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    Budget 2022 Highlights: FM Sitharaman defends no change in income tax slabs; P Chidambaram calls speech most capitalist ever

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    Budget 2022 Highlights: FM Sitharaman defends no change in income tax slabs; P Chidambaram calls speech most capitalist ever

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    Budget 2022 Highlights: Union Finance Minister Nirmala Sitharaman presented her fourth Union Budget and the Narendra Modi government's 10th budget on Monday.  The FM unveiled a bigger Rs 39.45 lakh crore Budget in Parliament on Tuesday, with higher spending in areas like highways and affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. However, no relief to the salaried class has been given in relation to income tax slabs and other forms of rebates. India Inc has however termed FM Sitharaman's second pandemic Budget as growth-oriented and said it exudes a fine balancing act with an increase in capital expenditure while maintaining fiscal discipline. The budget comes amid the ongoing state assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur as well as omicron-led third wave in the country. Here are the live updates from Indian finance minister Nirmala Sitharaman's union budget 2022-23 today:

    Budget 2022 Highlights: FM Sitharaman defends no change in income tax slabs; P Chidambaram calls speech most capitalist ever
    • Thank you for joining our coverage of Budget 2022. We will now wrap the blog. Good night, folks!

    • Medical and public health spending reduced due to 'lower vaccine requirement': Budget documents

      The spending on 'medical and public health' has been reduced from Rs 74,820 crore in 202122 to Rs 41,011 crore in 202223 due to "lower requirement of vaccination, according to Budget documents. The health sector has been allocated Rs 86200.65 crore in the Union Budget, a hike of 16 percent over Rs 73,931 crore in 202122.

    • Shiv Sena, NCP flay Union Budget, ask where is relief for taxpayers?

      The Shiv Sena on Tuesday dubbed the Union Budget as "very depressing", saying it has neither given any relief to the middle class nor it has any reference to Prime Minister Narendra Modi's vision of making India a USD 5 trillion economy, while Maharashtra deputy chief minister Ajit Pawar claimed there was nothing in the budget for the state. The NCP, which shares power with the Shiv Sena and the Congress in Maharashtra, said the budget, presented by Finance Minister Nirmala Sitharaman in Parliament, was a huge "disappointment" for the common citizens, who are reeling under high inflation and expected some tax relief.

    • Union budget embodiment of PM's promises to fulfil people's aspiration: Tripura CM

      Tripura Chief Minister Biplab Kumar Deb on Tuesday hailed the Union Budget for the 202223 fiscal, asserting that it is an embodiment of Prime Minister Narendra Modi's promises to fulfil the aspiration of people and has been drafted with the "vision of making a new India". He also said the proposed scheme Prime Minister's Development Initiative for North East Region will help boost infrastructure and social development of all the states in NE.

    • NGOs raise concern over reduction in fund allocation for social sector

      NGOs working for the elderly, children, women and the disabled have expressed their displeasure over the budgetary allocation in the social sectors and raised concern over the "reduction" in funds for various schemes. The budget allocated to the Women and Child Development Ministry stood at Rs 25,172.28 crore in 202223, a slight increase of three per cent from 202122 with cutbacks in some schemes.

    • Diamond duty reduction to spur demand: Jewellers

      The jewellery sector is elated with the reduction in customs duty on cut and polished diamonds in the union budget placed in Parliament on Tuesday and said the step will boost demand for diamond ornaments. Small gold jewellers, however, said the government should have reduced import duty or GST of gold as diamond is not for the common people.

    • TN CM Stalin trashes Union Budget, slams Centre for 'big brother' attitude

      Tamil Nadu Chief Minister M K Stalin on Tuesday dubbed the Union Budget 2022 as one that has forgotten people's welfare and slammed the Centre for its 'big brother attitude' by ignoring the demand of state governments to further extend the GST compensation regime. Stalin said there is no change in personal income tax slabs, no welfare schemes for farmers who died protesting the three farm laws, no flood relief allocation to the state and there is also no funding for Tamil Nadu government's project proposals.

    • Bengal Inc lauds growth-oriented Budget

      Industries in Bengal on Tuesday lauded Union Finance Minister Nirmala Sitharaman for presenting a growthoriented Union Budget and hoped that it would go a long way in fulfilling people's aspirations. Citybased diversified conglomerate ITC Ltd said that the "visionary" budget has looked into issues of concern.

    • Union Budget progressive, future-focussed: Tata Steel CEO

      Tata Steel CEO and Managing Director T V Narendran on Tuesday welcomed the Union Budget, describing it as yet another progressive, future-focussed and inclusive budget that aimed to position the economy on an accelerated growth trajectory, especially in the backdrop of an encouraging broader economic recovery, a company statement said. "It is heartening to note the government's sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to concerted implementation of the proposed reforms to ensure the benefits percolate across the economy," he said.

    • Reduction in MGNREGS allocation in pandemic situation will affect the poor: Odisha CM Naveen Patnaik

      Claiming that the people of Odisha are shocked over the Centre's alleged negligence to the state's demand on rural housing even as the allocation for Prime Minister Awas Yojana has increased, Chief Minister Naveen Patnaik on Tuesday said the reduction in MGNREGS in the pandemic situation is not going to help the poor. While reacting to the Union budget presented by Finance Minister Nirmala Sitharaman in Parliament during the day, Patnaik welcomed a few measures and pointed out several "deficiencies". The focus of budget on technology and infrastructure led growth will have a positive impact. The proposed technology-led development in health and education will help the country to a large extent in this pandemic situation, he said. 

    • National tele mental health programme welcome step especially in view of long COVID: Experts

      Healthcare experts on Tuesday said the proposed National Tele Mental Health Programme was a welcome step by the Centre, especially in view of the long COVID, but the Union Budget did not give adequate attention to other critical issues such as incentives for health insurance and skill development. Finance Minister Nirmala Sitharaman, while presenting the Budget-2022-23, said the programme will be launched to improve access to quality mental health counselling and care services which will consist of digital registries of health providers and health facilities, unique health identity, consent framework, and universal access to health facilities. 

    • SKM terms budget 'anti-farmer', asks farmers to prepare for 'massive struggle' for MSP

      Alleging the Union Budget for 2022-23 has shown the government does not care about farmers' welfare, the Samyukta Kisan Morcha on Tuesday called on farmers to prepare for another "massive struggle" over minimum support price and other issues. The umbrella body of farm unions, that spearheaded protests against the Centre's now-repealed agri laws, claimed there has been a reduction in the share of agriculture and allied activities in the Budget to 3.8 per cent from 4.3 per cent last time. It claimed the government wants to "punish" the farmers for their successful demonstration that were withdrawn after the contentious farm laws were rescinded in Parliament last year. 

    • Builders welcome Rs 48,000 crore outlay for PMAY; upset over no tax sops for homebuyers, industry

      Real estate developers on Tuesday hailed the government's decision to allocate Rs 48,000 crore in Budget under the Pradhan Mantri Awas Yojana (PMAY) and faster approvals for affordable housing in urban areas but rued that no additional tax deduction was allowed on interest paid on home loans. "Allocation of Rs 48,000 crores towards completion of 80 lakh homes under PMAY is a welcome step. FM also announced that approvals related to land and construction particularly for Affordable Housing in the urban areas will be given priority," CREDAI President Harshvardhan Patodia said.

    • India on course to become $5 trillion economy by FY26: CEA

      Chief Economic Adviser V Anantha Nageswaran on Tuesday expressed hope that India would become a $5 trillion economy by FY26 or the next year on the back of 8-9 percent sustained growth. Gross domestic product (GDP) in dollar terms has already crossed $3 trillion, he said during the Finance Minister's post Budget interaction with media. "Depending on how exchange rate moves...Indian Rupee would remain stable to strong given what is going on the developed world. If we continue to retain the path of 8-9 percent real GDP, it would translate into 8 percent dollar GDP growth. If we extrapolate that we should be at $5 trillion by 2025-26 or 2026-27," he said.

    • Saugata Gupta, MD and CEO, Marico Limited, on the Union budget

      With this Union Budget, the government has laid out a growth-oriented, future-focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget,  the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision.

    • Dinesh Khara, Chairman, SBI, on the Union Budget 2022

      The budget continues to strike a balance between the challenges posed by the recurring COVID-19 waves and the need to contain the economic damage due to pandemic. The budget achieves this delicate balance quite well. The emphasis going forward is on seven parallel tracks -- PM Gati Shakti, 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 -- particularly the specific support to hospitality & related sectors. The Budget is a very well-crafted statement of intent, drawing from the experience and enhances growth prospects of India in post COVID world.

    • Diamond duty reduction in Budget to spur demand: jewellers

      The jewellery sector is elated with the reduction in customs duty on cut and polished diamonds in the Union Budget presented in Parliament on Tuesday and said the step will boost demand for diamond ornaments. Small gold jewellers, however, said the government should have reduced import duty or GST of gold as diamond is not for the common people.

    • Mutual fund experts term Budget FY23 pragmatic, growth-oriented, capex-heavy

      The Union Budget for 2022-23 is pragmatic, forward-looking and growth-oriented with a significantly higher allocation for capital expenditure, mutual fund experts said on Tuesday. The capex-heavy budget is aimed at addressing key bottlenecks in the Indian economy and focused on propelling the Indian economy forward after COVID-19, they added. On the flip side, the Budget does not contain any measures to improve the income levels of the low-income strata of the society, which has been hit hard by the COVID-19 lockdowns. 

    • Martin Schwenk, MD & CEO, Mercedes-Benz India, on Budget 2022

      This Budget is overall growth-oriented with a clear focus on digitisation, electrification, infrastructure development and ease of doing business; aiming to propel a long-term growth of the Indian economy.

    • Mohit Malhotra, CEO, Dabur India 

      Finance Minister Nirmala Sitharaman's Union Budget 2022-23 may not have met the general expectations of being a short-term consumption booster, but it surely has all the right ingredients for becoming an impactful long-term growth-oriented move.

    • Telangana Inc welcomes Union Budget

      The Confederation of Indian industry, Telangana, welcomed the Union Budget, saying it strongly emphasises developing a strong India through strengthening the infrastructure sector, reinvigorating the education sector through PM e-Vidya and establishment of digital university. Sameer Goel, Chairman, CII Telangana, in a statement said Kisan drones for crop assessment, digitization of land records, promotion of Chemical-free natural farming, Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers will enhance efficiency of the operations in agriculture sector.

    • Budget to boost local manufacturing, promote investments in solar sector: Industry players, experts

      Power and solar industry players on Tuesday welcomed the Budget saying the announcements related to the sector will promote investments and boost local manufacturing. In her Budget Speech, Finance Minister Nirmala Sitharaman on Tuesday made several solar sector-related announcements, including Rs 19,500-crore additional allocation under the PLI scheme, for manufacturing high-efficiency solar modules.

    • Budget a mixed bag, say Kolkata economists

      Economists on Tuesday described the Union budget presented by Finance Minister Nirmala Sitharaman as a mixed bag, saying it attempted to balance the needs of large and small industries, but the middle class people did not get any tax relief which could have increased cash in their hands. They praised the introduction of digital currency and the focus on skill development.

    • Vivek Soni, Partner and National Leader (Private Equity), EY, on the Budget 2022

      The Budget 2022 announcement to set up an expert panel to examine ‘appropriate measures’ for scaling up investments by PE/VC funds is a very welcome step. We expect this expert panel to further smoothen the process of fund deployment by the alternative investment industry across asset classes and aid in the growth of the Indian PE/VC industry, an important pillar to the Indian economy.

    • Budget has elements that address rural demand; crude oil a bigger risk to economy, says CEA Anantha Nageswaran
      Hours after Finance Minister Nirmala Sitharaman presented her fourth union budget in the Parliament, Chief Economic Adviser Anantha Nageswaran told CNBC-TV18 the budget 2022 has "certain elements"…
      Budget 2022 Highlights: FM Sitharaman defends no change in income tax slabs; P Chidambaram calls speech most capitalist ever
    • Suneeta Reddy, MD, Apollo Hospitals, on the Union Budget

      We launched our digital app 247, which really is taking healthcare closer to the consumer, which is what we wanted to do. The most important thing is that, for the last decade, healthcare has wondered about its sustainability, and now we have a clear path forward. Digitsation of healthcare services will revolutionalise the way in which healthcare is approached. 

    • Rajkiran Rai G, MD and CEO, Union Bank of India, on the Budget 2022
       
      The Budget 2022-23 is set in context of recovering economy with good macro stability. The Finance Minister takes forward growth impetus through enhanced outlays on public capex, incentives for digital, startups, supporting MSMEs, and targeted welfare spending in 2022-23. The cumulative government support through ECLGS rising to Rs 5 trillion till March 2023 is a welcome enabler for credit to vulnerable sectors of economy. Moreover, the absence of capital allocation for public sector banks reaffirms confidence in strength of banking sector in meeting the credit needs of economy. Overall, it is a growth oriented Budget.

    • Ajay Srinivasan, CEO, Aditya Birla Capital, on the Union Budget announced today

      The Finance Minister has presented a pro-growth and forward-looking budget. It has complemented macro growth with social welfare, while being accommodative on fiscal consolidation. The budget has differentiated itself with its focus on the digital economy, startups, and tech-enabled development as well as energy transition and climate action. The capex-heavy budget has reiterated focus on public investment to modernize infrastructure over the medium term. The overall focus is clearly to nurture growth and support the economic recovery.

    • Union Budget 2022: India’s battery swapping policy for EVs likely in two months
      Currently, charging an electric vehicle with a fixed battery takes 6-8 hours on a home charger or a regular charging unit and 50-60 minutes with a fast charger. The other issue is the lack of enough…
      Budget 2022 Highlights: FM Sitharaman defends no change in income tax slabs; P Chidambaram calls speech most capitalist ever
    • Ashish Saraf, VP and Country Director for Thales in India, on the Union Budget

      Thales welcomes the forward-looking statements by the Union Finance Minister that seek to strengthen the vision of Aatmanirbhar Bharat. The allocation of 68 percent of the defence procurement budget for domestic equipment in FY23 is a positive step towards self-reliance. Moreover, efforts to foster innovation by earmarking 25 percent of Defence R&D budget to private firms, startups, and academia bode well for all stakeholders and will allow international OEMs to bring more technology into India. We also appreciate the budget's emphasis on collaboration between government and industry, with private companies urged to take on the design and development of military platforms in collaboration with DRDO. These steps will enhance local capabilities and build our expertise at a world-class level. 

    Budget 2022 Highlights:
    Union Finance Minister Nirmala Sitharaman presented her fourth Union Budget and the Narendra Modi government's 10th budget on Monday.  The FM unveiled a bigger Rs 39.45 lakh crore Budget in Parliament on Tuesday, with higher spending in areas like highways and affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. However, no relief to the salaried class has been given in relation to income tax slabs and other forms of rebates. India Inc has however termed FM Sitharaman's second pandemic Budget as growth-oriented and said it exudes a fine balancing act with an increase in capital expenditure while maintaining fiscal discipline. The budget comes amid the ongoing state assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur as well as omicron-led third wave in the country.

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