Union Budget 2022: Since decades, the central government holds a budget session in the Parliament where a host of decisions regarding the country’s economic growth, and its economy in general, is taken. The Union Budget of that fiscal is presented during the Budget day by the finance minister. This year, finance minister Nirmala Sitharaman will present the Budget at the Parliament on behalf of the Narendra Modi government. This will be the fourth time that Sitharaman will present the Budget at the Parliament. This year, the session is likely to focus on the Covid-19 pandemic, which in India has seen three waves since its beginning.
Here is Everything You Need to Know About Union Budget 2022
Budget 2022 Date and Time
The Union Budget will be presented on February 1, Tuesday by the finance minister at 11 am. The duration of the Budget presentation is likely to range from 90 minutes to 120 minutes. However, last year, the finance minister’s speech lasted for roughly 2 hours and 40 minutes, which was the longest in India’s independent history.
Where to Watch Budget 2022
Budget 2022 will be broadcast live on the Lok Sabha TV. Apart from this, one can watch the Budget presentation on social media platforms like Facebook, Twitter and YouTube. The live broadcast will be picked up by television news channels.
What to Expect
This year, the pandemic-hit India expects the government to lay more focus on Budget. Last year, the government had allocated Rs 35,000 crore for Covid-19 vaccines and committed to provide further support. After this, India had launched the biggest vaccination programme of the world, through which millions of beneficiaries got vaccinated. This year too, it is expected that the Union Budget will focus more on the healthcare and insurance sectors amid the pandemic.
As for taxpayers, they expect the Budget 2022 to provide a reduction in tax rates and surcharges among others.
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.
Apart from this, expectations are there that the government will focus more on the insurance sector, increase standard deduction and implement various other tax benefits. The Union Budget 2022 is also expected to focus on providing support to the rural economy and manufacturing sector through increased spending and PLI schemes like the previous years.