Nirmala Sitharaman is all set to present the Union Budget 2022- Get all the live news and Updates

Today, Finance Minister Nirmala Sitharaman will unveil the Modi 2.0 government’s fourth budget. The focus of the Union Budget 2022 is now expected to be on speeding up India’s recovery from the pandemic shock, as well as strengthening India’s healthcare system to protect against future outbreaks. The government would continue to increase spending to boost the recovery and return India to a higher growth path.

[At 12:40 pm] – The present SEZ act will be replaced with new legislation that will allow states to participate in the establishment of the enterprise and services hub as partners. This will apply to all major current and new businesses in order to maximize the use of available infrastructure and improve export competitiveness. One of the main demands of the IT industry has been for SEZ benefits. Operating in SEZ units provided tax incentives, which were set to expire on March 31, 2020. Given that IT firms account for the majority of SEZ exports, this is critical. It’s unclear whether the new SEZ policy will meet industrial demand.

[At 12:38 pm] – A 15% surcharge on long-term capital gains is imposed.

[At 12:36 pm] – According to Finance Minister Nirmala Sitharaman, gross GST (Goods and Service Tax) collection in January reached a new high of 1,40,986 crore, which FM Nirmala Sitharaman attributes to the country’s swift economic growth.

[At 12:33 pm] –This year, the government did not make any changes to the income tax slab rates for salaried individuals.

[At 12:14 pm] – From now onwards Transfer of virtual digital assets is subject to a 30% tax.

[At 12:12 pm] – National Pension Scheme (NPS): Employees from both the state and the federal government must be treated equally. Employees of state governments are eligible for a tax deduction on their EPF contributions.

[At 12:10 pm] – Cooperative Societies Tax rate is reduced by 15%.

[At 12:09 pm] –Returns have been updated. The Income Tax Department has released a new road map. File Income Tax Returns within two years to correct errors made by taxpayers.

[At 12:02 pm] – Starting in fiscal year 2022-23, the RBI will issue a digital rupee based on blockchain and other technologies.

[At 11:58 am] – Effective spending will be INR 10.68 lakh crore, or 4.1% of GDP.

[At 11:55 am] – From 5.54 lakh crore to 7.50 lakh crore, capital expenditure increased by 35.40 percent.

[At 11:51 am] – Domestic industry will receive 68 percent of the capital allocated to Defence acquisition.

[At 11:50 am] – To promote financial inclusion, all post offices will be linked to a core banking solution.

[At 11:45 am] – Private telcos will bring out 5G in 2022-23, as well as an online e-billing system for all government goods.

[At 11:43 am] – One Class 1 TV channel will be launched to provide youngsters with supplemental education in order to compensate for the loss of formal education caused by COVID-19.

[At 11:40 am] – Land records will be transliterated in eight different languages.

[At 11:38 am] – States will be given assistance in improving urban capacity, such as planning assistance and mass transit.

[At 11:36 am] –Nirmala Sitharaman declared in the Union Budget that the new e-passport will include embedded chips and futuristic technology.

[At 11:33 am] – Digital payments have exploded in popularity. The advantages of digital banking should be available to everyone. As part of this program, scheduled commercial banks will establish 75 digital banking units in 75 districts.

[At 11:32 am] – River connection between the Ken and Betwa rivers will be undertaken at a cost of INR 44,065 crore.

[At 11:30 am] – PM development effort to fund infrastructural and social development initiatives in the northeast.

[At 11:28 am] – It has been declared that INR 2 lakh anganwadis will be refurbished with better amenities for women’s development.

[At 11:24 am] – The goal of expanding the National Highways network by 15% next fiscal year will be beneficial to road building firms. The development of 25,000 kilometers of national highways over the coming fiscal year is a lofty goal.

[At 11:23 am] – Drone Shakti works with start-ups that use drone technology through numerous application centers.

[At 11:22 am] – The government would promote innovative funding methods and faster construction of metro projects. According to FM, multimodal connectivity between public transit and railway terminals will be prioritized. Metro systems, including civil constructions, will be redesigned and standardized to meet Indian circumstances and requirements. The goal is to improve commuter connectivity and convenience while also promoting tourism.

[At 11:21 am] – Five detailed project reports for river water sharing projects have been completed in draught form. Once states have achieved an agreement, the center will assist them in putting it into action.

[At 11:20 am] – For small farmers and businesses, railways will promote effective logistics. ‘One station, one product’ to aid the local product supply chain. In the next several years, 100 cargo terminals will be built under PM Gati Shakti.

[At 11:19 am] – PM Gati Shakti would include seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 20,000 crore.

[At 11:17 am] – The Production Linked Incentive (PLI) Scheme for reaching Aatma Nirbhar Bharat has gotten a lot of support, with the potential to create 60 lakh new jobs and 30 lakh crore in additional production over the next few years.

[At 11:16 am] –Direct payment of the minimum support price for wheat and paddy worth INR 2.7 lakh crore

[At 11:11 am] – The length of national highways will be increased by 25,000 kilometers.

[At 11:09 am] – PM Gati Shakti, inclusive development, increased productivity, climate action, energy transfer and investment funding.

[At 11:06 am] –  “We seek to provide the ecosystem that the middle class requires. This Budget aims to establish the groundwork for Amrit Kal from India’s 75th to India’s 100th birthday,” Ms Sitharaman said today.

[At 11:03 am] – Nirmala Sitharaman stated that We are confident in our ability to overcome the obstacles posed by the COVID-19 epidemic.

[At 11:00 am]- Nirmala Sitharaman Starts Budget Presentation.

[At 10:50 am]- 10 minutes to go for Union Budget 2022.