Budget 2022
Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 in Parliament on 1st February 2022. In this Budget the the government has proposed expanding highways in the country by 25,000 kilometres, allocating Rs 60,000 crore to the Nal se Jal scheme, five river link projects across various states, an additional Rs 48,000 crore in the PM housing scheme, and boosting infrastructure development in the North East. Budget 2022 PDF can be download from the link given at the bottom of this page.
The Finance Minister also announced the auction of 5G spectrum in 2022; proposed setting up 75 digital banking units in 75 districts; announced a national programme for mental health, worsened by the Covid-19 pandemic; and brought virtual currencies like cryptocurrency and non-fungible tokens under the tax net.
Union Budget 2022
- India’s economic growth estimated at 9.2% to be the highest among all large economies.
- 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
- PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.
- Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities:
- PM GatiShakti
- Inclusive Development
- Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.
- Financing of investments
- The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure
- Agriculture
- Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy.
- Chemical free Natural farming to be promoted throughout the county. Initial focus is on farmer’s lands in 5 Km wide corridors along river Ganga.
- NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.
- Kisan Drones’ for crop assessment, digitization of land records, spraying of insecticides and nutrients.
- MSME Sector
- Udyam, e-shram, NCS and ASEEM portals to be interlinked.
- 130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)
- ECLGS to be extended up to March 2023.
- Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs 5 Lakh Crore.
- Rs 2 lakh Crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
- Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 Crore to be rolled out.
- Tax returns can now be revised for omission and mistakes including declared income not reported. The changes can be made through a one-time window till two years from the end of the assessment year on payment of tax.
- Road Transport
- National Highways Network to be expanded by 25000 Km in 2022-23.
- Rs 20000 Crore to be mobilized for National Highways Network expansion
- Skill Development
- Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training.
- Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS).
- Education Sector
- One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.
- Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.
- High-quality e-content will be developed for delivery through Digital Teachers.
- Digital University for world-class quality universal education with personalised learning experience to be established.
- Health Sector
- An open platform for National Digital Health Ecosystem to be rolled out.
- National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched.
- A network of 23 tele-mental health centres of excellence will be set up, with NIMHANS being the nodal centre and International Institute of Information TechnologyBangalore (IIITB) providing technology support.
- Rs. 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.
- Rs. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal.
- Banking Sector
- 100 per cent of 1.5 lakh post offices to come on the core banking system.
- Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.
- Unique Land Parcel Identification Number for IT-based management of land records.
- Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.
- Surcharge on transfer of any long-term capital gains has been capped at 15 per cent.
- Minimum Alternate Tax rate for cooperatives at 18.5 per cent has been reduced to bring it with parity of the rate for corporates. Also, the surcharge for cooperatives has been reduced to 7 per cent from 12 per cent for total income ranging between Rs 1-10 crore.
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Reduction of surcharge on unlisted shares from 28.5% to 23% – In a move that will ease exits from startups and Unicorns, the Finance Minister announced reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.
- A new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India starting 2022-23.
- Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate export of jewellery through e-commerce, simplified regulations will be in place by June this year.
- The gross GST collections for the month of January 2022 are Rs 1,40,986 crore —the highest since the inception of the tax: Finance Minister Nirmala
Union Budget 2022 Video
Budget 2022
You can download the Budget 2022 PDF using the link given below.
