The Union Budget 2022 will be presented by finance minister Nirmala Sitharaman on February 1 at 11 am. The Budget session will commence on January 31 with the address of the president to both the houses. “The Union Budget for 2022-23 will be laid in the Rajya Sabha after its presentation in Lok Sabha on Tuesday, the 1st of February at 11.00 am," said the ministry of parliament affairs in a statement on Friday. The first part of the Budget session will start on January 31 and will continue till February 11. The second part of Budget session would begin from March 14 and conclude on April 8.
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“I am further directed to inform you that the President will be pleased to address both Houses of Parliament assembled together at 11.00 am on Monday, the 31st January, 2022 and inform the Parliament about the reasons of its summons in terms of article 87(I) of the Constitution," said the ministry.
Like every year, the Economic Survey will be presented on January 31.
Amid a sudden surge of Omicron Covid-19 cases in India, all eyes will be on Union Budget this year. From Covid-19 relief to increase the limit of standard deduction under the income tax, middle class are expecting a host of measures from finance minister in Union Budget 2022. “Section 80C accounts for tax savings for most individuals in India. The current limit of Rs 1.5 lakh becomes too restrictive and thus there is need to widen horizon by offering additional investment opportunities. The limit of Rs 1.5 lakh has remained constant since a very long time now and thus there is a need to increase the said limit," said Vivek Bansal- executive director and group CFO, InCred.
“The Finance Minister will be presenting the Union Budget 2022-23 on the 1st of Feb’22 which will be keenly watched by the markets. We expect that the Union Budget will focus on targeted spending while maintaining fiscal discipline. We expect the Government fiscal deficit for FY23 will be well below the budget estimate of 6.8 per cent for FY2022 due to better than expected tax collections," said Jyoti Roy, DVP, equity strategist, Angel One Ltd.
“We expect that the government will continue its focus on providing support to the rural economy and manufacturing sector through increased spending and PLI schemes. We also expect the government will increase allocation to the infrastructure and housing sector given their high multiplier effect on the economy," Roy further added.
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