BUSINESS
Fiscal Push: Budget FY23 gives massive Capex support to economy
In her Budget speech to Parliament on Tuesday, FM Nirmala Sitharaman proposed to increase the capital budget outlay by over 35%. "The outlay for capital expenditure in the Budget is being stepped up sharply by 35.4% from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23," Sitharaman said. Presenting the Budget 2022-23, she said that the capital expenditure has thus increased to more than 2.2 times the expenditure of 2019-20 and it would be 2.9% of GDP in 2022-23.
Budget 2022: 68% capital expenditure for Defence set aside for domestic procurement
Presenting the Union Budget 2022-2023 in the Parliament, FM said: "Our government is committed to reducing imports and promoting Aatmanirbharta in equipment for the armed forces. A total of 68% of the capital procurement budget for defense will be earmarked for the domestic industry in 2022-23, up from 58% in 2021-22." The minister said that defence research and development will be opened up for the industry, startups and academia with 25% of defence research and development budget earmarked.
Union Budget 2022-23: Key takeaways
Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for the financial year 2022-23. The revenue allocation has been done to achieve the government’s objective of social development among the lowest strata of the society and facilitate job creation to bolster the income of the middle and upper-middle segment of people. Here are the key takeaways from the budget 2022-23.
BlackBerry selling legacy patents for $600 mn
Catapult IP Innovations is a special purpose vehicle formed to acquire the BlackBerry patent assets. Patents that are essential to BlackBerry's current core business operations are excluded from the transaction. BlackBerry will receive a license back to the patents being sold, which relate primarily to mobile devices, messaging and wireless networking.
Nirmala Sitharaman chooses growth with a Budget for India@100
The outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4% from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23. This has increased to more than 2.2 times the expenditure of 2019-20. This outlay in 2022-23 will be 2.9% of GDP. With this investment taken together with the provision made for creation of capital assets through Grants-in-Aid to States, the 'Effective Capital Expenditure' of the Central Government is estimated at Rs 10.68 lakh crore.
Budget 2022: India to get its own digital currency by RBI next year, says FM
With this, India will join certain countries that have their own central bank digital currency (CBDC) that refers to the virtual form of a fiat currency.
"Digital rupee to be issued using Blockchain and other technologies by the RBI starting 2022-23. This will give a big boost to the economy," said Sitharaman in her Union Budget 2022-23 speech in Parliament. RBI has already been deliberating upon various aspects relating to the central bank digital currency and private cryptocurrencies.
Nirmala Sitharaman delivers Budget 2022-23 in shortest speech
Sitharaman spoke for one hour and 30 minutes, making it the shortest among the budget speeches that generally go for about 2 hours at least. Moreover, she, who also made the second paperless budget presentation as she read the speech from a tab, also quoted a verse from Mahabharat's Shanti Parva.
Budget 2022: 100 PM Gati Shakti Cargo terminals to be developed in 3 years, says FM
"100 PM Gati Shakti cargo terminals for multimodal logistic facilities will be developed during the next three years," FM said while presenting the Union Budget in Parliament on Tuesday. The Gati Shakti - National Master Plan for Multimodal Connectivity was launched by PM Modi in October, last year. Gati Shakti -- a digital platform -- aims to bring 16 Ministries including Railways and Roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects.
Budget 2022: 80L houses under PM Awas Yojana in 2022-23
The Finance Minister further stated that the central government will work with the state government for a reduction of time required for all land and construction-related approvals for promoting affordable housing for the middle class and economically weaker sections in urban areas.
Indian equities open sharply high ahead of FY23 Budget; all sectoral indices up
Last week, the indices saw some sharp decline as the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy on concerns of inflation.
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