December 1, 2022

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Budget Lays Blueprint For India At 100, Digital Rupee To Be issued By RBI Soon, Says Nirmala Sitharaman

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Budget 2022 India Live, FM Nirmala Sitharaman Speech Live Updates: The country is expected to grow at 9.27% in the coming year, Finance Minister Nirmala Sitharaman said

Finance Minister Nirmala Sitharaman, while presenting the Union Budget, said that the country is expected to grow at 9.27 per cent in the coming year. With a focus on four pillars of development — inclusive development, productivity enhancement, energy transition and climate action — the Budget gives a blueprint of economy from India at 75 to India at 100, Sitharaman said.

The Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the highest since the inception of the tax in 2017 — the Finance Minister said.

In a major push for digital currency, Sitharaman stated that digital rupee will be issued using blockchain technology by the RBI starting 2022-23. This will give a big boost to the economy, the Finance Minister said. She added that income from the transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.

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