Top headlines: Budget bets on public infra; FM says no crypto legitimacy

Finance Minister claims 'overall sharp rebound and recovery' of the Indian economy from the Covid-19 pandemic

Sitharaman said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill.

Budget bets big on public infra: Subsidy bill falls as Covid concern eases 

While presenting the Union Budget on Tuesday, Finance Minister Nirmala Sitharaman stressed the “overall sharp rebound and recovery” of the Indian economy from the Covid-19 pandemic. Yet this optimism did not extend to the Budget’s numbers, which assumed that nominal growth in 2022-23 would be 11.1 per cent in spite of a global inflationary environment and the Economic Survey’s prediction of real growth above 8 per cent. Read more

Taxing income doesn't give private cryptos legitimacy: FM Sitharaman 

At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable. Excerpts: Read more

Budget 2022: Expect new SEZ legislation in 4-6 months, says Piyush Goyal 

Gati Shakti is an enabler and not an added impediment for infrastructure projects in the country, Union Commerce and Industry Minister Piyush Goyal said. He also said the proposed new Special Economic Zones legislation will also see use of readymade infrastructure available with SEZs. Edited excerpts from his interaction with media: Read more

Consumption theme could underperform as Budget 2022 goes big on infra 

The lack of negative surprises, the ongoing focus on spending-led growth and modest fiscal consolidation in the Union Budget was welcomed by the markets. Benchmark indices were up about 1.5 per cent in trade as the Finance Minister stuck to the capex led-growth script while giving populist sops the wide berth. Read more