Live Budget Commentary 2022

12:40 PM- Close of Budget 2022

12:35 PM- Allocation in renewable energy

The huge increase in allocation for renewable energy – from Rs 15,000 crore to Rs 1 lakh crore – will provide a significant boost to the fiscal capacity of states, and help them catalyze capex via PMGSY, Gati Shakti and TOD

12:28 PM-Gems and Jewellery

  • Custom duty on polished gems to 5%
  • Custom duty on artificial jewellery, is reduced to Rs400 per kg on import

12:26 PM- Big Announcement
  • Government back funds SIDBI fund of funds have provided scale capital creating a multiplier effect.
  •  Implementation of Ken Betwa Linking project at est

12:25 PM- Indirect Taxes
  • GST revenue is buoyant despite Pandemic
  • Gross GST revenue for the Jan 2022-  Rs1,40,960 crores

12:20 PM- Manufacturing companies

 The govt has announced a concessional 15% income tax for new manufacturing companies, with manufacturing to start before March 31, 2023

12:15 PM-Virtual Digital Asset

  • Income from the transfer of virtual digital assets will be taxed at 30% without any deduction.
  • Gift of virtual digital assets to be taxed under the hand of the recipient.

12:12 PM- Surcharge on cooperative society

Surcharge on cooperative society to be reduced 7% from existing 12% having income above Rs1 crore and  below 5 crores

12:10 PM- Direct Tax

Provision for the additional tax to be filed within 2 years from the actual assessment year, in case of missed out filling of income.

12:05 PM- Budget Estimates

  • Total expenditure- 39.45 lakh crore
  • Total receipt other than borrowing-22.84 lakh crores
  • Fiscal deficit -6.9% of GDP as against 6.8% projected in Budget estimate
  • In 2o22-23, an estimated fiscal deficit 6.4% of GDP

12:01 PM- Digital Rupee

Digital currency will lead to an efficient and cheaper currency system, using blockchain   technology managed by RBI

12:00 PM- Green Bonds

Sovereign green bond will be issued for mobilizing resources in green infrastructure.

11:55 AM- Power stocks surge

The finance minister announced the allocation of Rs 1,400 crore for 123 MW hydro & 27 MW solar projects in FY23

11:50 AM- Cross Border Insolvency

FM Sitharaman proposes necessary amendments in IBC structure to promote cross-border insolvency resolutions.

11:50 AM- Atma Nirbharta in Defence

The government is eyeing the promotion of Atma Nirbharta in defense to reduce the dependence on imports.

Defense R&D will be open up for education, startup, and academia

11:45 AM- AVCG

AVCG promotion task force for animation, visual, and gaming, the task force will be set up to build domestic capacity to meet global and domestic demand.

11:42 AM- One nation one registration

One nation one registration software for uniform registration across the nation, for registration of deeds and agreements.

11:40 AM- Major announcement so far

  • For farmers to adopt natural farming, a comprehensive package for the participation of State governments & MSMEs is to be introduced.
  • the government has decided to extend the ECGL service for Hospitality services by March 2023 with an increased cover of Rs 50,000
  •  Skilling programs will be reoriented

11:35 AM- E-Passport

The system for the Issuance of E-passport will be rolled out in 2023 to enhance the experience of citizens.

11:31 AM- Financial Inclusion

 In 2022 hundred percent of Post-Offices will come under the banking system, to improve financial inclusion.

Digital banking, digital payment have grown.  75 digital banking units will be set up in 75 district units by scheduled commercial banks.

11:30 AM- Rabi and Kharif Crop

Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers and Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts. 

11:25 AM- Education

One class one Tv channel, the program of e- vidya will be expanded from 12- 200 Tv channels. to enhance regional education for classes 1-12.

Digital universities will be established to provide access to the student with a personalized learning experience. University will be based on a hub and spoke network. Private universities will collab with the hub and spoke network.

11:20 AM- Finance Minister says

Railways will develop efficient logistics for small farmers & enterprises

11:16 AM- Finance Minister says

 National Highway network will be expanded by 25,000 km in 2022-23. Strengthening of health infra, speedy vaccination program implementation, and nationwide resilient response to the current wave of COVID19 pandemic are evident to all.

11:15 AM- Finance Minister says

  • Kisan drone for  Farm  assessment
  • 2023, Internation Year of Millets
  • chemical-free natural farming will be promoted

11:10 AM-Finance Minister says

the speed of our vaccination campaign has helped greatly

11:10 AM- Finance Minister says

PLI Scheme In 14 Sectors Has Received Excellent Response ‘Make In India’ Can Create 6 Million New Jobs Seek To Lay Foundation For the next 25 Years

11:05 AM- Budget 2022 to lay the foundation of Amrit Kal of next 25 years

11:00 AM- Finance Minister Presents Budget

Finance starts presenting Budget 2022

10:55 AM- Market Update

Nifty up by 209.35 points at 17.549.20

Sensex up by 719.15 points at 58733.32

10:50AM- No more Bahi khata , Budget goes digital

Finance Minister to use “Made in India” Tablet

10:40 AM- Budget copies arrive at Parliament

Ahead of the presentation of Union Budget 2022, a truck loaded with budget paper arrives.

10:37 AM- Fertiliser companies soaring high in the market

Analysts expect fertilizer subsidy to rise to Rs 1.3 lakh crore for 2022-23 from nearly Rs 80,000 crore in the previous year.

10:30 AM- Covid 19 vaccine outlay

In the 2021 budget government allotted Rs35000 crores towards the covid vaccine. As of December 2021, the government has spent Rs19675 crores.

10:15 AM-Will the finance Minister make way for the inclusion of Electricity under GST?

The industry is in favor of putting electricity under the preview of GST as it will bring the per-unit cost down and benefit the final consumer.

10:07 AM- Budget need to strike a balance

 Prashant Jain of HDFC AMC to CNBC TV-18, Budget 2022 needs to strike a balance between fiscal deficit and rural incentives.

9:45 AM- Longest Budget Speech

Fact:  Nirmala Sithraman hold the record of delivering the longest budget speech of 2 hours 45 minutes  on 1st Feb 2021

9:30 Am-Markets open strong

Nifty and Sensex gain 1.03% and 1.16% respectively, in the early hours of trade. Nifty above 17,500

9:05 AM- Where to watch Budget Speech

  • Sansad Tv
  • Youtube channel of Sansad Tv  (https://www.youtube.com/c/rajyasabhatv)
  • National Broadcaster Doordarshan

8:46 AM- Finance Minister Arrives

Union Finance Minister Nirmala Sitharam arrives at the Ministry of Finance

8:45 AM- Capital gain tax rate

 As per Sorbh  Gupta of Quantum AMC,  any hike in capital gains tax rate or new cess could be negative for the market.

8:30 AM- Will there be any relief on income tax?

Fact- Income Tax contributes only 2.5% of Indian GDP

7:45 AMEconomic Survey Highlights

  • Growth projection for the next financial year ending on March 2023 is projected at 8-8.5%
  • The current financial year growth rate is projected at 9.2%
  • For the Fy22, the industrial sector and a service sector grow at a rate of 11.2% and 8.2%, respectively. The agriculture sector is to grow at a rate of 3.9%.
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