Budget 2022 reactions News

Impact of Budget on Salaried individuals. Hike in NPS govt contribution for state govt employees. Extension of revised ITR filing window.

The AVGC sector offers immense potential to employ youth, Budget 2022 said. MPL's CEO Sai Srinivas said that gaming and animation is one of those sectors that have an incredible amount of exploring potential.

However, the firm noted that the boost is short on major growth-enhancing structural reform announcements. The planned acceleration in the infrastructure capex drive will likely provide a fillip to near- and medium-term growth if fully implemented.

Sitharaman presented the Union Budget 2022. She noted that with Budget 2022, the government will promote energy transition and climate action. Das said that the next one or two years are going to be a net positive for the industry as a whole.

Aatrey said that Union budget 2022 is forward-looking and inclusive. He says Budget 2022 lays down the road map for an ‘Aspirational India’.

The government will control the pricing of the digital rupee. CBDC will give a big boost to the digital economy, said Budget 2022 document. Digital Rupee using blockchain issued by the RBI will familiarise Indians with the benefits and efficiency of virtual currency.

The decision to tax digital assets came as a major setback for the existing crypto investors in the next financial year and might discourage investments in cryptocurrencies.

Nirmala Sitharaman announced steps to simplify the tax system and promote voluntary compliance While doing this, she quoted from Mahabharata Sitharaman said quoting from Shanti Parva in Mahabharata

Sitharaman had acknowledged that hospitality firms are yet to regain their pre-pandemic level of business. NRAI President Kabir Suri, however, said the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023 may ease current liquidity issues. Suri said the restaurant industry was eagerly looking at some immediate liquidity support like restoration of input tax credit (ITC) on GST.

No respite on Income Tax slab. Revised ITR filing window increased. Move aimed to help in case of less filing of tax.

Atmanirbhar Bharat Package saved the jobs of a lot of people: Nirmala Sitharaman NPAs in banks are coming down: Union Finance Minister

No respite on Income Tax slab. Revised ITR filing window increased. Move aimed to help in case of less filing of tax.

Sitharaman said that the plan will facilitate the faster movement of people and goods. She added that the National Highway network will be expanded by 25,000 km in 2022-23.

Reducing the fiscal deficit target from 6.9% to 6.4% is a huge achievement: Amit Shah The Home Minister termed the Budget 2022 "Aatmanirbhar Bharat Ka Budget"

Setting up of the long-awaited bad bank will ease the bad loan burden, said Religare Enterprises' Rashmi Saluja. Saluja added that the Rs 20,000 crore capital infusion into public sector banks will allow more room for provisioning of bad assets.

In terms of economic support, especially on infrastructure and taxation fronts, the Union Budget 2022 has delivered along expected lines, believe experts.

Ritwik Bahuguna said that chemical-free farming should be promoted across the country. He added that post-harvest value addition for key commodities requires targeted production linked incentives. Kunal Kislay said technological intervention in the agricultural sector will open a new door of opportunities for agritech.

Governmentt’s focus on empowering citizens and providing impetus to digital means of banking will accelerate the digital and financial inclusion of the masses, say experts.

"There is also a new provision of green jobs; the budget ensures a bright future for youth," PM Modi said Modi also said, "The response of common man (to Budget 2022) has increased manifold our eagerness to serve people" Finance Minister Nirmala Sitharaman on Feb 1, 2022, unveiled a bigger Rs 39.45 lakh crore Union Budget