Business

New Delhi, Feb 1 (PTI) The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the Budget 2022-23, sources said.

The Budget will be presented by Finance Minister Nirmala Sitharaman in a short while from now in the Lok Sabha.

The Budget documents usually include the finance minister's speech in Parliament, highlights, annual financial statement, finance bill containing tax proposals, memorandum explaining the provisions in the financial bill, and macroeconomic framework statement.

New Delhi, Feb 1 (PTI) The government is committed to reduce imports and promote self-reliance in the defence sector, Finance Minister Nirmala Sitharaman said on Tuesday.

She said that 68 per cent of capital for the defence sector would be earmarked for the local industry.

Sitharaman also said that 5 per cent of Universal Service Obligation (USO) Fund would be provided for R&D and technology upgradation.

New Delhi, Feb 1 (PTI) The Congress on Tuesday accused Finance Minister Nirmala Sitharaman and Prime Minister Minister Narendra Modi of betraying the country's salaried and middle classes by not announcing any relief measures for them in the Union Budget.

Congress general secretary and chief spokesperson Randeep Surjewala said the salaried and the middle classes have been affected due to pay cuts and high inflation.

New Delhi, Feb 1 (PTI) CPI(M) general secretary Sitaram Yechury on Tuesday questioned the government on the purpose of Union Budget 2022 and asked why the wealthy have not been taxed further.

The budget, presented by Finance Minister Nirmala Sitharaman, does not tinker with personal income tax rates. It also does not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class.

New Delhi, Feb 1 (PTI) Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23.

The minister also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class.

The standard deduction currently stands at Rs 50,000.

There was no change income tax slabs in the personal income tax category in the Budget unveiled on Tuesday.

30 Jan 2022; MEMO: Fresh protests erupted in Sudan on Sunday to demand full civilian rule, with protesters blocking the main land road with Egypt.

Protesters in the Northern State blocked the Sheryan al-Shimal road between Sudan and Egypt in protest of what they call the Egyptian government's support for the military takeover in Sudan, according to an Anadolu Agency reporter.

30 Jan 2022; MEMO: Canada's Calvalley Petroleum has suspended its operations and exploration in Yemen's Hadramout province due to deteriorating security conditions after having resumed activities in the war-torn country in mid-2019, the company said, Reuters reports.

It confirmed a Jan. 17 notice to staff and contractors, seen by Reuters, announcing suspension of activities in block 9, citing production and transportation disruption since Dec. 14 from checkpoints outside the company's gate and road blocks.

29 Jan 2022; MEMO: Israeli Prime Minister Naftali Bennett has asserted that Israel will not commit to any agreement on Iran, Israeli newspaper The Jerusalem Post reported.

"The Israeli strategy doesn't depend on whether there's an agreement or not," he told the Israeli newspaper on Thursday. "We will protect ourselves by ourselves. Even if there is an agreement, we're not committed to it. We will preserve our freedom to act."

29 Jan 2022; MEMO: Proposals to Russia by the United States and NATO regarding the Black Sea do not violate Turkey's maritime rights, Turkish sources have confirmed.

Earlier this week, Russia released a series of security demands to NATO in continued negotiations over the Ukraine crisis. Those demands included guarantees that the alliance will never admit Kyiv and other former Soviet member states into NATO and that the deployment of western troops in those Eastern European counties will be withdrawn.

29 Jan 2022; MEMO: Turkish Vice President Fuat Oktay discussed the Cyprus issue with Ersin Tatar, president of the Turkish Republic of Northern Cyprus (TRNC), Turkiye's Communications Directorate said on Saturday, Anadolu Agency reports.

The two also discussed the latest developments in the region and cooperation between the two countries.

The meeting was held at the official residence of Oktay.