Parliament too. He also chaired a Cabinet meeting today, where the Union Budget 2022 was approved. FM Nirmala Sitharaman Speech has started.
This year, the Budget is going to be paperless for the second time in a row, the finance ministry had earlier notified. The Union Budget 2022 -23 would also be available on the Mobile App after the process of Union Budget presentation has been completed on February 1, 2022 in the Parliament. Ahead of reaching the parliament, the finance minister posed with her tab containing the budget documents.
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What are the changes related to income tax in this Budget?
Salaried class expect the finance minister to provide some income tax relief in Union Budget 2022 to boost consumption amid Covid-19 pandemic. From increasing the basic tax exemption limit to hiking standard deduction limit, the taxpayers are hoping for a host of new tax measures from this year’s Budget. Does India need covid-19 budget separately? We’ll know today.
According to reports, while being ‘fiscally prudent’ as well as ‘growth supportive, Budget 2022 is widely expected to continue growth agenda via higher capex allocation, which will accelerate the investment cycle and employment while at the same time taking a fiscal conservatism approach. Budget 2022 updates will be provided here.
Also, the focus of the Budget would be on ease of tax compliance, simplification and digitisation as well as ease of doing business. Measures to support small businesses and the rural economy are also likely to form part of the Budget 2022. Check this space for budget 2022 highlights.
“Budget 2022 will see the government walking the tight rope in terms of boosting growth and achieving fiscal consolidation. In view of upcoming state elections and an attempt to boost consumption, we expect changes in tax concessions. To boost investment, PLI scheme may see higher allocation. Also, to avoid bond market volatility we believe, gross borrowing will be maintained at Rs 12-13 lakh crore, despite higher repayments. We thus estimate fiscal deficit between 6-6.25 per cent in FY23,” said the economics research report by Bank of Baroda. Watch this space for budget live updates.
The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
The Budget presentation usually lasts between 90 and 120 minutes. In 2020, Nirmala Sitharaman broke her own record and presented a marathon 162-minute (two hours and 42 minutes) address despite cutting short her speech due to health issues. One can watch live Budget news on the Sansad TV, or Loksabha TV, when Nirmala Sitharaman presents the papers.