Budget 2022: Income tax remains the same with no major changes, Defense sector gets a new upgrade

The Union Budget 2022 is largely focused on infrastructure and aims to lay the foundation for India's economic growth in the next 25 years through public investment

Budget 2022: Income tax remains the same with no major changes, Defense sector gets a new upgrade
Indian Finance Minister Nirmala Sitharaman holds a folder containing Union Budget 2022-23 documents outside the Ministry of Finance prior to presenting it in the parliament house in New Delhi, India, on 01 Feb. 2022. Photographs by Rajeev Bhatt

Union Finance Minister (FM) Nirmala Sitharaman presented the Union Budget 2022 in Parliament today. This year’s Budget, similar to the previous year was in a paperless format due to the contact restrictions because of the COVID-19 pandemic. The Finance Minister was photographed on the way to the Parliament carrying the document in a tablet encased in a red sleeve with the national emblem emblazoned on it.

“The overall, sharp rebound and recovery of the economy is reflective of our country’s strong resilience. India’s economic growth in the current year is estimated to be 9.2 per cent,” said Finance Minister Nirmala Sitharaman in her address to the parliament. She noted that it is highest among all large economies.