Nirmala Sitharaman
Budget measures on bonus and dividend stripping may impact a class of investors
Union Budget 2022-23 figures pose ambiguities and asymmetric financial market reactions, Anand Rathi Share and Stock Brokers said in a report. The report said measures such as re-casting of off- and on-budget items and changes in the mechanism for resource transfer to states created ambiguities by making strict comparison of budget data for FY23 difficult with past years.
Budget sends important signal to markets, financial institutions'
Responding to the Union Budget presented by Finance Minister Nirmala Sitharaman, WRI India Director, Climate Programme, Ulka Kelkar, said: "By referring to climate action as a sunrise sector and employment generator, the budget has sent an important signal to markets, financial institutions and the workforce.
Budgetary Lifeline: ECLGS to be extended till March 2023
Besides, ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore. Notably, the additional amount is being earmarked exclusively for the hospitality and related enterprises. In her Budget speech to Parliament, Finance Minister Nirmala Sitharaman said: "Emergency Credit Line Guarantee Scheme (ECLGS) has provided much-needed additional credit to more than 130 lakh MSMEs."
Rs 60K cr allotted for 'Har Ghar Jal', 3.8 cr households to benefit
Nirmala Sitharaman said, "Measures have included programmes that have provided housing, electricity, cooking gas and access to water." Giving more details, the Finance Minister said that the current coverage of 'Har Ghar Jal' and 'Nal Se Jal' is 8.7 crore, out of which 5.5 crore households were provided tap water in the last 2 years itself.
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.
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.
Lord Ganesha on Budget day: The untold, unwritten custom of Finance Ministry
"It's a custom, untold and unwritten in our Finance Ministry, but every Finance Minister has adhered to it without any exception over the years, no matter what his religious belief is. Every year on Budget day, we all, including the Finance Minister and the budget team do that, like Halva ceremony before printing of the document starts," revealed a retired senior official of the ministry of finance who worked there for decades.
Budget 2022: Experts exhort Centre to regulate crypto trades
While the sector has grown exponentially over the last few years in India with buying, selling of the digital currencies and altcoins and establishing cryptocurrency exchanges being legal, the government is yet to bring in a law that regulates the sector. The government was expected to introduce a Bill titled "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" to regulate cryptocurrencies in the Winter session of the Parliament but did not do so.
CAIT urges Centre to exempt GST registration for e-commerce sales
"Under the GST Act, a seller who wishes to sell products in e-commerce is invariably required to obtain a GST number. Any seller who does not have a GST number is not allowed to sell products on any e-commerce portal. This provision of the Act is barring lakhs of traders across the country from using e-commerce to sell their products," a joint statement by the traders' body's national President B.C. Bhartia and Secretary General Praveen Khandelwal said.
Sitharaman holds pre-budget consultations with BJP leaders
The meeting was conducted from the BJP's national headquarters here by Vice President Baijayant Panda, General Secretary Arun Singh and Spokesperson Gopal Krishna Agarwal. Representatives of 25 states including Mizoram, Tripura, Jharkhand, Chhattisgarh, Ladakh, Tamil Nadu, Kerala, Karnataka, Telangana, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan and Odisha attended the meeting and put forward their views for the development of their respective regions.
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