Budget 2022 Live Updates Archives

Union Budget 2022: In her budget speech, the Union’s finance minister made a major announcement about digital currencies. A digital currency will be launched by the Reserve Bank of India (RBI) this year. It is expected to be released by the end of 2022 or early in 2023. The Central Bank Digital Currency is based on blockchain technology, among other technologies. India’s economy, therefore, stands to benefit greatly from the arrival of the Indian Digital Currency.

The transfer of any digital asset will also be taxed at 30 percent, as Sitharaman explained during her budget speech. Nirmala Sitharaman points out that virtual digital assets have seen an increase in transactions. As a result, a special taxation system for virtual digital assets is required. I propose a 30 percent tax on all income generated from the transfer of a virtual digital asset. A deduction shall not be allowed for any expenditure or element while computing such income, except for the cost of acquisition for any loss arising from a transfer of virtual digital assets, which cannot be set off against any loss.”

The Finance Minister went on to say that with this budget India would lay the groundwork for the next 25 years. Growth is forecast at 9.2% for the next fiscal year. According to the latest estimates, the Indian economy has grown by 9.2% for the current year.

Unlike cryptocurrencies, digital currencies are more stable and regulated. Unlike digital currencies issued by governments, crypto-currencies and stable coins are decentralized.

According to an analysis by the Financial Action Task Force (FATF), a non-profit organization dedicated to preventing money laundering and terrorism financing, cryptocurrencies offer better privacy than mainstream digital payment methods. These services can be misused by terrorist organizations and criminals for the wrong reasons.

Decentralized cryptocurrencies make it difficult for central banks to control an economy’s money supply since they do not have their most crucial tools.

On Tuesday, Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 to Parliament. The Modi government has presented its fourth budget in its second term. In presenting the digital budget, Nirmala Sitharaman said that the government has been empowering citizens, especially the poor, since 2014. We are empowering the poor to become more capable. Nirmala Sitharaman announced 400 new Vande Bharat trains with better efficiency would be introduced in the next 3 years.

Union Cabinet approves the #Budget2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly. pic.twitter.com/jpHptTfhz0
— ANI (@ANI) February 1, 2022

Sitharaman said the government has now begun to focus on technology development in her budget speech. To meet this challenge, we are in a strong position. Budget for 25 years, the Finance Minister said. Investments will be made in modern infrastructure. In this budget, the general investment will be encouraged.

Budgets have had a significant impact on the stock market. The government’s priority will be to accelerate the economic activities affected by the pandemic and the challenges it faces.

1) RBI will issue digital rupee in 2022-23 using blockchain and other technology: Finance Minister

2) Finance Minister: GDP will grow by 9.2 percent

According to the Finance Minister, India’s economic growth rate is expected to be 9.2% this year. Among major economies, this is the highest rate. The IMF and World Bank have also projected India’s GDP growth rate to be the fastest in the world.

3) PM e-Vidya to expand from 12 to 200 channels: Finance Minister

4) Focus on domestic oil production: Finance Minister Nirmala Sitharaman

5) Finance Minister Nirmala Sitharaman aims to link five rivers

6) The government will also increase its procurement of Rabi crops, including wheat: Finance Minister

A policy is being developed to encourage fruit and vegetable production. Additionally, he announced the promotion of oilseed production amid high prices for edible oils. The government will also increase purchases of Rabi crops, such as wheat.

The ECLGS scheme has been extended until March 2023 for all hospitality sectors, including tourism and hotels fighting the Corona epidemic. The credit guarantee scheme for small-scale industries has also been extended.

7) 400 New Vande Bharat trains will arrive in three years: Finance Minister

According to Finance Minister Nirmala Sitharaman, 400 new Vande Bharat trains with higher efficiency will be introduced within 3 years; within 3 years, 100 PM Gati Shakti cargo terminals will be developed.

8) IPO of Life Insurance Corporation (LIC) to come: Finance Minister Nirmala Sitharaman

9) A 5-km corridor will be built on the banks of Ganga: Finance Minister Nirmala Sitharaman

10) We are focusing on enhancing the capabilities of the poor, according to the Finance Minister

Nirmala Sitharaman said that our emphasis is on enhancing the capacity of the poor. The economy will be strengthened by PM Gatishakti.

11) ‘Intention to build 25,000 kilometers of roads’, says Finance Minister in the budget speech

In her budget speech, Finance Minister Nirmala Sitharaman said that 25,000 km of roads would be built. ‘PM Gatishakti’ also emphasizes road transport.

12) Updates on the Union Budget 2022: Finance Minister says ‘PM Gatishakti’ is the key to economic growth

‘PM Gatishakti’ the driving force behind the economic transformation

‘PM Gatishakti’ is our top priority

Tag: Budget 2022 Live Updates

Union Budget 2022: 30% tax to be paid on crypto in India, RBI will bring its own digital currency

Budget 2022 Live Updates: RBI to release digital rupee in 2022-23, Finance Minister Nirmala Sitharaman made an important announcement