Budget Speech 2022

Union Budget 2022 (Speech)

Union Finance Minster Presents its Union Budget on 1st Feb 2022 and said that the country is expected to grow at 9.27 per cent in the coming year. This budget focus on four pillars of development — inclusive development, productivity enhancement, energy transition and climate action — the Budget gives a blueprint of economy from India at 75 to India at 100.

The Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the highest since the inception of the tax in 2017.

Budget 2022 Highlights

1. India’s economic growth estimated at 9.2% to be the highest among all large economies.
2. 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
3. PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.
4. 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.
5. The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure
6. Surcharge on transfer of any long-term capital gains has been capped at 15 per cent.
7. 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.
8. 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.
9. A new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India starting 2022-23.
10. 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.
11. 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
12. Corporate surcharge to be reduced from 12% to 7%
13. Income from transfer of digital assets to be charged 30% tax, plus 1% tax on transaction: FM
14. Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23: FM Sitharaman
15. Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.
16. Rs. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal
17. Rs. 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.
18. Agriculture
    1. Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy.
    2. 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.
    3. NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.
    4. Kisan Drones’ for crop assessment, digitization of land records, spraying of insecticides and nutrients.
19. MSME Sector
    1. Udyam, e-shram, NCS and ASEEM portals to be interlinked.
    2. 130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)
    3. ECLGS to be extended up to March 2023.
    4. Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs 5 Lakh Crore.
    5. 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).
    6. Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 Crore to be rolled out.
20. Education Sector
    1. One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.
    2. Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.
    3. High-quality e-content will be developed for delivery through Digital Teachers.
    4. Digital University for world-class quality universal education with personalised learning experience to be established.
21. Health Sector
    1. An open platform for National Digital Health Ecosystem to be rolled out.
    2. National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched.
    3. 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.
22. Banking Sector
    1. 100 per cent of 1.5 lakh post offices to come on the core banking system.
    2. Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.

Budget 2022 Video

Budget Speech 2022

You can download the Budget Speech 2022 PDF using the link given below.

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• हरियाणा बजट 2022 – Haryana Budget 2022-2023