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  • Budget 2022: Rs 1,400 crore for Ken-Betwa river-linking, DPR finalised for 5 others

    Finance Minister Nirmala Sitharaman on Tuesday introduced an allocation of Rs 1,400 crore in Union Budget 2022-23 for the implementation of the Ken-Betwa river-linking challenge in Bundelkhand, a drought-prone area spreading throughout 13 districts of Uttar Pradesh and Madhya Pradesh.
    “The implementation of the Ken-Betwa Link Project at an estimated cost of Rs 44,605 crore will be taken up. This is aimed at providing irrigation benefits to 9 lakh hectares of land, drinking water supply to 62 lakh people, 103 MW of hydro (power), 27 MW of solar power. Allocations of Rs 4,300 crore in the RE 2021-22 and Rs 1,400 crore in 2022-23 have been made for this project,” Sitharaman stated, throughout her price range speech in Lok Sabha.

    The announcement comes at a time when seven districts of Uttar Pradesh, which falls below the Bundelkhand area, are scheduled to solid votes within the third, fourth and fifth phases of the Legislative Assembly elections.
    On March 22, 2021, a memorandum of settlement was signed between the Ministry of Jal Shakti and the governments of Madhya Pradesh and Uttar Pradesh to implement the Ken-Betwa Link Project (KBLP).
    The Union authorities permitted the KBLP at an estimated price of Rs 44,605 crore in December final yr. The challenge is predicted to be accomplished in eight years.
    The finance minister additionally introduced that draft detailed challenge reviews (DPRs) for 5 different riverlink tasks — Damanganga-Pinjal, Tapi-Narmada, Godavari-Krishna, Krishna-Pennar and Pennar-Kaveri — have been finalised.

    Once a consensus is reached among the many beneficiary states, the Centre will present help for his or her implementation, she stated.
    The KBLP is the primary below the National Perspective Plan (NPP) for the interlinking of rivers, which was ready in 1980. It is without doubt one of the 16 tasks below the peninsular part. Besides, 14 hyperlinks are proposed below the Himalayan rivers improvement plan.

    The KBLP envisages transferring water from the Ken river to the Betwa river, each tributaries of the Yamuna. The Ken-Betwa Link Canal can be 221 km lengthy, together with a 2-km lengthy tunnel.
    The challenge has two phases, with 4 principal elements. Phase-I’ll contain one of many elements — Daudhan Dam advanced and its subsidiary models corresponding to Low Level tunnel, High Level Tunnel, Ken-Betwa Link Canal and energy homes.
    Phase-II will contain three elements — Lower Orr Dam, Bina Complex Project and Kotha Barrage.

  • Budget 2022: Full textual content of Nirmala Sitharaman’s speech

    Budget 2022 full textual content: Finance Minister Nirmala Sitharaman introduced the Union funds 2022 on Tuesday. Highlighting that there was a pointy improve in public funding and capital expenditure within the final funds, the Finance Minister added that Budget 2022-23 will profit, youth, ladies, farmers, and SC & ST.
    The full textual content of Sitharaman’s speech to be up to date shortly

  • Income tax slabs 2022: Here’s what taxpayers count on from Nirmala Sitharaman

    Finance Minister Nirmala Sitharaman will current the Union Budget right this moment (February 1, 2022). Ahead of the important thing upcoming elections in 5 states together with Uttar Pradesh and Punjab, all eyes by the salaried class can be on the announcement concerning private taxation.
    Last 12 months, Sitharaman had introduced the scrapping of revenue tax for senior residents beneath sure situations, new guidelines for removing of double taxation for NRIs, and a discount within the time interval of tax assessments amongst different measures. She had additionally elevated tax audit restrict from Rs 5 crore to Rs 10 crore.

    Here are the highest 5 expectations on direct and oblique taxes.
    Direct taxes
    1. Hiking the Section 80C restrict: Income tax financial savings beneath Section 80C is presently accessible as much as Rs 1.50 lakh in a monetary 12 months which can be revised upwards considerably.
    2. Concessionary tax regime: Making the non-compulsory concessionary tax regime that got here into impact from April final 12 months, extra acceptable, and elevating the brink Rs 15 lakh revenue for laying peak 30 per cent tax fee.
    3. Taxing of crypto belongings: Crypto belongings which include a variety of digital belongings like non fungible tokens (NFT), wrapped asset token and so on, are prone to get super traction within the coming future. It is being anticipated {that a} specialised tax regime for cryptocurrency might be launched in Budget 2022-23.
    4. Long-term capital features tax (LTCG): The long-term capital features tax (LTCG) which was launched via Finance Act 2018, has been a burden for buyers and dented their confidence. Most massive economies don’t have LTCG tax. It is anticipated that LTCG on sale of domestically-listed fairness shares may be exempted as it might increase funding via the inventory market.
    5. Taxes for corporates: Corporate companies count on that the quantity or expenditure incurred for serving to the society and worker welfare throughout Covid-19 may be allowed as deductible expenditure. Additionally, the federal government is anticipated to scale back the tax for these corporates which are engaged in analysis and growth (R&D) actions to fifteen per cent or much less and permit weighted deduction on in-house R&D expenditure.

    Indirect taxes
    1. Customs obligation on EV: A rationalisation of customs obligation for EV and their ancillary parts, renewable power era units and associated parts is anticipated.
    2. Concession for semiconductor makers: Sector particular concessions for semiconductor producers with deal with exports is probably going.

    3. Allocations for PLI schemes: Budget allocations for growth of production-linked incentive (PLI) scheme for sectors reminiscent of leather-based and laminates and extra schemes which may lure companies into organising further manufacturing in these sectors which had been earlier not in focus throughout earlier budgets might help in decreasing the pandemic impression.
    4. Customs obligation exemption: The authorities is presently reviewing 400 customs obligation exemptions (as introduced in earlier funds). The remaining listing is anticipated to be proposed as a part of Budget 2022-23 and corporates are awaiting it in order that there’s no adversarial impression on commerce.

  • Budget 2022 Highlights: Focus of Budget on offering fundamental facilities to poor, center class, says PM Modi

    Nirmala Sitharaman made a press release along with her sartorial decide for Budget 2021. (Express photograph by Praveen Khanna)
    The Budget comes at a time when India’s employment price has plummeted. Historic unemployment and faltering progress not solely exacerbated inequalities of revenue and wealth but additionally led to anincrease within the absolute variety of poor peoplein India — an unprecedented and embarrassing reversal in poverty alleviation. In the years main as much as Covid-led technical recession, there was a lot disagreement in regards to the authorities’s strategy.
    The Economic Survey, tabled only a day earlier than Sitharaman will announce the Union Budget 2022-23, emphasised the necessity for the federal government to supply a buffer towards stresses such because the uncertainty within the world setting, the cycle of liquidity withdrawal by main central banks, and so forth.
    The Survey has pegged that within the authorities’s efforts to construct a post-Covid economic system, demand measures alone is not going to present the answer. This relies primarily on the truth that all kinds of things equivalent to shopper behaviour, technological developments, geo-politics, supply-chains, local weather change may work together in unpredictable methods, and India might want to develop a supply-side technique to cope with the long-term unpredictability of the post-Covid world.
    Last 12 months, the federal government determined to arrange an asset reconstruction firm that may take over the dangerous loans of banks, giving them the pliability to finance the financial restoration. Just days forward of the Union Budget 2022-23, this proposal to arrange a ‘bad bank’ was cleared. State Bank of India Chairman Dinesh Khara mentioned the proposed ‘bad bank’ has “now” obtained all needed permissions together with from the Reserve Bank of India. It is able to begin operations with 15 circumstances value Rs 50,335 crore to be transferred by March 31, he mentioned.
    Must-Reads on Budget 2022-23:

  • Economic Survey pegs industrial progress at 11.8 per cent in FY22, and the way schemes like PLI would assist restoration

    India’s industrial sector, which was marred by disruptions because of the Covid-19 pandemic, is more likely to file a progress of 11.8 per cent in 2021-22, the financial survey has stated. Though the efficiency of the slowed down through the yr, it gives some prescriptions: a gradual unlocking of the financial system and plans such because the manufacturing linked incentive (PLI) scheme for varied sectors, together with different coverage initiatives akin to emergency credit score line assure to micro, small, and medium enterprises will assist assist the tempo of restoration.
    “The pace of this recovery and further growth is likely to continue due to consistent efforts of the government to bring in various structural, fiscal and infrastructural reforms in addition to a slew of measures/schemes like the production linked incentive scheme (PLI) to support industries,” the survey famous.

    Quoting the Reserve Bank of India research on company efficiency, the financial survey famous that the web revenue to gross sales ratio of enormous corporates had reached an all-time excessive regardless of the challenges of the pandemic.
    “Buoyant FDI (foreign direct investment) inflows amid improvements in overall business sentiments, foretells a positive outlook for the industry,” the survey famous.

    Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2021-22 within the Lok Sabha.
    Among the assorted main parts of commercial progress, manufacturing, which had a median share of 16.3 per cent within the nominal gross worth addition over the past decade noticed its share fall to 14.4 per cent. It is, nevertheless, anticipated to get better and attain 15.3 per cent by the top of this fiscal.
    Overall, in 2021-22, manufacturing is predicted to develop by 12.5 per cent, mining and quarrying by 14.3 p.c, development by 10.7 p.c and electrical energy, gasoline and water provide by 8.5 per cent.

    For the nation to attain a gross home product of $5 trillion by 2024-25, about $1.4 trillion must be spent simply on infrastructure over these years. Though India invested $1.1 trillion between 2008 and 2017, the problem is to “step up infrastructure investment substantially”, the survey famous.
    “The next 10 years will see a very high level of CAPEX (capital expenditure) in the railway sector as capacity growth has to be accelerated such that by 2030 it is ahead of demand. The CAPEX outlay for 2021-22 is Rs 2,15,000 crores which is more than five times the 2014 level. As more projects are taken on hand and several sources of capital funding are developed, the CAPEX will increase further in coming years and the railway system will actually emerge as an engine of national growth,” the survey famous.

  • CII pitches for added 1% CSR levy in Budget

    THE CONFEDERATION of Indian Industry (CII) has advised the federal government embody an extra 1 per cent company social accountability levy other than the necessary 2 per cent for one 12 months within the upcoming Budget to encourage corporates to spend on offering Covid vaccine booster photographs.
    The CII has additionally urged state governments to raise the pandemic-induced restrictions on financial exercise, arguing that the occupancy charge of hospital beds as a result of Omicron variant of Covid is properly inside the manageable degree.
    “CII suggests that 1 per cent of mandated CSR funds be earmarked for vaccination. We also recommend that an additional 1 per cent be added to CSR requirements in the Budget, for a specified period of 12 months, so that boosters can be made available to all age-groups,” CII president T V Narendran mentioned.

    The chamber mentioned it expects Budget 2022-23 to give attention to measures for strengthening financial restoration. The CII requested that the federal government ought to encourage business to deploy CSR funding in the direction of offering precautionary photographs to the group. Further, the business is able to contribute an extra 1 per cent underneath the CSR norms to the nationwide vaccination mission, other than the mandated 2 per cent, and this may be a part of the Budget for a interval of 12 months solely, advised CII.

    “Hospitalisation rates … stand at manageable levels and therefore, industry feels that Covid-related restrictions can be removed to enable robust recovery process to continue,” it said. WITH PTI

  • Government slashes 2021-22 sports activities price range by Rs 230 crore

    Image Source : GETTY Representational picture
    In the Union price range offered in Parliament on Monday, the Central authorities allotted Rs.2,596.14 crore to sports activities price range for the subsequent monetary yr 2021-22, much less by Rs.230.78 crore — or, 8.16 per cent — allotted within the earlier fiscal.
    The Sports Authority of India (SAI) has been allotted Rs.660.41 crore, which is a rise from the Rs.500 crore that was allotted within the final price range.
    The Sports Ministry’s flagship Khelo India, then again, has had its allocation slashed to 657.71 crore from Rs 890.42 crore allotted within the 2020-21 price range.

    Assistance to the National Sports Federations, nonetheless, has been elevated by Rs.35 crore. This yr’s price range is Rs.280 crore whereas final yr’s was Rs.245 crore. [ALSO READ: India’s spectacular Australia triumph shows country’s unsuppressed thirst to succeed: FM Nirmala Sitharaman]
    The yr 2021 is an Olympic yr as a result of postponement of the 2020 Tokyo Olympics as a result of Covid-19 pandemic. The Olympics was initially scheduled to be held from July 24 to August 9 final yr however was postponed in March, 2020 to July 23 to August 8 this yr.
    The price range allotted for renovation and upkeep of 2010 Commonwealth Games stadia has been decreased by Rs.66 crore to Rs 30 crore for the subsequent monetary yr.

  • Budget 2021: NRIs will quickly be capable to float one particular person firms

    Image Source : PTI Budget 2021 NRIs will quickly be capable to float one particular person firms
    Seeking to additional enhance the benefit of doing enterprise, Finance Minister Nirmala Sitharaman on Monday mentioned NRIs will likely be allowed to arrange one particular person firms, definition of small firms will likely be revised and varied provisions of the Limited Liability Partnership (LLP) Act will likely be decriminalised. The proposed relaxations to guidelines governing One Person Companies (OPCs) are anticipated to profit startups and innovators.
    Dedicating a separate portion of her 2021-22 Budget speech to firm issues, Sitharaman mentioned within the subsequent fiscal 12 months, MCA 21 portal will likely be pushed by information analytics, synthetic intelligence and machine studying options in addition to have further modules similar to for e-adjudication and compliance administration.
    MCA 21 portal is used for submitting varied paperwork as a part of compliance necessities below the businesses regulation.
    READ MORE: Budget 2021: Sitharaman publicizes massive infra initiatives for ballot sure states TN, Kerala, West Bengal, Assam
     
    Sitharaman, who can also be in control of the company affairs ministry, mentioned the decriminalising of the procedural and technical compoundable offences below the Companies Act, 2013, is now full, and that the subsequent step is to take up decriminalisation of the LLP Act, 2008.
    Further, she proposed revising the definition of small firms below the Companies Act, 2013 by rising their thresholds for paid-up capital from ‘not exceeding Rs 50 lakh’ to ‘not exceeding Rs 2 crore’ and turnover from ‘not exceeding ‘Rs 2 crore’ to ‘not exceeding Rs 20 crore’.

    “This will benefit more than two lakh companies in easing their compliance requirements,” she mentioned.
    Regarding OPCs, the minister mentioned she is proposing to “incentivise” the incorporation of such firms.
    OPCs will likely be allowed to “grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non Resident Indians (NRIs) to incorporate OPCs in India”.
    OPCs, which have lesser compliance necessities, could be arrange with one member.
    Further, the minister mentioned the National Company Law Tribunal (NCLT) framework will likely be strengthened, e-courts system shall be carried out and alternate strategies of debt decision and particular framework for MSMEs shall be launched.
    These are to make sure sooner decision of circumstances.
    “During the coming fiscal 2021-22, we will be launching data analytics, artificial intelligence, machine learning driven MCA21 Version 3.0. This Version 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and Compliance Management,” she mentioned.
    READ MORE: Budget to carry all-round improvement, concentrate on enhancing agri infrastructure: PM Modi
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  • Budget 2021: Home Ministry will get over Rs 1.66 lakh crore in price range, over Rs 3700 crore for census-related works

    Image Source : PTI Budget 2021: Home Ministry will get over Rs 1.66 lakh crore in price range, over Rs 3700 crore for census-related works
    The Centre has allotted about Rs 1,66,547 crore to the Ministry of Home Affairs for the 2021-22 fiscal with a majority of the funds going to the police forces and a considerable quantity for census associated works. According to the price range, offered by Finance Minister Nirmala Sitharaman, Rs 30,757 crore has been allotted to Jammu and Kashmir and Rs 5,958 crore for Ladakh — the 2 newly created Union Territories.
    The MHA has been allotted Rs 1,66,546.94 crore for the subsequent fiscal with Rs 1,03,802.52 crore for the central armed police forces just like the CRPF, BSF, CISF and so forth. and Rs 3,768.28 crore for census operations. The work for the census 2021 has been postponed because of the coronavirus pandemic.

    BUDGET 2021: FULL COVERAGE
    Central sector schemes and initiatives of the MHA received Rs 1,641.12 crore, whereas Rs 481.61 crore has been allotted for catastrophe administration.
    The Union Territories of Andaman and Nicobar Islands has been allotted Rs 5,317.41 crore, Chandigarh Rs 4,661.12 crore, Dadra and Nagar Haveli and Daman and Diu Rs 2,204.59 crore, Lakshasweep Rs 1,440.56 crore and Puducherry Rs 1,729.79 crore. 
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  • India’s spectacular Australia triumph exhibits nation’s unsuppressed thirst to succeed: FM Nirmala Sitharaman

    Image Source : GETTY/PTI FM Nirmala Sitharaman recalled India’s Test sequence win in Australia
    The Indian cricket workforce’s historic Test sequence triumph in Australia final month was recounted within the price range speech of Finance minister Nirmala Sitharaman, who stated it epitomises the nation’s “unsuppressed thirst to succeed”.
    The Indian workforce, ravaged by accidents to most of its key gamers and with out common skipper Virat Kohli who was on paternity depart, upstaged a full-strength Australia 2-1 in a four-match Test sequence final month.

    “I can’t help but recall the joy that we as a cricket-loving nation felt after the team India’s recent spectacular success in Australia,” Sitharaman stated on Monday throughout her speech.
    “It has reminded us of all the qualities that we as people, particularly our youth, epitomise having abundant promise and the unsuppressed thirst to perform and to succeed,” she added.
    This got here a day after Prime Minister Narendra Modi appreciated the lion-hearted effort of the facet in his ‘Mann Ki Baat’ tackle to the nation.

    “This month there was some great news from the cricket field. Our cricket team, after crossing initial hurdles, made a brilliant comeback to win the series in Australia. The hard work and team work of our players is inspirational,” he had stated.
    Last week, Chief Economic Advisor (CEA) Krishnamurthy Subramanian had additionally drawn a cricket analogy to clarify how economic system may very well be revitalised with completely different approaches.
    “Like in cricket, even in economic system, planning issues. When the ball is swinging round quite a bit, when there may be a whole lot of uncertainty, it’s good to play fastidiously and deal with survival.
    “Essentially, when the ball is swinging, bat like (Cheteshwar) Pujara and when swing is gone, bat like (Rishabh) Pant, which is what Indian policy makers should focus on,” he stated throughout a press convention on the Economic Survey for the yr 2020-21.
    Pujara had resolutely taken a number of hits to his physique whereas staying put in the course of the fourth Test in Brisbane, whereas Pant, in distinction, tore aside the Australian bowling assault together with his eye-catching strokeplay.