New Delhi: Finance Minister Nirmala Sitharaman called on Ram Nath Kovind before presenting the Union Budget for 2022-23 in Parliament on Tuesday.
She met the President as part of established tradition. The Finance Minister was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and senior officials from the Ministry.
Taking to Twitter, Rashtrapati Bhavan said, “Nirmala Sitharaman, Minister of Finance along with Ministers of State for Finance, Dr Bhagwat Kishanrao Karad, Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022-23.”
The Union Budget 2022 will be presented in a short while from now.
The Minister carried the digitalised budget in a tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the traditional briefcase or ‘bahi khata’ for the second consecutive year.
Earlier in the day, MoS Chaudhary said that the budget will be inclusive, benefiting everyone. “Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors’ needs. It will be benefiting everyone…All sectors (including farmers) should have expectations from today’s budget,” he said.
One of the most keenly awaited announcements in the union budget, like every year, would be related to personal taxation. In every budget income tax rates and slabs are reviewed. However, the income tax slabs have not been changed since 2014.
Sitharaman will be making her fourth budget speech on Tuesday.
On Monday, she tabled this year’s Economic Survey, centred around the theme of “Agile approach”, which forecasted India’s economy to grow by 9.2 per cent during Financial Year 2021-22 and by 8-8.5 per cent in fiscal 2023 beginning 1 April.
The Macroeconomic stability indicators of the Economic Survey suggested that the Indian economy is well placed to take on the challenges of 2022-23. “The combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23,” it stated.
Notably, India’s foreign reserves crossed USD 600 billion in the first half of 2021-22 and touched USD 633.6 billion as of December 31, 2021.
As per the Survey, India’s merchandise exports and imports rebounded strongly and surpassed pre-COVID levels during the current financial year, indicating a significant pickup in net services despite weak tourism revenues.
The Budget Session of the Parliament commenced on January 31 with President Ram Nath Kovind’s address.
The first part of the Union Budget Session of Parliament will be held from January 31 to February 11 and the second part of the budget session will take place from March 14 to April 8.