Budget 2022 Live Updates: Indian FM Nirmala Sitharaman to Present Budget today

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Budget 2022 LIVE updates: Nirmala Sitharaman arrives at Rashtrapati Bhawan to meet President Kovind

Finance minister Nirmala Sitharaman will present the Union Budget 2022 in Parliament today. She is expected to announce more spending on roads, railways, besides higher subsidies for affordable housing amid growing public criticism over inadequate relief following the economic disruption after the outbreak of pandemic in 2020. Get live updates of Budget 2022 along with highlights and analysis on Times of India

Budget 2022 News LIVE Updates: Nirmala Sitharaman meets President Kovind, Budget speech at 11am

Latest on the Budget

Economic Survey projects economy to grow at 9.2% in the current fiscal, forecasts FY23 real GDP growth at 8-8.5%.
The Budget Session of Parliament began today with the address by President Ram Nath Kovind to both Houses in the Central Hall
The Budget Session is scheduled to conclude on April 8 wherein the first part of the session will extend up to February 11
The Union budget 2022-23 to be presented by finance minister Nirmala Sitharaman on February 1 will be in paperless form
No 'Zero Hour' on 31st January and 1st February
No ‘halwa’ ceremony this time around amid Omicron worries
Strict Covid-19 protocols will continue in parliament

Budget 2022 expectations

Healthcare industry seeks priority status, increase in fund allocation to 3% of GDP
Some experts are anticipating changes in income tax slabs and rates
Budget 2022 will be MSME and export oriented, says FIEO
Budget should focus on amping up health infra, say experts
Fintech industry hopes for incentives in Budget to push financial inclusion
Scheme to develop 700 districts as export hubs on the cards
The realty sector is pinning high hopes on Budget to boost market sentiments
Economy may need more hand-holding, fiscal correction can wait, shows a recent report
Budget to aim at boosting growth, achieving fiscal consolidation, says BoB eco research
Real estate sector expects tax relief, industry status from Sitharaman
Experts want Budget to focus on bridging widened inequality in economy and create jobs
Pharma industry wants Budget to announce incentives for conducting R&D

Budget and Markets

Market watchers believe that despite the higher target divestment for the upcoming financial year in the Union Budget, LIC IPO will be the key for the targets.
Though market sees volatility pre and post Budget, net-net, the event hardly leaves any impact in the two-week period
Centre is likely to miss the targets of divestment and the strategic stake sales in FY2021-22
Market experts believe disinvestment and privatisation are likely to gain further traction
Crypto startups seeking clarity over issues like taxation, legislation, exemptions and regulations
Analysts do not see any change in capital gain tax on equity

Economic indicators

NSO data and the third-quarter results emanating from the corporate sector paint a picture of cautious optimism
Key challenge to strike a balance between supporting the growth by reviving the dormant private consumption and investment demands while containing inflation
According to the NSO, the real GDP in the year 2021-22 is expected to be Rs 147.54 lakh crore registering a growth rate of 9.2%
The Purchasing Managers' Index for services is back to pre-Covid levels
Exports and imports have registered high growth rates, and so has the trade deficit
The nominal GDP is expected to grow almost at 18%, about 3.5 percentage points higher than the budgetary estimates
The direct tax revenue is expected to be beyond budget estimates for this year
Private final consumption expenditure, estimated at Rs 80.8 lakh crore for the fiscal year, remains about three percent below the Rs 83.2 lakh crore in 2019-20

Expert opinion

"We clearly need to leverage on our strengths as a country in terms of the huge consumption potential that we have; the ability to take advantage of the relocation of global value chain or even on the services side of the economy, there is a lot of scope in terms of digital penetration, lot of scope on food processing, new technology, new sectors, green tech etc.
- Sonal Varma, Nomura’s Managing Director and Chief Economist, India and Asia ex-Japan

"Costs have really gone up in recent times. We have to improve consumption demand by steps such as augmenting rural income through increased allocation on MGNREGA, rural infrastructure creation, etc. A focus on improving the health infrastructure and subsidised credit to SMEs and contact intensive sectors is really important.
- Pawan Munjal, Vice President, CII

"If you try to tinker too much with inflation, you kill growth but in the long run, that is far more hurtful than a bit more inflation in order to generate more growth. In my view, the finance minister and the RBI are fairly aligned in that perspective. I think the Budget will only take that thinking forward. I do not think they will be extra cautious on the inflation front.
- Shankar Sharma, Co-founder, First Global

Union Budget 2022 India Live, FM Nirmala Sitharaman Speech Live Updates: Expectations are high that the government will boost economic revival by focussing on infrastructure, healthcare, agriculture, rural economy, MSMEs sectors impacted by the Covid-19 pandemic, and lockdown restrictions..

Budget 2022 Live Updates:

Finance Minister Nirmala Sitharaman will present the Budget on Monday in Parliament. The budget comes at a time when India is battling the coronavirus pandemic and the economy is reeling under the aftereffects of the lockdown...

At the start of the joint session of Parliament on Friday, PM Narendra Modi said the Finance Minister had already announced 3-4 mini budgets and that the 2021-22 Budget should be seen as an extension of the same effort...

After an estimated 7.7 percent contraction in 2020-21, the Finance Ministry’s Economic Survey projects that India’s real GDP would record a growth of 11 percent in 2021-22. The nominal GDP growth has been estimated at 15.4 percent, implying an assumption of 4.4 percent inflation during the year..

Sitharaman has raised hopes by stating that Budget 2021-22 will “be a Budget like never before.” Expectations are high that the government will boost economic revival by focusing on infrastructure, healthcare, agriculture, rural economy, MSMEs sectors impacted by the Covid-19 pandemic, and lockdown restrictions.

This would be Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. In a significant departure from the tradition, this year’s Budget will be unique as it will be paperless..

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