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Budget 2022 Live Updates: PM Modi speaking, watch video here

This budget brings in new hopes and opportunities for the people. It strengthens the economy; it’s full of ‘more infrastructure, more investment, more growth and more jobs’. There is also a new provision of green jobs; budget ensures a bright future for youth: PM Modi

PM Modi speaking, watch video here

There was focus on health infrastructure, mental health and other provisions in today’s Budget; thankful to PM Modi and Finance Minister Nirmala Sitharaman: Union MoS Health, Dr Bharti Pravin Pawar

Budget is very balanced, says BSE MD Ashish Chauhan

If you look at Budget, there’s very little mention of healthcare, says Dr Naresh Trehan, Chairman-MD, Medanta

Priority given to agriculture, rural areas, welfare of all sectors followed by a focus on infrastructure, says Nitin Gadkari

I propose 1% TDS on payment made in relation to transfer of virtual digital assets…Gift of virtual digital assets is also proposed to be taxed in the hands of the recipients: FM Nirmala Sitharaman

In view of the pandemic, I propose to extend the period of incorporation of eligible start-ups by one more year up to 31-3-2023 for providing tax incentives: Finance Minister Nirmala Sitharaman

Budget in line with expectations

Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank, said,
“The Budget outturns are broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Accordingly as expected the government has refrained from a sharp fiscal consolidation. While the fiscal expansion is expected to be pro-growth, the heavy supply is expected to worry the bond market.”

Big announcement on financing of investments

Lalit Kumar, J Sagar Associates (JSA) said, “One of priorities of the Budget set out at the outset of the FM’s speech was financing of investments. There are big announcements made in this regard. There will issue of sovereign Green Bonds for boosting green infrastructure in public sector projects. The International Financial Services Centres at GIFT city will be developed greatly to set up world class universities to impart courses including in finance, science and technology and biology, all these will be free from domestic regulations. An international arbitration centre for disputes resolution is also proposed to be set up in the GIFT city. It will facilitate disputing parties to settle their disputes in a foreign jurisdiction (ie., akin to a foreign award). Further, service of global capital in also proposed in GIFT city. This will greatly benefit and accelerate the business activities in the International Financial Services Centres.”

Customs duty on cut & polished diamonds, gems to be reduced to 5%: Finance Minister Nirmala Sitharaman

Budget has taken prudent initiatives for India Inc

Siddharth Maurya, Resource Specialist, Fund Management, “The Budget session has taken some prudent initiatives for MSMEs and India INC. for startups the tax concession period has been extended by one more year, which in my opinion is a very positive move. Likewise, a 15 percenttax has been decided for the newly incorporated manufacturing unit. The period of incorporation has been increased by one more year to 31-3-2024. This will further boost manufacturing activities.”

Credit, fiscal support of Rs 5 lakh cr to boost MSMEs

Chandan Garg, Chairman & MD, Innovana Group, said “The extension of ECLGS scheme is a welcome move for MSMEs. The credit and fiscal support of 5 lakh crores will give a huge boost to this sector encouraging new businesses to come to the fore. This announcement will certainly generate more than 10 lac of employment opportunities in a short span of time. However, a slight focus on easing the trade and the taxation policies for MSMEs facilitating more freedom to do business was also expected from this year’s budget announcement.

Spectrum auction to be conducted for 5G rollout within 2022-23: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.

I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30% , says Nirmala Sitharaman

“I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition,” said Nirmala Sitharaman.

Corporate surcharge to be reduced from 12% to 7% , says Nirmala Sitharaman

Open platform for National Digital Health ecosystem ‘welcome move’

Satish Gidugu, CEO, Medi Assist Healthcare Services, “Open platform for the National Digital Health Ecosystem is a welcome move to accelerate digital health push. The insurance industry, as the largest single consumer of the healthcare services, has the best understanding of access to healthcare and financing of costs. We will actively participate and contribute towards creating a solid digital framework for universal health care.”

Boost to telemedicine

Dr. Rana Mehta, Partner and Leader Healthcare, PwC India: “The pandemic has caused a silent global mental health epidemic. The use of telemedicine to diagnose and treat such patients has proved to be highly effective given the unobtrusive nature of the interaction which also ensures patient privacy. Given the shortage of mental health professionals, especially in rural areas, telemedicine will greatly enhance accessibility for patients requiring psychiatric help.”

Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23, says Nirmala Sitharaman

Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14%

Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees, said FM Nirmala Sitharaman.

Announcement to set up 75 digital banks, ‘excellent proposal’

Kashyap Mahavadi, Founder/CEO, Dinero: “Finance Minister’s excellent proposal to set up 75 digital banks in 75 districts by scheduled commercial banks is truly the best gift to the country on the occasion of Azadi ka Amritmahotsav. The proposal not only reflects the digital-first approach of the Government but will also truly shape new-age banking in India. The proposal also will boost financial inclusivity to help rural India transition into formal economy. After JAM, UPI to now a leap forward to digital banking, India is standing as an example globally on Banking revolution.”

To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year, says Nirmala Sitharaman

Strong commitment towards urban growth, clean tech

Siddharth Maurya, Resource Specialist – Real Estate and Fund Management , said, “The Union Budget has once again demonstrated the government’s strong commitment towards systematic urban growth with a focus on clean tech, sustainable urban living, and better governance. GOI will build the right balance between large mega cities as well as tier- 2 & 3 cities, which is a welcome move. The development agenda will also focus on creating mass transit systems and encouraging EVs which will help in reducing overall carbon footprint and give a better living experience to our city dwellers. Meanwhile, we will also like to thank the government to start 5 new urban development institutes in India, as it can herald a new beginning in urban development.

Updation of NIP with Gati Shatki with real-time updation on infra project to boost investors

Vishnu Sudarsan, Partner, J. Sagar Associates (JSA), said: The bug bear of cost overruns and time overruns synonymous with Indian infrastructure may be arrested through an integrated approach on planning and coordinated implementation of infrastructure connectivity projects in the form of Gati Shakti touching upon energy transition, climate action, logistics and connectivity. The initial allocation of Rs 20,000 crores for the 100 lakhs crores is laudable and is a measure much required. However, it remains to be seen how the implementation of the funds and progress on projects for infrastructure will be digitally enabled and monitored for removing infrastructure delivery bottlenecks. Amongst others, the siloed approach and environmental challenges have been the key reason for slow pace of implementation, but National Infrastructure Pipeline provided the initial building block for reviving the energy and infrastructure in India. Integration and updation of National Infrastructure Pipeline with Gati Shatki with real-time updation on infrastructure projects will boost investor confidence, and rev up the private sector participation.”

For 2022-23, allocation is Rs 1 lakh cr to assist the states in catalyzing overall investments in economy, says Nirmala Sitharaman

Big infra spend thrust of Budget 2022

Dinesh Kanabar, CEO, Dhruva Advisors said, “Big Infra spend seems to be the thrust of the Budget. This was the industry ask and seems to be what the Budget is all about!! Amendments to IBC process to enhance resolution process efficiency including cross border resolutions will be very interesting. A bill to amend SEZ to be tabled to make states as Partner on developing manufacturing and services hub. This will help the PLI Scheme becoming effective”

Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23, says FM Nirmala Sitharaman

Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP: FM Nirmala Sitharaman

68 per cent of capital for defence sector to be earmarked for local industry, says FM Nirmala Sitharaman

68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal, said Nirmala Sitharaman.

Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand: FM Nirmala Sitharaman

Special Economic Zones will be replaced with new legislation…for the development of enterprise and hubs… It will cover the existing industrial enclaves and enhance the competitiveness of exports: FM Nirmala Sitharaman

To reduce the delay in payment, an online bill system to be launched which will be used by all Central ministries, says Nirmala Sitharaman

68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal: FM Nirmala Sitharaman

PM housing scheme announcement positive for realty

Yash Gupta- Equity Research Analyst, Angel One Ltd said, “PM housing scheme – 48,000 will be alloted for FY23 for housing project, 80 Lakhs home will be built – Very positive for Real-estate sector.”

Open Digital University to cover loss of 2 years of regular education

Nitin Potdar, Partner, J. Sagar Associates (JSA), said, “Loss of 2 years of regular education seem to be covered by Open Digital University, which would collaborate with existing universities along with 200 New TV channels for education sounds very promising. We only hope that this gets implemented in record time and does not get lost in Govt red tape. But no specific funding of Road Map for implementation of New Education Policy 2020 is a big disappointment of the education

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