Finance Minister Nirmala Sitharaman presents the Finance Bill 2022

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The EU budget presented to Parliament today was the fourth presented by Nirmala Sitharaman.

New Delhi:

Union Finance Minister Nirmala Sitharaman presented the Finance Bill 2022 to Parliament on Tuesday, after which the Lok Sabha was adjourned until tomorrow.

The Finance Bill 2022 will give effect to the central government’s financial proposals for the financial year 2022-23.

The Union budget presented to Parliament today was the fourth presented by Sitharaman.

In her remarks today, Ms. Sitharaman said that the Goods and Services Tax (GST) has played a remarkable role in India’s GDP reform. “GST revenues are buoyant despite the pandemic, gross GST collection for the month of January exceeds Rs. 1.4 lakh crore. Highest since inception of GST,” she said.

Taking into account the provision for creation of fixed assets through state grants and aid, the minister said: “Actual capital expenditure by central government is estimated at Rs 10.68 lakh crore in 2022- 23, which will be about 4.1% of GDP.”

The Union Minister also talked about the introduction of a central bank digital currency which will boost the digital economy and thus lead to a cheaper currency management system.

Blockchain and other technologies will be used by RBI to issue the same from 2022, the finance minister said.

Earlier in the day, Ms Sitharaman met with President Ram Nath Kovind ahead of the budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other ministry officials.

In an attempt to go green, the Union budget for 2022-2023 has been presented in a paperless format. Ms Sitharaman read the budget to parliament through a tab, instead of the traditional bahi khata.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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