New Delhi: Union Budget Minister Nirmala Sitharaman has started presenting the budget. For the second time, she has done away with paper budget and the secrecy-shrouded annual financial document was carried by her in a tablet, as was done last time. Besides reducing paper as per government policy, the switch to digital form also aims at minimising surface contacts in the time of Covid 19.
The budget presentation comes amid the financial crisis following the Covid 19. Ahead of the budget presentation, Sitharaman called on President Ramnath Kovind at the Rashtrapati Bhavan. The Union Cabinet also convened ahead of the budget and approved the budget.
It is for the fourth consecutive year that Nirmala Sitharaman is presenting the Union budge. She presented the Economic Survey on Monday, wherein the economy was shown as expecting a growth by 8 to 8.5 per cent next year.
For the current year ending March 31, growth is expected to be 9.2 percent. The survey found that economic activity has returned to the level it was before and that the Indian economy is ready to take on new challenges.
At the onset, Finance minister Nirmala Sitharam expressed empathy to all those who have suffered from the Covid-19 pandemic. "We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly."
Noting that there was a sharp increase in public investment & capital expenditure in Budget 2021-22, Sitharaman noted that the Budget (2022-23) will benefit, youth, women, farmers, SC, ST and shall be guided by PM Gati Shakti master plan.
Further hailing the Union Budget 2022, she said that this Budget will lay the blueprint of the Indian economy over the Amrit Kal of the next 25 years. "This Union Budget seeks to lay the foundation and give a blueprint of the economy over 'Amrit Kal' of next 25 years - from India at 75 to India at 100", Nirmala said adding that last year budget has seen significant implementation.
Major announcements of Sitharaman as part of her Budget 2022 speech include spectrum auction which will be held in 2022 for rolling out of 5G mobile services within 2022-23 by private firms. In a major move, the minister announced a 30% tax on proceeds of digital assets.