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Business News/ Budget / News/  Budget 2022: ‘India should become a $5 trillion economy by FY26’

Budget 2022: ‘India should become a $5 trillion economy by FY26’

Finance Minister Nirmala Sitharaman proposed to set up a digital university to provide education that will be built on a hub and spoke model.

Union Finance Minister Nirmala Sitharaman with Ministers of State for Finance Bhagwat Karad (R) and Pankaj Chaudhury (L) shows the digital tablet wrapped in a traditional 'Bahi Khata' style pouch  (Rahul Singh)Premium
Union Finance Minister Nirmala Sitharaman with Ministers of State for Finance Bhagwat Karad (R) and Pankaj Chaudhury (L) shows the digital tablet wrapped in a traditional 'Bahi Khata' style pouch  (Rahul Singh)

Union Budget 2022-23 will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister Nirmala Sitharaman said while presenting the budget in the Lok Sabha on Tuesday. 


Union Budget 2022 comes at a crucial juncture for the public and policymakers alike for the following reasons: 1) upcoming elections in five states, 2) looming omicron threat, 3) nascent economic recovery, and 4) key numbers like fiscal deficit, tax collection, and spending outlook.


Prime Minister Narendra Modi-led govt expects to lead the world in economic growth this year in a post-pandemic bounceback, according to Economic Survey 2022.

01 Feb 2022, 05:13:55 PM IST

Budget 2022: The 10 most important things you need to know

Here’s a one-stop-shop for what the Narendra Modi government’s tenth budget had to offer. Full article

01 Feb 2022, 05:11:50 PM IST

New crypto tax regime to come into effect from April 1

New crypto tax regime to come into effect from April 1: Revenue Secretary Tarun Bajaj

01 Feb 2022, 05:07:37 PM IST

Import duty on raw materials

"Since the last budget, we have not raised import duties on the intermediary products and raw materials to support manufacturing, and help downstream industry.": FM .

01 Feb 2022, 05:05:57 PM IST

Amending the SEZ Act

The government will work on amending the SEZ Act and more details will be announced later: FM.

01 Feb 2022, 05:05:12 PM IST

Budget reaction: Hospitality sector

"The Union Budget provides some relief and medium to long term infrastructure measures to stressed tourism travel & hospitality industry, but there was an immediate opportunity for more direct intervention to support the highly stressed tourism travel and hospitality companies and their employees." Nakul Anand , Chairman, FAITH.

01 Feb 2022, 05:04:20 PM IST

Budget reaction: Hospitality sector

"By announcements made for the hospitality industry in Union Budget 2022, the government has shown that it understands the situation and plight of the industry, which has struggled to survive in the pandemic. Extension of the Emergency Credit Line Guarantee Scheme (ECLGS) and allocation of additional INR 50,000 crores for hotels and hospitality sector till March 2023 has brought a wave of relief to the industry. The budget is also inclusive of aggressive infrastructure development with eight ropeways, an additional 25,000 km of National Highways, 400 new Vande Bharat Trains with modern facilities, etc. Plus, the introduction of the revolutionary ePassport. All these will be instrumental in encouraging both international and domestic travelers to explore the country with ease and give a new lifeline to hospitality brands of all sizes." - Manbeer Choudhary, Chairman cum Managing Director, Jewels Group of Hotels.

01 Feb 2022, 05:01:39 PM IST

Budget reactions: Agriculture 

"I congratulate the Hon’ble Finance Minister for once again presenting a visionary, futuristic and growth oriented Budget, which is aligned to the Hon’ble Prime Minister’s vision of building a competitive and resilient India. The path-breaking measures address key issues of livelihood generation, enhancing farmer incomes and building climate resilience. The substantive enhancement of public expenditure will create a multiplier impact on growth and competitiveness. The multi-dimensional interventions to usher in Next Generation Agriculture through digitalisation, R&D, leveraging strengths of Agri-techs and FPOs, will transform the agri sector." - Sanjiv Puri, Chairman, ITC Ltd

01 Feb 2022, 04:57:06 PM IST

Agriculture credit target

Agriculture credit target is 18 lakh crore for next fiscal compared to 16.5 lakh cr in the current year: Official

01 Feb 2022, 04:44:00 PM IST

PM had given instructions that people should not be burdened with taxes: FM

I have not tried to earn even a single paisa by increasing tax this year & even last year. PM had given clear instructions that people should not be burdened with taxes at the time of the pandemic, notwithstanding the deficit: FM Nirmala Sitharaman

01 Feb 2022, 04:33:58 PM IST

When will India become $5 trillion economy?

“India's GDP in dollar terms has already crossed $3 trillion. With some luck and real GDP growth of 8-9 percent, India should become a $5 trillion economy by FY26." - CEA V Anantha Nageswaran

01 Feb 2022, 04:31:45 PM IST

'Farmers income improving': CEA

"Amount of MSP handed out to farmers, we are well on our way to help them in improving income." - CEA V Anantha Nageswaran.

01 Feb 2022, 04:21:41 PM IST

RBI will issue a digital currency: FM

FM Nirmala Sitharaman speaks on proposed Digital Rupee and cryptocurrencies: What RBI will issue is a digital currency. Everything that prevails outside of it is assets being created by individuals & we are taxing profits made out of transactions of those assets, at 30%.

We are also tracking every trail of money in that (transaction of crypto assets) by imposing 1% TDS at every transaction: Finance Minister Nirmala Sitharaman.

01 Feb 2022, 04:18:20 PM IST

Jobs creation

Higher capital expenditure will create jobs, says FM

01 Feb 2022, 04:16:43 PM IST

Cryptocurrencies are not currencies: FM

Cryptocurrencies are not currencies, currency issued by RBI will be digital currency, says FM

01 Feb 2022, 04:10:01 PM IST

Budget reactions: Startups


“We welcome the announcement made by the government under budget 2022-23, as it brings to fore inclusive policies and frameworks for the startup and insurance ecosystem. The Government has announced an extension in eligibility for startups incubated till March 31, 2020, for tax incentives. This will allow some relief to the businesses struggling with the ripple effects of the pandemic and it's waves. This incentive will further provide a boost to the startup ecosystem and nurture a positive sentiment towards entrepreneurship within the industry. Reforms in insurance schemes tax for differently-abled people will further boost the insurance industry. We thank the government for announcing the measure." - Ankit Agrawal, Founder and CEO, InsuranceDekho

01 Feb 2022, 04:07:31 PM IST

'Garib Kalyan' Budget: JP Nadda

Budget 2022-23 is a 'Garib Kalyan' Budget. It will empower the poor & labourers. This Budget is dedicated to the development of infrastructure, rural & hilly areas, and Northeast. This Budget is in line with Govt's policy of social justice and equality: BJP chief JP Nadda.

01 Feb 2022, 04:05:15 PM IST

Budget reactions: Startups

“The key highlight for us is that tax incentives will be provided for one more year to startups that had already been extended through 2023, in view of the COVID-19 pandemic. I believe this will encourage and help us to create, develop, and produce more quality software solutions. Additionally, we are hoping for the best results in terms of the initiative to boost the Indian economy by issuing a digital rupee using blockchain and other technologies in the financial year 2022–23." - Sagar Patidar, CEO and Founder, Primathon.

01 Feb 2022, 04:02:09 PM IST

PM Modi on Union Budget 2022

Prime Minister Narendra Modi addressed the nation to hail the Union Budget 2022 that was presented by Finance Minister Nirmala Sitharaman earlier in the day. "The budget has brought new hopes and opportunities for the common people," he said.

01 Feb 2022, 03:58:17 PM IST

Budget 2022: Hospitality sector

“The extension of the ECLGS scheme by Rs. 5,000 crores for the hospitality and related sectors, announced by the Finance Minister Nirmala Sitharaman is a welcoming move. It’s good to see the mention of the hospitality and related sector in this year’s budget. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost. It would be right to say that it’s a good start and I look forward to a seamless allocation of the sanctioned amount to the people and segments who need it the most." - Celebrity chef Sanjeev Kapoor

01 Feb 2022, 03:07:38 PM IST

Progressive Budget: Union Minister

It's a progressive Budget. Our Govt is concentrating on infrastructure, employment generation, future development. Good allocation made for the northeast, its culture & tourism: Union Minister G Kishan Reddy

01 Feb 2022, 03:00:14 PM IST

One-time window to taxpayers

Finance Minister Nirmala Sitharaman on Tuesday gave a one-time window to taxpayers to correct any discrepancy or omissions in their ITRs within two years of filing, subject to payment of taxes. In her 2022-23 Budget speech, the Minister said this is an "affirmative step in the direction of voluntary tax compliance".

01 Feb 2022, 02:58:28 PM IST

Budget reactions: Infrastructure

"Budget 2023 appears to be growth oriented by increase in capital outlay of INR 7.5 Lacs crores, fiscal deficit caped at 6.4% and efforts are being made to reduce compliance burdens and improve ease of doing business.

The government’s relentless focus on national transportation infrastructure development with the PM Gatti Shakti plan will strengthen the much-needed multimodal connectivity and facilitate seamless movement of cargo, while reducing logistics costs. Having said that we were expecting tax concession to Aviation industry in the forms of cut in ATF excise duty and allocation of concessional finance to airlines to help us come out of the pandemic". - Ronojoy Dutta, Whole Time Director and Chief Executive Officer, IndiGo.

01 Feb 2022, 02:55:50 PM IST

Budget reactions: Healthcare industry

“The major focus of the Union budget is infra spending, given its sheer size and inter-connectedness. The overall growth and development of the infra sector will also help provide better healthcare services to all citizens and help creating jobs in the country. The National Digital Health Ecosystem will help create a robust platform for managing all health records and help provide universal access of records to all citizens across India. Given the Covid-19 pandemic our budget has also focused on addressing Tele mental Health program which is a step in the right direction and will also benefit a large number of patients." - Tarang Gianchandani, CEO, Sir HN Reliance Foundation Hospital.

01 Feb 2022, 02:53:06 PM IST

Budget reactions: Hospitality sector


“Budget 2022 is positive for the hospitality sector. The government announced various measures for keeping the sector in mind. The addition of Vande Bharat trains to 400, will lead to an increase in domestic tourism. Also, in order to save mountains, the government announced the implementation of 8 ropeway projects in FY 23 based on the PPP model, this will lead to a cut down in carbon emissions and heavy traffic jams during the peak season. But the biggest support came in the form of extending the ECGS till March 2023, with an expanded guarantee cover to 5 lakh crore, this will boost the hospitality sector. Also, the reduction of corporate surcharge from 12% to 7% is a very encouraging initiative," Rahul Deb Banerjee, Vice President, The Clarks Hotels & Resorts.

01 Feb 2022, 02:23:12 PM IST

Proud to be Indian: Uday Kotak

"Budget: trust based governance to build atmanirbhar bharat. Reposes faith in taxpayers, entrepreneurs, investors. Build an open, digital and inclusive India with a 25 year vision. I am proud to be Indian." Uday Kotak

01 Feb 2022, 02:21:45 PM IST

Amit Shah on Budget 2022

This budget, brought by the Modi government, is a visionary budget, which will prove to be a budget to change the scale of India's economy. This budget will make India self-reliant and lay the foundation of a new India of the 100th year of independence. I congratulate Narendra Modi ji and Nirmala Sitharaman ji for this: Amit Shah

01 Feb 2022, 02:20:23 PM IST

Budget reactions: Overall announcements 

Budget is very balanced. It boosts spending towards growth-oriented policies that create jobs, boost manufacturing, help agri-economy & infrastructure creation. In short, a mix of short-term boost & long-term structural emphasis is hallmark of this Budget: BSE MD Ashish Chauhan

01 Feb 2022, 01:41:05 PM IST

Budget reactions: Healthcare

“We are happy with the decision to create an open platform for the National Digital Health Ecosystem. This will include digital registers of health professionals and facilities, a unique health identity, and universal access to health care facilities. The pandemic has brought the subject of mental health to the forefront. For this, the government has announced a national telemental health programme. This would include a network of 23 excellence telemental health centres, with Nimhans serving as the nodal centre and IIIT Bangalore providing technical support. This would undoubtedly improve access to high-quality mental health counselling and treatment services." - Dr Aashish Chaudhry, Managing Director, Aakash Healthcare ( Aakash Institute group)

01 Feb 2022, 01:39:45 PM IST

Budget reactions: Real estate

“Creation of unified logistics platform and developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain eco system in the country. The Government has reiterated its commitment towards Housing for All by allocating 48000 crore towards this scheme, around the same as last year. Infrastructure status given to Data Centers will provide a huge boost to the fast evolving digital environment of the country. The FM has said that the SEZ Act will be replaced with a new law and we will be waiting for further details given the significant impact of this on the commercial real estate sector."

“However, the government could have given further boost to the housing sector given the strong multiplier effect the sector has on the economy." - Shishir Baijal, Chairman and Managing Director, Knight Frank India.

01 Feb 2022, 01:31:30 PM IST

Budget reactions: Overall announcements

"The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focussed on a familiar strategy of driving capital expenditure to drive growth, with the intention of crowding in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. 

While elevated market borrowings are likely to pressurise bond yields, inclusion of green bonds in the borrowing plan are an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat." -Abheek Barua, Chief Economist, HDFC Bank

01 Feb 2022, 01:22:24 PM IST

Budget reactions: EVs

"Introducing the battery swapping policy and recognizing battery and energy as a service will help to develop charging infrastructure and increase the use of EVs in public transportation. It would motivate businesses engaged in delivery and car aggregation businesses to incorporate EVs into their fleet. It will create new avenues for companies to venture into the business of battery swapping. 

The creation of a strong charging infrastructure alongside the highways across the country would promote the use of EVs for interstate travel. It will solve the issue of range anxiety amongst commuters who want to cover a longer distance." - Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV).

01 Feb 2022, 01:20:40 PM IST

Budget reactions: EVs

“The government’s announcement to encourage private sector players to develop sustainable and innovative business models in this arena, is a welcome move. Further, the support for interoperability would lead to battery standardization. The push towards public transit usage by establishing more EV exclusive zones wherein private or non-electric vehicles will be barred is something we had been anticipating. Holistically, the various measures announced are highly encouraging for the EV sector." - Varun Goenka, CEO and Co-Founder, Chargeup, Battery swapping network.

01 Feb 2022, 01:18:03 PM IST

Budget reactions: Startups

“The government has extended startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to setup an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets." - Ankit Kedia, Founder and Lead Investor, Capital A.

01 Feb 2022, 01:11:41 PM IST

Here's is a list of items that will become cheaper and costlier in FY23


- Clothes

- Gem stones and diamonds

- Imitation jewellery

- Mobile phones

- Mobile phone chargers

- Custom duties on chemicals needed for petroleum products

- Custom duties on certain chemicals, including methanol

- Concessional customs duty on steel scrap extended for 1 year


- All imported items

- Duty on umbrellas increased

01 Feb 2022, 12:46:33 PM IST

Finance Bill introduced

Union Finance Minister Nirmala Sitharaman introduces Finance Bill 2022. 

01 Feb 2022, 12:42:29 PM IST

New income tax changes announced in Budget 2022. Details here

Taxpayers can file updated ITR within two years of the relevant assessment year, says FM. This is a new provision that will ensure voluntary tax filing and reduce litigation, the FM said. Read full income tax report

01 Feb 2022, 12:41:10 PM IST

Budget reactions: LTCG

Presently surcharge on long-term capital gain on listed shares and equity funds is capped at 15% but for other LTCG the surcharge us based on total income. Now the FM has proposed cap on all LTCG. - Balwant Jain

01 Feb 2022, 12:37:16 PM IST

Budget reactions: Digital Rupee

"Introduction of central digital currency using blockchain to be issued by RBI in 22-23. It is expected that the tax regulation of such currency is also made clear, as there are aspects of classification (capital asset or otherwise), rate of taxation, disclosure requirements that have to be addressed."

"Income from virtual digital asset to be taxed at 30%. No deduction other than cost of acquisition will be allowed. Transaction details to be captured by way of TDS on sale. Gift of VDA to be taxed in the hands of the recipient," - Tapati Ghose, Partner, Deloitte India

01 Feb 2022, 12:35:56 PM IST

International arbitration centre

An international arbitration centre will be set up at GIFT City to provide faster dispute resolution. In addition, a world-class university to be allowed in GIFT IFSC (International Financial Services Centre) free from domestic regulation, she said while presenting the Union Budget 2022-23.

01 Feb 2022, 12:34:36 PM IST

Polished diamonds, gems

Customs duty on cut & polished diamonds, gems to be reduced to 5%: Finance Minister Nirmala Sitharaman

01 Feb 2022, 12:33:26 PM IST

Unique Land Parcel Identification

States will be encouraged to adopt Unique Land Parcel Identification Number to facilitate IT-based management of land records

01 Feb 2022, 12:31:30 PM IST

Newly incorporated manufacturing companies

Concessional corporate tax rate of 15 pc would be available for 1 more year till March 2024 for newly incorporated manufacturing companies: FM.

01 Feb 2022, 12:30:46 PM IST

Import duty on capital goods

Import duty of 7.5% to be charged on capital goods.

01 Feb 2022, 12:29:42 PM IST

Virtual digital assets

Loss from the transfer of virtual digital assets cannot be set off against any other income.

01 Feb 2022, 12:25:08 PM IST

GST collection

The gross GST collections for the month of January 2022 are 1,40,986 crores which is the highest since the inception of GST: Finance Minister Nirmala Sitharaman

01 Feb 2022, 12:20:01 PM IST

Long term capital gains

Long term capital gains on listed equity share units subject to maximum surcharge at 15%. propose to cap transfer of long term capital gains at 15%: FM

01 Feb 2022, 12:19:16 PM IST

Corporate surcharge

Corporate surcharge to be reduced from 12% to 7%:FM Nirmala Sitharaman

01 Feb 2022, 12:18:37 PM IST

NPS account of state govt employees

Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees: FM

01 Feb 2022, 12:18:04 PM IST

Gift of virtual digital asset

Recipient to be taxed in case of gift of virtual digital asset: FM

01 Feb 2022, 12:17:19 PM IST

Transfer of digital assets

Income from transfer of digital assets to be taxed at 30%: FM

A TDS of 1% will be levied for transactions above a certain threshold.

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