BUSINESS
Union Budget: Sops for capex, infra, MSME, electric vehicles
The initiatives under infrastructure have been largely grouped under "PM Gatiishakti Master Plan". The thrust on faster movement of goods and people will clearly have a positive impact on easing supply constraints and improving export competitiveness. What is noteworthy is the investment in cargo terminals, logistic parks, railways modernisation and importantly, the integration between the transport systems, it said.
Crypto party over in India with 30% tax on digital assets
Stressing that since there has been a phenomenal increase in transactions in virtual digital assets, Finance Minister Nirmala Sitharaman, presenting the Budget 2022-23, said that the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.
FY23 fiscal deficit target kept at 6.4%
In her Budget speech in Parliament on Tuesday, Finance Minister Nirmala Sitharaman termed the target as "consistent" with the broad path of fiscal consolidation last year to reach a fiscal deficit level below 4.5 per cent by 2025-26.
Budget gives renewed thrust to new-age businesses for $5 tn economy
From cracking down on private cryptocurrencies along with a soon-to-be-launched digital rupee by the RBI to announcing a 5G spectrum auction this year and more allocations under the PLI scheme, the government went ballistic on its digital-driven 'Atmanirbhar Bharat' agenda.
Budget 2022: No changes in personal income tax slabs
Union Budget 2022-23 has not proposed any changes in the personal income slabs for the salaried class people. Given the current economic milieu which has seen record high fuel prices and food inflation, the middle-income taxpayers were expecting relief in the income tax rates. Rationalization of tax slabs were expected to boost consumption to assist economic recovery. But the budget did not propose any changes in the tax rate.
Surety bonds instead of bank guarantees in govt procurements: FM
Presenting the Union Budget 2022-23, she said that in order to reduce indirect cost for suppliers and work-contractors, the use of surety bonds as a substitute for bank guarantees will be made acceptable in government procurements. She said gold importers may also find this useful and the Insurance Regulatory and Development Authority of India (IRDAI) has given the framework for issue of surety bonds by the insurers.
Budget gives renewed thrust to new-age businesses for $5 tn economy
From cracking down on private cryptocurrencies along with a soon-to-be-launched digital rupee by the RBI to announcing 5G spectrum auction this year and more allocations under the PLI scheme, the government went ballistic on its digital-driven 'Atmanirbhar Bharat' agenda.
Fiscal Push: Budget FY23 gives massive Capex support to economy
In her Budget speech to Parliament on Tuesday, FM Nirmala Sitharaman proposed to increase the capital budget outlay by over 35%. "The outlay for capital expenditure in the Budget is being stepped up sharply by 35.4% from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23," Sitharaman said. Presenting the Budget 2022-23, she said that the capital expenditure has thus increased to more than 2.2 times the expenditure of 2019-20 and it would be 2.9% of GDP in 2022-23.
Budget 2022: 68% capital expenditure for Defence set aside for domestic procurement
Presenting the Union Budget 2022-2023 in the Parliament, FM said: "Our government is committed to reducing imports and promoting Aatmanirbharta in equipment for the armed forces. A total of 68% of the capital procurement budget for defense will be earmarked for the domestic industry in 2022-23, up from 58% in 2021-22." The minister said that defence research and development will be opened up for the industry, startups and academia with 25% of defence research and development budget earmarked.
Union Budget 2022-23: Key takeaways
Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for the financial year 2022-23. The revenue allocation has been done to achieve the government’s objective of social development among the lowest strata of the society and facilitate job creation to bolster the income of the middle and upper-middle segment of people. Here are the key takeaways from the budget 2022-23.
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