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

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

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

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:

Live Updates

Thank you for joining our coverage of Budget 2022. We will now wrap the blog. Good night, folks!

Feb 1, 2022 11:46 PM

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.

Feb 1, 2022 11:44 PM

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.

Feb 1, 2022 11:44 PM

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.

Feb 1, 2022 11:34 PM

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.

Feb 1, 2022 11:29 PM

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.

Feb 1, 2022 11:18 PM

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.

Feb 1, 2022 10:50 PM

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.

Feb 1, 2022 10:41 PM

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.

Feb 1, 2022 9:56 PM

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. 

Feb 1, 2022 9:49 PM

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. 

Feb 1, 2022 9:44 PM

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. 

Feb 1, 2022 9:38 PM

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.

Feb 1, 2022 9:31 PM

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.

Feb 1, 2022 9:26 PM

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.

Feb 1, 2022 9:21 PM

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