Budget 2022 LIVE: Sure to achieve tax numbers, LIC IPO likely in FY22 says FM Sitharaman

Feb 01,2022

Tax on income from transfer of virtual digital assets, digital rupee, incentives for start-ups — these are some of the highlights of Budget 2022-23 announced by Finance Minister Nirmala Sitharaman in Parliament Tuesday.

The government has proposed a tax of 30 per cent on any income from transfer of virtual digital assets.

It has also been proposed that financial assistance to states for capital investment be increased to Rs 15,000 crore in Revised Estimate, from Rs 10,000 crore in 2021-22 Budget Estimate.

Here are the live updates:

5:13 pm: Modi govt continues infra push, Budget shows big jumps for highways, transport & tap water

Finance Minister says Gati Shakti Master Plan for expressways will be formulated to facilitate faster movement of people & goods. It will build 25,000 km of expressways in 2022-23.

5:07 pm: Green bonds, push for indigenous solar panels, EVs: Spotlight on climate change in Budget 2022

FM Nirmala Sitharaman calls climate change ‘strongest negative externalities that affect India, other countries’, says focus is on reducing dependence on non-renewable energy.

5:00 pm: The announced replacement of the Special Economic Zones (SEZ) Act is intended to help states participate better, and the details will be worked out, says the FM as the press conference wraps up.

4:40 pm: Defence procurement gets Budget boost, Modi govt hikes capital outlay to Rs 1.52 lakh crore

Overall defence budget for 2022-23 stands at Rs 5.25 lakh crore, up from Rs 4.78 lakh crore in 2021-22. Defence budget is 13.3% of total expenditure planned by Centre for 2022-23.

4:30 pm: On Rahul Gandhi’s “zero-sum Budget” comment, the FM says it’s a “typical UP-type” comment by a leader “who ran away from UP”. Criticising “quick responses”, she says, “Just putting something on Twitter doesn’t help”. She adds, “I only pity a party for having a leader who comments without thinking.”

4:22 pm: Chief Economic Advisor V. Anantha Nageswaran says India can expect to be at the $5 trillion economy mark by FY26.

4:19 pm: This budget in every aspect is a continuation of last year’s budget, including in terms of privatisation, says FM Sitharaman.

4:00 pm: FM says digital currency can only be issued by the Reserve Bank of India, and will be issued later this year. Cryptocurrencies are not currencies.

3:58 pm: “We are sure to achieve the tax numbers or even better them,” says Sitharaman

3:54 pm: On LIC IPO, FM says “I’ve indicated clearly that it will happen,” will in all probability go through in FY22.

3:52 pm: FM Sitharaman addresses post-Budget press conference.

3:50 pm: BJP president J.P. Nadda says Budget will empower poor and is focused on infrastructure, rural and hilly areas and the Northeast.

3:35 pm: Saying that more than Rs. 2.25 lakh crore MSP will be directly transferred to farmers, PM Modi adds that the Budget will double farmers’ incomes, and many new schemes have been announced for Micro, Small and Medium Enterprises (MSMES). He will speak in detail on the Budget at 11 am tomorrow.