Union Budget 2022: For decades, the central government holds a budget session in Parliament where many decisions are taken regarding the economic development of the country and its economy in general. The Union Budget for that financial year is presented by the Finance Minister during the Budget Day. Finance Minister Nirmala Sitharaman will present the budget in Parliament on behalf of the Narendra Modi government this year. This will be the fourth time that Sitharaman will present the budget in Parliament. This year, the session is likely to focus on the Covid-19 pandemic, which has seen three waves in India since its inception.
Here’s everything you need to know about Union Budget 2022
budget 2022 date and time
Union Budget to be presented on Tuesday, February 1 Finance Minister 11 in the morning. 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 around 2 hours 40 minutes, the longest in India’s independent history.
Where to watch Budget 2022
Budget 2022 will be telecast live on Lok Sabha TV. Apart from this, you can watch the budget presentation on social media platforms like Facebook, Twitter and YouTube. It will be telecast live by television news channels.
what to expect
This year, pandemic-hit India expects the government to focus more on the budget. Last year, the government allocated Rs 35,000 crore for COVID-19 vaccines and was committed to providing further assistance. After this, India started the world’s largest vaccination program, through which lakhs of beneficiaries were vaccinated. Hope this year also Budget Will focus more on healthcare and insurance sectors amid the pandemic.
For taxpayers, they expect Budget 2022 to provide reduction in tax rates and surcharges.
From Covid-19 relief to raising the limit of standard deduction under income tax, the middle class is expecting a slew of measures from the Finance Minister in the Union Budget 2022. “Section 80C is for tax saving for most of the individuals in India. The current limit of Rs 1.5 lakh becomes too restrictive and thus there is a need to broaden the horizon by offering additional investment opportunities. The limit of Rs 1.5 lakh has been stagnant for a very long time and thus there is a need to increase the said limit,” said Vivek Bansal- Executive Director and Group CFO, Incred.
In addition, there are expectations that the government will focus more on the insurance sector, increase the standard deduction and introduce several 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 as in previous years.
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