Union Finance Minister of India Mrs. Nirmala Sitharaman presented the Union Budget for the financial year 2022-23 on Tuesday, 1 February 2022. She reached the Lok Sabha with a tab in a red cloth and presented a completely paperless digital budget. Here are the highlights of the budget...
· Government to simplify customs rate for sectors including chemicals.
· To give duty concessions for some electronics manufacturer.
· Lower duty some chemicals.
· Revokes anti dumping duty for some steel products.
· Government to cap surcharge on Long term capital gains at 15%.
· Government extends tax incentive for startups up to March 2023.
· Tax gift of virtual digital asset.
· Government to tax income from Virtual digital assets transfer at 30%.
· Government proposes more reforms in direct tax regime. Government to allow new provision to update return for tax payers.
· Proposes new plan to file updated income tax return.
· Proposes cut in alternate minimum tax for Cooperate society, MAT reduce to 15%.
· Fiscal deficit in FY22 gap 6.9% of GDP vs 6.8% goal.
· Fiscal deficit in FY23 gap 6.4% of GDP.
· Digital rupee to be introduced by central bank in FY 23 to be backed by block chain technology.
· Government plans Rs. 1 trln. assistance to states borrowing plans.
· Proposes Rs. 7.5 trln. on capital allocation.
· Proposes Rs. 10.6 trln. on effective capital expenditure.
· To allow to set up international arbitration center in gift city.
· Give data centers as infra status.
· Rs 6,000 crore programme to rate MSMEs will be rolled out over the next five years, Finance Minister Nirmala Sitharaman said on Tuesday, February 1, 2022.
· As part of initiatives to promote digital infrastructure, a desh stack e-portal will be launched, union financs minister noted in her presentation of the Union Budget for 2022-23.
· Startups will be promoted for Drone Shakti.
· Government SEZs act to be replaced with new law, new law to boost exports competitiveness.
· To open up defense R&D for startup, academia, industry.
· 65% of defense capex to be kept for local companies.
· To promote public transports in urban areas.
· Plans battery swapping policy.
· Budget would continue to provide impetus to growth.
· The economic recovery is benefitting from public investments and capital spending, she said in her Budget 2022-23 speech.
· Added that inclusive development, productivity enhancement, energy transition and climate action are four pillars of development.
· Sitharaman noted that the PM Gati Shakti master plan is based on seven engines of growth.
· Government to get all Post office on core banking systems in 2022.
· Plans to digital University to provide access to school.
· Drinking water projects allocated Rs. 60,000 crore.
. Housing projects allocated Rs. 48,000 crore.
· ECLGS scheme to have Rs5tn total cover.
· To promote startups for Drone making.
· Plans to cut dependence on oil seed imports.
· Urban transport to be connected to railways.
· Plans find for farm startups under Nabard.
· Plans expansion of water supply projects.
· Rail, POST to work together on logistic.
· To make new Vande Bharat trains in 3 years.
· 100 cargo terminals in 3 years.
· Economy is seen growing at 9.2 per cent in the current fiscal, finance minister Nirmala Sitharaman said while presenting the Union Budget.
· Plans to cut dependence on oil seed imports.
· Infrastructure, logistic key areas of India focus.
· Highways to expanded by 25,000 KMS by 23.
· Promoting digital economy, fintech among the government focus, committed to strengthening abilities of poor.
· Make in India can create 60 lakh new jobs, Public issue of LIC is expected shortly.
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