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

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The umbrella body of farm unions, that spearheaded protests against the Centre's now-repealed agri laws, claimed there has been a reduction in the share of agriculture and allied activities in the Budget to 3.8 per cent from 4.3 per cent last time.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wants to "punish" the farmers for their successful over a year-long demonstration at Delhi's borders that were withdrawn after the contentious farm laws were rescinded in Parliament last year.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.

7:28 PM

Crypto not currencies as they are not issued by the central bank: FM

Clarifying the Centre's stance on crypto-currencies, Finance Minister Nirmala Sitharaman on Tuesday said the government does not recognise such digital financial assets as they are not issued by the central bank.

 

The issue was raised during post-budget interaction with the Finance Minister as she introduced the Central Bank Digital Currency (CBDC) in her budget speech on Tuesday in the Parliament, saying that it will give a big boost to the digital economy. Read more.

7:11 PM

India may become $5-trn economy by FY26 or FY27, says CEA

7:02 PM

Covid curbs eased in Mumbai

6:59 PM

Yogi Adityanath welcomes Budget 2022 as 'progressive' and 'holistic'

6:54 PM

It's a Budget of self-reliant India: Sonowal

6:39 PM

Piyush Goyal speaks on digital currency

6:30 PM

Budget gives Rs 650 cr to deep ocean mission

India's deep ocean mission that seeks to explore vast marine living and non-living resources has got Rs 650 crore in the Union Budget. The overall allocation to the Earth Sciences Ministry has increased to Rs 2653.51 crore in 2022-23 from the revised estimates of Rs 2369.54 crore in the previous budget. The Budget Estimates of this year includes Rs 450 crore on capital expenditure.

6:17 PM

DRHP for LIC IPO expected within two weeks: DIPAM) Secretary

6:14 PM

Budget changes 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, PTI reported. 

6:07 PM

Budget 2022 gives telecom sector top-up for digital connectivity

The government promised rollout of 5G services, proliferation of broadband services in rural areas and boost to local manufacturing under the productivity linked incentive scheme in its FY 22-23 union budget. Allocation to the state-run Bharat Sanchar Nigam Limited has been tripled on a year on year basis to Rs 44,720 crore for 4G spectrum, technology upgradation and restructuring related expenses. Apart from this cash infusion, BSNL has also been allocated Rs 6850 crore for GST and VRS related payments. Infact, BSNL has received over half of the department of telecommunication’s Rs 84,586 crore allocation.

6:02 PM

Amit Mitra rejects Budget, says it doesn't help the poor

Amit Mitra, an advisor to the West Bengal government, said on Tuesday the Indian economy is in stagflation and the Union budget doesn't offer help. There is nothing for the livelihood of people, nothing for farmers and salaried people, said Mitra, a former finance minister of the state.

5:28 PM

Budget 2022 LIVE updates: SCOPE's Atul Sobti says FM presented a progressive Budget

Atul Sobti, Director General, SCOPE

 

SCOPE (Standing Conference of Public Enterprises), apex body of Public Sector Enterprises compliments the Hon’ble Finance Minister for presenting a visionary & progressive Budget focusing on the long-term agenda of growth by developing an international infrastructure through ‘new-age’ announcements. The Budget is inclusive and has given the right impetus to infrastructure while balancing it with penetration and building new digital ecosystem. Overall, a futuristic budget with increased capex, new schemes, incentivising domestic industries, impetus on digitalisation and skill development, thereby bolstering the upward trajectory of growth.

5:22 PM

Budget 2022 failed to add glitter to bullion industry, says Prithviraj Kothari, MD of RiddiSiddhi Bullions

Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) for the Gold and Bullion industry

 

Union Budget 2022 failed to add glitter to the Bullion Industry as there is only one change of Custom duty cut on Diamonds from 7.5% to 5%. Bullion Industry had a lot of expectations from this budget from approval of setting up of Bullion bank to tax breaks on income from the sale of old gold and on earnings from sovereign-gold bonds, from the removal of CTT to the reduction of GST rate on making handcrafted jewellery and job work changes and much more. I hope all such expectations are met in the near future to develop a transparent and encouraging Gold ecosystem in our country.

5:04 PM

Budget 2022 LIVE updates: FM hits out Rahul Gandhi, says 'pity people who comment without thinking'

Budget 2022 LIVE updates: FM hits out Rahul Gandhi, says 'pity people who comment without thinking'

 

Addressing the media , FM Sitharaman said, " I pity a leader who comes up with quick responses, just to put something on Twitter. Rahul Gandhi just comments without thinking.

4:46 PM

Private equity funds and venture capitalists have been one reason why many Startups could become unicorns: FM

Private equity funds and venture capitalists have been one reason why many Startups could become unicorns

 

A committee is being formed to let the sector discuss with a group of people who understand their needs and suggest solutions for policymaking, says Nirmala Sitharaman