New Delhi: All eyes are on Finance Minister Nirmala Sitharaman as she presents Union Budget 2022 Tuesday amid signs of recovery in Indian economy, ravaged by the Covid-19 pandemic.
The key priorities for the government will be to revive consumption and investment and to provide some respite for sectors that are still adversely affected by the pandemic, especially the contact-intensive sectors.
Sitharaman, who will deliver her fourth budget speech, has already defined her focus on capex-led recovery that will require her to loosen the purse strings to revive demand in the economy.
But it will be interesting to watch out if the government only uses the infrastructure spending route to revive demand or will it combine it with measures like tax cuts or increase in tax deductions to increase the disposable income of people.
Among the key things to watch out for in the Budget will be whether the government walks the talk on an aggressive privatisation plan, especially for the state-run banks.
The budget numbers to keep an eye would be the extent of the reduction in the fiscal deficit for the current and next fiscal, the money estimated from disinvestment in state-owned firms and the budget allocations for health, defence and infrastructure ministries.
Here are the live updates:
10:22 am: Prime Minister Narendra Modi arrives at Parliament for the Union cabinet meeting ahead of Budget
Delhi: Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the #Budget pic.twitter.com/GtUEvt7gmo
— ANI (@ANI) February 1, 2022
10:14 am: Agri, roads infra: A new survey reveals that a majority of Indians want these sectors to be the top focus areas in this year’s Budget
10:07 am: FM Sitharaman arrives at the Parliament. She will present the Budget at 11 am
Delhi: Union Finance Minister Nirmala Sitharaman arrives at the Parliament. She will present the #UnionBudget2022 today. pic.twitter.com/2clpUnZMlw
— ANI (@ANI) February 1, 2022
10:06 am: Economist and ThePrint’s Contributing Editor Ila Patnaik will be Live in conversation with Managing Editor Y.P. Rajesh, analysing Budget 2022.
All budgets are important but #Budget2022 is more critical for recovery of Indian economy than any in recent times.
Prof @IlaPatnaik will be live in conversation with me, analysing this one & giving her verdict, soon after the presentation.
On YouTube @ThePrintIndia
Don’t miss https://t.co/useNnjmNAi
— Y P Rajesh (@YPRajesh) February 1, 2022
9:45 am: Finance Minister Sitharaman along with Ministers of State for Finance, Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary, and senior officials of the finance ministry call on President Ram Nath Kovind
Union Finance Minister @nsitharaman, along with Ministers of State for Finance @DrBhagwatKarad and @mppchaudhary and senior officials of @FinMinIndia, calls on President of India Shri Ram Nath Kovind, before presenting #Budget2022-23 in Parliament today pic.twitter.com/bYHxueAvCY
— PIB India (@PIB_India) February 1, 2022
9:35 am: Cut taxes & simplify them. That’s the best option for Budget to spur demand, boost recovery
Economic recovery has been gaining momentum. In such a situation, households and investors should be given a budget that is growth-oriented and stimulates demand further, write Ila Patnaik & Radhika Pandey.
9:25 am: The Modi government is likely to continue with its infra push in the Budget, especially for the highways sector. The sector is likely to see an at least 30 per cent jump in capital expenditure — to approximately Rs 1.8 lakh crore from Rs 1.18 lakh crore in the ongoing 2021-22 fiscal. Read Moushumi Das Gupta’s report.
9:15 am: FM Sitharaman arrives at Rashtrapati Bhavan, she will meet President Ram Nath Kovind
9:07 am: What to make of Budget 2022? Can it boost growth, provide pandemic support & revive the economy?
ThePrint’s Contributing Editor Ila Patnaik and Managing Editor Y.P. Rajesh will be LIVE in a special episode of Ilanomics soon after the Budget. Please send in your questions
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9:05 am: Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors’ needs. It will be benefiting everyone: MoS Finance Pankaj Chaudhary tells ANI
Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors’ needs. It will be benefiting everyone…All sectors (including farmers) should have expectations from today’s budget: MoS Finance Pankaj Chaudhary pic.twitter.com/dTPAkNBfU8
— ANI (@ANI) February 1, 2022
9:03 am: Jobs in formal sector, bond market reforms: how Budget 2022 should respond to K-shaped recovery
Budget should offer immediate relief to people worst hit during the pandemic, focus on public investment in infrastructure and continue disinvestment plans for PSUs, writes economist Ila Patnaik in her weekly column Ilanomics.
9:01 am: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance ahead of the Budget
Delhi: Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the #Budget2022 today in Parliament. pic.twitter.com/caWX7MVQbd
— ANI (@ANI) February 1, 2022
9:00 am: Ahead of the Union Budget, the Economic Survey 2021-22 was tabled in Parliament Monday. The Survey has projected the Indian economy will grow between 8 and 8.5 per cent in 2022-23.
Source: The Print
