the farm economy will prepare India for the next phase of growth.
- State-owned Bank of India’s Atanu Kumar Das said pump-priming private investment as laid out in the budget proposals will lead to multiplier effects across all segments of the real sector.
Investors became richer by about Rs 3 lakh cr on Budget Day
- On the Budget Day, the 30-share BSE index jumped 848.40 points or 1.46 per cent to settle at 58,862.57. During the day, it gained 1,018.03 points to 59,032.20.
- It was merriment on the Dalal Street, as the market capitalisation of BSE-listed companies jumped by Rs 2,99,354.61 crore to Rs 2,67,40,561.79 crore.
- This is the second day of gain for the market and in two days investors’ wealth has zoomed Rs 6,32,857.56 crore to reach Rs 2,67,40,561.79 crore.
In the Union Budget, many steps have been taken by the Central Govt 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: Bihar CM Nitish Kumar
No changes in tax structure can also be a relief: Manish Sharma, CEO, Panasonic India
“From the individual’s perspective, no changes in tax structure can also be a relief as it defines stability in current times. Though more money in the hands of the tax-payers could have helped drive consumption over short term,” said Sharma.
The path-breaking measures address key issues of livelihood generation, enhancing farmer incomes and building climate resilience: Sanjiv Puri, Chairman, ITC Ltd
“The substantive enhancement of public expenditure will create a multiplier impact on growth and competitiveness. The multi-dimensional interventions to usher in next generation agriculture through digitalisation, R&D, leveraging strengths of agri-techs and FPOs, will transform the agri sector.”
Tax burden on the middle class has already been reduced quite a lot. Our efforts are to conserve resources & increase opportunities & income…Privately issued cryptocurrencies are not govt recognized legal tenders & will have a 30% tax
– Union Commerce & Industry Minister Piyush Goyal
Govt proposes to tweak TDS norms on sale of immovable property
- One per cent TDS will apply on a non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
- Currently, the TDS is deducted basis only the consideration value of the immobile properties.
- This amendment, if done, will take effect from April 1, 2022.
Rs 13,134 cr allocated for Social Justice and Empowerment Ministry in Union Budget 2022-23
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 Railways projects: Railway Minister Ashwini Vaishnaw
I pity people who come up with quick responses…Just because you want to put something on Twitter, it doesn’t help. He should first do something in Congress-govern states then talk about it
– FM Nirmala Sitharaman on Congress leader Rahul Gandhi’s comment on Budget 2022
The forward-looking, progressive Budget has further strengthened India’s commitments towards its sustainable development goals, switching to electric mobility and a green future. The announcements made by the Honourable Finance Minister Nirmala Sitharaman are an encouragement for all stakeholders in the EV segment such as buyers, manufacturers, and sellers, and this will accelerate EV adoption in the country: Dr. Amitabh Saran, Founder & CEO, Altigreen Propulsion Labs
“The announcements made in the budget will definitely provide a fillip to e-commerce delivery and 3Ws which are bound by time and space constraints. India has set a target of 30% EV sales penetration for private cars, 70% for commercial vehicles, 40% for buses, and 80% for two-wheelers and three-wheelers by 2030, and the Union Budget 2022 has definitely taken India a step ahead towards a future that is electric.”
Draft red herring prospectus (DRHP) of Life Insurance Corporation IPO-expected within two weeks: Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey
After 2018, information is being shared on black money by foreign countries. On bases of this info, we’re working account by account for black money to be brought. NPAs in banks are coming down, banks getting the money back of those who’ve fled country: FM Sitharaman
The 2022 Budget is one that has its eye set firmly on the future, with technology-driven sustainable development at the core of its vision: David Li, CEO, Huawei India
The budget provides for digital enablement for all sectors from digital education, digital university, telehealth and digital banking among others. It also looks at boosting the economy with provisions for the start-up ecosystem, infra, clean energy.
The focus on skilling, digital learning and clean mobility will create opportunities for Indian youth and will also go a great way in addressing the skill gap in various industries leading for an inclusive development.
Central Vista project: Rs 2,600 cr for construction of non-residential office buildings
- The Housing and Urban Affairs Ministry has been allocated Rs 2,600 crore in Budget 2022-23 for the construction of non-residential office buildings of the Central Vista project, including the Parliament and Supreme Court. This is Rs 767.56 crore more than Rs 1,833.43 crore given in the last fiscal.
- The redevelopment project of the Central Vista — the nation’s power corridor — envisages a new triangular Parliament building, a common central secretariat, revamping of the three-kilometre Rajpath boulevard that stretches from Rashtrapati Bhavan to India Gate, a new prime minister’s residence and a new Prime Minister’s Office as well as a new Vice President’s Enclave.
- A sum of Rs 2,600.99 has been been allocated for the construction of non-residential office buildings, including the Parliament and Supreme Court of India.
Tripura finance min welcomes Rs 1,500 cr package for North East, says ‘budget forward-looking’
Jishnu Dev Varma hailed Union Finance Minister Nirmala Sitharaman for the Rs 1,500 crore infrastructure push exclusively for the North East region.
“This is a broad budget for the country and it will be very beneficial for the North East. Rs 1,500 crore for the North East’s infrastructure development is the need of the hour. She talked about ‘Gati Shakti’–which I feel translates to the government’s initiatives to logistics. Logistics for both goods and humans. Apart from that, 25,000 kilometres of highways are going to be constructed that will also help North East’s highway’s network in expansion”, said Varma.
The Deputy Chief Minister also spoke about Rs 60,000 crore earmarked for ‘Nal Se Jal’ and Ropeways for hilly states and said, “This is a broad budget that has an allocation for everyone. There are no special favours for anyone”.
Today’s budget speech was the most capitalist speech to be ever read by an FM. The word ‘poor’ occurs only twice in para 6 & we thank FM for remembering that there are poor people in this country; people will reject this capitalist budget.
– P Chidambaram, Former FM &Congress leader
“Budget 2022-23 appears to be growth-oriented by an increase in the capital outlay of Rs 7.5 lakh crore, fiscal deficit capped at 6.4 per cent and efforts are being made to reduce compliance burdens and improve ease of doing business.
– Ronojoy Dutta, IndiGo Whole-Time Director and CEO
Did FM just make cryptocurrencies legal by taxing them?
- The Budget announcement on a 30% cryptocurrency tax and the provision of tax deducted at source at 1% levied on payments made on transfer of digital assets has cheered the crypto community.
- While this has boosted the morale of the industry, a lot of crypto enthusiasts are wondering if the Finance Minister just made cryptocurrencies legal.
- According to Purushottam Anand, Founder of blockchain law firm Crypto Legal, taxing income from cryptocurrencies does not necessarily and explicitly legalise cryptocurrencies because income tax is not concerned about the manner or means of acquiring the income.
FM hits out Rahul Gandhi, says “I pity a leader who comes up with quick responses, just to put something on Twitter. Rahul Gandhi just comments without thinking.”
Indian business leaders in Singapore welcome Union Budget
Girija Pande, Chairman of the Singapore-based Apex Avalon Consulting Pte Ltd, said the 34.5 per cent increase in infrastructure capital expenditure is a very welcome announcement and will have a multiplier impact on incomes and employment.
He welcomed the launch of the Central Bank Digital Currency (digital rupee) by the Reserve Bank of India, terming it a “very bold step that follows global trends”.
Delhi Police allocated Rs 10,355 cr
- According to a police statement, Rs 9,808.39 crore has been allocated for establishment-related expenditure while Rs 287 crore will be incurred under capital section for installation of CCTV security surveillance system across Delhi and procurement of various advanced equipment for law and order modernization.
- It will be further utilized upgradation of communication systems like cyber highway and digital trunking radio system besides implementation of Intelligence Traffic Management System (ITMS) and induction of various type of vehicles for policing.
Sovereign green bonds announced in the budget are part of government’s overall borrowing programme, not additional, the Economic Affairs Secretary said.
- Proceeds will be used on specific sectors and projects
- Green bonds for domestic market at this point of time
- In conversation with RBI, market participants, will determine size in due course
Will you have to pay less for your new smartphone now?
- Handset prices are unlikely to fall despite the government announcing concessions in customs duty on specific mobile phone components.
- Industry experts say the original equipment manufacturers (OEMs) will instead get a cushion to absorb the other high costs arising out of component shortages and supply chain issues.
- “The reduction in BCD (basic customs duty) on some components will give OEMs some cushion to offset increasing price of some key components like chipsets, display, etc. The net impact could be no impact in handset prices,” said Techarc founder Faisal Kawoosa.
Corp Affairs Min gets higher allocation of Rs 733 cr for next fiscal year
- The amount allocated for the ministry includes revenue component of Rs 692.52 crore and capital component of Rs 40.50 crore.
- The total amount is about 11% more than the revised estimates for the current financial year ending March 31, 2022 and nearly 3%t higher than the earlier estimate.
- For the ongoing fiscal year, the allocation was Rs 712.13 crore and the same was later revised to Rs 659.75 crore.
Private equity funds and venture capitalists have been one reason why many Startups could become unicorns: FM
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
NRI businessmen in UAE hail Budget 2022-23; say it envisions India’s overall growth
The finance minister presented a highly promising budget projecting a lot of opportunities for growth and investments that would prove to be beneficial to the economy at large, Bharat Bhatia, Founder and CEO of Conares, the second largest private steel manufacturer in the UAE, said.
The Union Budget with its big tech push and capex thrust has used the fiscal space arising out of buoyant tax collections to spur growth and revive private capex. The street cheered the budget as Indices rose 1.5% with its usual share of volatility as India VIX dropped sharply below 20. The paradigm change seen in the digital push together with the narrative for urban development quite clearly signalled a pro-growth stance.
– S Ranganathan, Head of Research at LKP securities
It is a long-term growth oriented budget which the market has welcomed given no headroom for cautiousness and populist measures. It is expected to support growth in the future; however, it is missing some balancing measures in context of current inflationary and slowing economy. Supportive measures were needed for rural, agriculture, low taxpayers & for sectors impacted by the pandemic.
– Vinod Nair, Head of Research at Geojit Financial Services
In FY 25-26 or FY 26-27, we should be $5 trillion in terms of nominal GDP: Finance Ministry
Govt expects 27% lower dividend at Rs 74,000 cr from RBI and banks in FY’23
- In absolute term, this is nearly 27,400 crore lower than the Revised Estimates of Rs 1,01,353 crore under the head of dividend or surplus of Reserve Bank, nationalised banks & financial institutions during the current fiscal.
- During the current financial year alone, the RBI has paid a dividend of Rs 99,122 crore. This dividend payout was for the financial year 2020-21 paid in May last year.
- As per the Budget document, dividends from public sector enterprises and other investments have also been pegged lower at Rs 40,000 crore as against RE of Rs 46,000 crore.
- Total dividend collection of the next financial year would be Rs 1,31,948 crore as against the RE of Rs 1,68,247 crore, as per the RE of 2021-22.
Both last year as well as this year, we did not increase the tax rate. As instructed by PM, we took care to ensure whatever the deficit may turn out to be, no additional tax burden is placed on citizens during difficult times of Covid: FM
Budget 2022 is a continuation of previous budget: FM
Wealthy investors, who routinely suppressed tax liabilities through a practice known as bonus stripping will no longer be able to do that from April 1, 2023, because of an amendment introduced to the Income Tax Act in the Budget.
I don’t think this budget is going to be up to the mark to face the current economic situations of the country. Without legislation via budget they’re legalising that (crypto), this is not a right parliamentary practice.
– Congress leader and Rajya Sabha MP KC Venugopal
We will be able to achieve and exceed tax targets: FM
The good news for crypto is that it was finally acknowledged in the budget. That doesn’t mean it’s legal—it will only be after the crypto bill. Until then, regulated entities in India can’t offer trading in crypto.
– Nithin Kamath, founder of Zerodha
We’re not taxing currency that’s yet to be issued. Cryptocurrencies are not currencies. RBI is going to issue its digital currency, everything outside is assets created by individuals.
– FM
Finance Minister didn’t utter a word for the poor, youth, and unemployed or even inflation. There’s no law on digital currency but there’s a tax against it now.
– Congress leader Sachin Pilot on Budget
Since Emergency Credit Line Guarantee worked well for MSMEs, we thought this is best formulation. We have added Rs 50,000cr to ECLGS for benefit of hospitality, related sectors: Finance minister
Credit: Source link
