LIVE: This Budget brings more infra, more growth and more jobs, says PM

Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights

Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman on Tuesday unveiled Budget 2022-23 that aims to boost growth amid continued disruption from Covid-19 and rising inflation.

The government has projected GDP growth at 8 per cent to 8.5% compared with an estimated 9.2 per cent for the current fiscal year and a 6.6 per cent contraction the previous year. India will allocate an additional Rs 19,500 crore to boost investment in solar equipment manufacturing, Finance Minister Nirmala Sitharaman said on Tuesday.

"Production Linked Incentive for manufacture of high efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, will be made," Sitharaman said.

The Reserve Bank of India will introduce a digital currency in the next financial year using blockchain and other supporting technology. The government has also decided to levy 30% tax, the highest tax band in the country, on income arising out of digital assets.

Stay tuned for Budget 2022 LIVE updates with Business Standard

9:40 PM

PLI scheme towards 5G equipment manufacturing will encourage home-grown companies, according to Lava

The budget is highly encouraging for 5G launch in India. The FM has herself committed that there will be an auction of 5G spectrum in FY-23. There is a plan of laying optical cables via public private partnership. And most importantly, the plan is to not only connect India but also Bharat as the government has come up with a provision of 5% of the Universal Service Obligation Fund to be invested towards connecting our villages. And, most importantly there is a scheme in which the design ecosystem of 5G will be given encouragement by bringing it under the PLI scheme of the government. It will encourage many companies like Lava which have an R&D base in India,” said Tejinder Singh, Product Head, Lava international Ltd.

9:30 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 over a year-long demonstration at Delhi's borders that were withdrawn after the contentious farm laws were rescinded in Parliament last year.

9:17 PM

Pradhan says Budget forward-looking, lauds 'record allocation' for education sector

Union Education Minister Dharmendra Pradhan on Tuesday hailed the 11.86 per cent jump in the budget for the education sector as against last year and the "record allocation" of Rs 1.04 trillion, the PTI reported.
 

Pradhan said the Union Budget for 2022-23 is inclusive, forward-looking and aspirational, and lays the foundation of 'Amrit Kaal' for the next 25 years.
 

"The Budget has made several direct interventions like announcing the setting up of a digital university, allowing foreign universities to run courses in GIFT City, launch of DESH-Stack e-portal and aligning Skill Qualification Framework with industry requirements. These interventions will improve and strengthen the education and skilling ecosystems in the country," he said.

9:10 PM

Centre to setup International Arbitration Centre in Gujarat for timely settlement

9:05 PM

Tech companies to benefit from govt’s focus on local manufacturing: World of Play

"We support the government's focus on technology, it will help many tech based companies like WORLD OF PLAY to come up with exciting product experiences for the Indian consumers. We welcome the focus of the government on the wearables and acoustic component ecosystem and domestic manufacturing and believe in the long term, this focus will make India a formidable design and manufacturing powerhouse,” said Vikas Jain, Co Founder and CEO, World of Play.

9:02 PM

Bengal Inc lauds growth-oriented Budget

Industries in Bengal on Tuesday lauded Union Finance Minister Nirmala Sitharaman for presenting a growth-oriented Union Budget and hoped that it would go a long way in fulfilling people's aspirations.

City-based diversified conglomerate ITC Ltd said that the "visionary" budget has looked into issues of concern.

"The path-breaking measures address key issues of livelihood generation, enhancing farmers' income and building climate resilience," ITC chairman Sanjiv Puri stated, the PTI reported.

8:51 PM

MHA allocated Rs 3,676 crore to conduct Census 2022

8:26 PM

Focus of Budget 2022 on tech and infra-led growth will have a positive impact: Odisha CM

7:51 PM

This (Budget 2022) is just like another 'Mann ki Baat' of Centre: Jharkhand CM

7:46 PM

This Budget brings more infra, more investment, more growth and more jobs: PM

7:44 PM

Centre allocates Rs 19,130 crore in Union Budget for Metro projects

The Centre has allocated Rs 19,130 crore in the Union Budget 2022-23 for various metro projects in the country.

 

Finance Minister Nirmala Sitharaman presented the Union Budget on Tuesday.

 

An outlay of Rs 19,130 cr has been made in the Budget for metro projects across the country. Read more.

7:43 PM

Growth-oriented and transformative, says CII

The Confederation of Indian Industry (CII) on Tuesday welcomed the Union Budget 2022-23 presented by Finance Minister Nirmala Sitharaman, saying it has set the tone for India's aspiration to be the fastest growing major economy in the world this decade.

 

"The Finance Minister presented a very growth-oriented and transformative Budget, which will not only strengthen the economic recovery currently underway, but also lay the foundation for bolstering the medium to long-term growth potential of the economy," said CII Director General, Chandrajit Banerjee. 

7:42 PM

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. Read more.

7:42 PM

Bond yields shoot up as govt resorts to record borrowings

Bond yields rose sharply in response to the higher than expected gross market borrowing numbers of the Union government.

 

The 10-year bond yield closed at 6.85 per cent, from its previous close of 6.68 per cent after the Union Budget pegged the budgeted gross market borrowing number for the next fiscal at Rs 14.95 trillion. Read more.

7:33 PM

Investors richer by about Rs 3 trn on Budget Day

Equity investors became richer by more than Rs 2.99 lakh crore on Tuesday as the Union Budget was well received by the stock market.

 

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. Read more.