BUSINESS
Budgetary Lifeline: ECLGS to be extended till March 2023
Besides, ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore. Notably, the additional amount is being earmarked exclusively for the hospitality and related enterprises. In her Budget speech to Parliament, Finance Minister Nirmala Sitharaman said: "Emergency Credit Line Guarantee Scheme (ECLGS) has provided much-needed additional credit to more than 130 lakh MSMEs."
Rs 60K cr allotted for 'Har Ghar Jal', 3.8 cr households to benefit
Nirmala Sitharaman said, "Measures have included programmes that have provided housing, electricity, cooking gas and access to water." Giving more details, the Finance Minister said that the current coverage of 'Har Ghar Jal' and 'Nal Se Jal' is 8.7 crore, out of which 5.5 crore households were provided tap water in the last 2 years itself.
Rs 2.37 cr provision for direct payment of MSP
"The procurement of wheat in Rabi 2021-22 and the estimated procurement of paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes (LMT) of wheat and paddy from 163 lakh farmers. A whopping Rs 2.37 lakh crore will be credited as direct payment of minimum support price (MSP) value to their accounts," Finance Minister Nirmala Sitharaman announced in her Budget speech.
The welfare focus in Union Budget 2022-23
Under the PM Awas Yojana, 80 lakh houses are to be completed in 2022-23. The PM-DevINE scheme seeks to fund infrastructure and social development based on felt needs of the North East India. The Aspirational Blocks Programme is for development of lagging blocks of aspirational districts while the Vibrant Villages Programme is targeting development of villages on the Northern Border left out from the development gains.
Adani Ports' net profits decline 6% in Q3FY22, revenue up 1%
In the same quarter last fiscal, the net profit was Rs 1,577 crore. The company's consolidated revenue during the quarter grew one per cent to Rs 3,797 crore, as compared to Rs 3,746 crore in the same period last fiscal. EBITDA fell two per cent during the quarter to Rs 2,431 crore. During Q3FY22, cargo volumes were subdued due to higher commodity prices and disruptions in the supply chain.
Taxpayers can file updated I-T returns within two years
She said this would give the taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment. She pointed out that currently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
Union Budget to create new opportunities for people: Modi
"This will further open the green job sector. This year's Budget not only solves the contemporary problems but also ensures a bright future for the youth," he said. The Prime Minister added that the quest for modernity and technology in every sphere of life through steps such as drones for farmers, Vande Bharat trains, digital currency, 5G services and National Digital Health Ecosystem will hugely benefit our youth.
Equities cheer Budget; Tata Steel, L&T among top gainers
Sensex settled at 58,862 points, up 1.5 per cent, whereas Nifty settled at 17,576 points, up 1.4 per cent. To sustain high growth rate, the Centre has earmarked a massive budgetary outlay of Rs 7.50 lakh crore for FY23. In her Budget speech to the Lok Sabha on Tuesday, Finance Minister Nirmala Sitharaman proposed to increase the capital budget outlay by over 35 per cent year-on-year.
Tax for cooperative societies reduced in Union Budget
She added that the government also proposes to reduce the surcharge on co-operative societies to 7 per cent from 12 per cent at present for those having total income of more than Rs 1 crore and up to Rs 10 crore. She said that this would help enhance the income of cooperative societies and its members, who are mostly from rural and farming communities.
Centre to issue sovereign Green Bonds to finance green infra
In her Budget speech to the Parliament, Sitharaman said: "As a part of the government's overall market borrowings in 2022-23, sovereign Green Bonds will be issued for mobilizing resources for green infrastructure.""The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy."
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