Union Budget 2022 LIVE: Keeping with recent tradition, Union Finance Minister Nirmala Sitharaman will announce Union Budget 2022 today, on February 1. This year will be her fourth Budget after 2019, 2020 and 2021
Finance Minister Nirmala Sithraman is set to announce the Union Budget 2022 on February 1. This year will be Sitharaman’s fourth Budget after 2019, 2020 and 2021. Just like last year, this year too Sitharaman will ditch the traditional ‘bahi-khata’ and carry a tablet to deliver a paperless budget.
Push for cross border IBC cases
Here comes the push for cross border insolvency resolution cases. FM Sitharaman proposes necessary amendments in IBC structure to promote cross border insolvency resolutions. This is a much needed step and was a key point mentioned in the Economic Survey released ahead of the Budget. As of now, cross border IBC cases are stuck due to various legal hurdles.
FM’s top annoncements so far
1) For farmers to adopt to natural farming, comprehensive package for participation of State governments & MSMEs to be introduced.
2) Hospitality services by the small & medium sector are yet to bounce back, therefore, the government has decided to extend the ECGL service for this sector by March 2023 with an increased cover of Rs 50,000
3) Skilling programs will be reoriented. For skilling, upskilling & reskilling of our youth, Digital DESH e-portal will be launched.
4) ‘One Class One TV Channel’ will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for class 1-12.
5) A digital university will be developed to provide access to students for world-class quality education with ISTE Standards.
6) For mental health counselling, a National Tele Mental Health Program will be launched.
Road construction stocks rise on aim to grow highway network by 25,000 km in FY23
Shares of road construction companies rose sharply after Finance Minister Nirmala Sitharaman said that the network of national highways in the country will grow by 25,000 km in 2022-23. Shares of IRB Infra, Ashoka Buildcon, and Dilip Buildcon were trading higher by 4 percent each. Execution of national highway projects has been one of the highlights of the government, and companies will hope for higher tendering activity from NHAI in the next financial year.
Union Budget 2022 Live: Major announcements by FM Nirmala Sitharaman so far –
1) India’s economic growth is estimated to be 9.2% in the upcoming financial year.
2) Strengthening of Health infrastructure, speedy implementation of vaccination program are evident for all.
3) PM Gati Shakti will pull forward the economy and will lead to more jobs & opportunities for the youth.
4) The National Highway network will be expanded by 25,000 kms in 2022-23. PM Gati Shakti will encompass the 7 engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people & goods through Rs 20,000 crore financed by the govt to speed up this project.
5) Railways will develop efficient logistics for small farmers & enterprises. ‘One station, one product’ to help supply chain of local product.
6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.
7) ‘Parwatmala’ for conventional roads in hilly areas to be taken in PPP modes.