Indian Union Budget 2022-23 Highlights भारत के केन्द्रीय बजट २०२२-२३ की मुख्य बातें

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.