Live update of Union Budget 2022

In this article, we are providing live updates of UnionBudget 2022, which is declared by Finance Minister Mrs. Nirmala Sitaraman on Tuesday, February 02, 2022. In this Budget government has declared a new announcement about digital currency.

Union Budget by Union minister Nirmala Sitharaman

Budget 2022 Live Updates: Speaking at a news conference after presenting the Union Budget on Tuesday, government minister Nirmala Sitharaman said a conscious decision was taken to not increase taxes thanks to the hardship that folks are facing because of the pandemic. Prime Minister Narendra Modi, while hailing Sitharaman and her team, said the Budget will benefit everyone, especially the poor and people from backward sections of the society. “This budget addresses the immediate have to make sure the economy is robust… it'll also ensure more investment, more infrastructure, more growth,” the Prime Minister added. PM Modi, however, said that he is speaking about the Budget thoroughly tomorrow.

Union Budget 2022

Sitharaman, while presenting the Union Budget, said that the country is predicted to grow at 9.27 percent within the coming year. With a spotlight on four pillars of development — inclusive development, productivity enhancement, energy transition, and climate action — the Budget gives a blueprint of the economy from India at 75 to India at 100, Sitharaman said.

There is no change in tax rates

The Finance Minister has not made any changes to the tax rates. Tax rates will remain the same as last year. But the government has imposed tax at the rate of 30 percent on the income from digital assets. Whereas gifting virtual assets will now attract tax. The government has also announced to increase the tax relief on New Pension Scheme (NPS) for government employees to 14 percent.

A big announcement made regarding PM Awas Yojana

Presenting the Union Budget for 2022-23, Union Finance Minister Nirmala Sitharaman has made several announcements related to PM Awas Yojana. The Finance Minister said that the people of both urban and rural sectors will get the benefit of the decisions taken under the PM Awas Yojana. By 2023, 80 lakh houses will be built under PM Awas Yojana, which will benefit all urban and rural areas. An allocation of Rs 48,000 crore was announced for the PM Awas Yojana in the budget.

Big announcements made for employment

Presenting the Union Budget 2022-23, he said that the priority of the government is to create new employment opportunities for the youth, and about 60 lakh new jobs will be created under Make in India.

Union Budget 

The Budget estimates the effective cost of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 percent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the very best since the inception of the tax in 2017 — the minister said. in a very major push for digital currency, Sitharaman stated that the digital rupee is going to be issued using blockchain technology by the RBI starting 2022-23. this may provide a big boost to the economy, the minister of finance said. She added that income from the transfer of any virtual digital asset shall be taxed at the speed of 30 percent.