Budget 2022: PM Modi to Talk About ‘People-Friendly’ Budget on Wednesday
Union Budget 2022: PM Modi called the budget "people-friendly" and said he will speak in detail on Wednesday regarding the same.
Union Finance Minister Nirmala Sitharaman on Tuesday presented Budget 2022 and tabled the Finance Bill 2022 to the Parliament. This year’s budget is said to have come as a disappointment to salaried taxpayers, as little to no changes were brought into effect in terms of income tax. Sitharaman gave her shortest Budget speech to date this year.
This was the fourth straight time that Sitharaman presented the Union Budget. Prime Minister Narendra Modi was present in the Lower House too. He also chaired a Cabinet meeting today, where the Union Budget 2022 was approved. During the press conference, the FM said on unemployment, “Due to pandemic there was the impact on job market worldwide, but we have taken steps and to help people. And will do more.”
After Sitharaman’s Budget speech, PM Modi called the Union Budget “people-friendly”. He kept his speech short and said he will speak in detail on Wednesday regarding the same.
This year, the Budget was paperless for the second time in a row, as the finance ministry had earlier notified. The Union Budget 2022-23 would also be available on the Mobile App after the process of Union Budget presentation. Ahead of reaching the Parliament, the finance minister posed with her tab containing the budget documents.
Watch Live Union Budget 2022 Here
What are the changes related to income tax in this Budget?
There were no major changes in income tax slabs in the Budget 2022. However, the government did allow a two-year window for taxpayers to correct their filings for a particular assessment year.
Also Read: How will Budget 2022 benefit students?
Also, the focus of the Budget was on ease of tax compliance, simplification and digitisation as well as ease of doing business. Measures to support small businesses and the rural economy are also were also taken in Budget 2022. Check this space for budget 2022 highlights.
Read More: When is Budget 2022-23? Know Date, Time, How to Watch FM Nirmala Sitharaman’s Speech
The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
The Budget presentation usually lasts between 90 and 120 minutes. In 2020, Nirmala Sitharaman broke her own record and presented a marathon 162-minute (two hours and 42 minutes) address despite cutting short her speech due to health issues.
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