Highlights of the Union Budget 2022-23!!
Sakshi Education
Finance minister Nirmala Sitaraman presented the union budget 2022-23 on Feb 1st.
![Union Budget 2022-23](/sites/default/files/images/2022/02/01/nirmala-sitharaman-budget-file-express-archive-1200-1643709563.jpg)
Key Features of the Union Budget 2022-23
GOALS OF AMRIT KAAL
- Focus on growth and all inclusive welfare
- Promoting technology enabled development, energy transition and climate action
- Virtuous cycle starting from private investment, crowded in by public capital investment
FOUR PRIORITIES
- PM GatiShakti
- Inclusive Development
- Productivity Enhancement and Investment, Sunrise Opportunities, Energy Transition and Climate Action
- Financing of Investments
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PM GatiShakti
- Driven by seven engines: Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure.
- National Master Plan aimed at world class modern infrastructure and logistics synergy
- Formulation of Master Plan for expressways. Completing 25000 km national highways in 2022-23
- Unified Logistics Interface Platform allowing data exchange among all mode operators
- Open Source Mobility Stack for seamless travel of passengers
- 4 Multimodal Logistics parks through PPP to be awarded in 2022-23
- Integration of Postal and Railways Network facilitating parcel movement.
- One Station One Product
- Extending coverage under Kavach
- 400 new generation Vande Bharat Trains
- Multimodal connectivity between mass urban transport and railway stations
- National Ropeways Development Plan as sustainable alternative to conventional roads.
- Capacity building for infrastructure Projects
Agriculture and food processing
- Promoting chemical free natural farming starting with farmers’ lands close to river Ganga
- Promoting post harvest value addition, consumption and branding of millet products
- Delivery of Digital and Hi-Tech services to farmers in PPP mode.
- Use of Kisan Drones to aid farmers.
- Launching fund with blended capital to finance agriculture start ups
- Implementation of Ken Betwa Link Project benefitting 9.1 lakh hectare farm land, providing drinking water to 62 lakh people and generating 130MW power.
- 5 more such projects under process of implementation.
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Education
Universalisation of Quality Education
- One class One TV channel programme to be expanded to 200 TV channels
- Virtual labs and skilling e-labs to promote critical thinking skills and stimulated learning environment
- A Digital University will be established with world class quality universal education
- High quality e-content will be delivered through Digital Teachers
Skill Development
- Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to promote online training
- Startups will be promoted to facilitate Drone Shakti for Drone-As-A-Service
Health
- National Digital Health Ecosystem will be rolled out
- National Tele Mental Health Programme will be launched for quality counselling
- Integrated architecture: Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0 to be launched
- Two lakh Anganwadis to be upgraded to Saksham Anganwadis
All inclusive welfare focus
- Har Ghar, Nal Se Jal: 3.8 crore households to be covered in 2022-23
- PM Awas Yojana: 80 lakh houses to be completed in 2022-23
- PM-DevINE: To fund infrastructure and social development based on felt needs of the North East
- Aspirational Blocks Programme: For development of lagging blocks of aspirational districts
- Vibrant Villages Programme: Targeting development of villages on the Northern Border left out from the development gains
- Digital Banking by Post Offices: 100% of post offices to come on the core banking system
- Digital Payments: Scheduled Commercial Banks to set up 75 Digital Banking Units in 75 districts
![MSME](/sites/default/files/inline-images/budget-msme.png)
Productivity enhancement and investment
Ease of Doing Business 2.0
- Trust based governance
- Integration of central and state level systems through IT bridges
- Expanding scope of PARIVESH Portal
- Unique Land Parcel Identification Number for IT based management of land records.
- Establishing C-PACE to facilitate voluntary winding up of companies
- End to end online e-Bill System and utilising surety bonds in government procurement.
- AVCG promotion task force
- Support to 5G under PLI scheme
- Opening up defence R&D for industry, startups and academia
Ease of Living
- Issuance of chip embedded ePassports
- Modernisation of building byelaws, implementing Town Planning Schemes and Transit Oriented Development
- Establishing Centres of Excellence in urban planning
- Providing a battery swapping policy as an alternative to setting up charging stations in urban areas
Financing of investment
- Public investment to continue to pump prime private investment and demand in 2022-23
- Introduction of Digital Rupee by RBI starting 2022-23
- Providing greater fiscal space to States
- Enhanced outlay to Scheme for Financial Assistance to States for Capital Investment
- For 2022-23 States will be allowed a fiscal deficit of 4% of GSDP of which 0.5% will be tied to power sector reforms
Mobilising Resources
- Green Bonds to mobilise resources for green infrastructure
- Infrastructure status for Data Centres and Energy Storage Systems
- Measures to aid investment by Venture Capital and Private Equity Investment
- Blended Finance for sunrise sectors
Tax proposals
- Allowing taxpayers to file Updated Return within 2 years for correcting errors
- Tax relief to persons with disability
- Reducing Alternate Minimum Tax Rate and Surcharge for Cooperatives.
- Increasing tax deduction limit on employer’s contribution to NPS account of state government employees
- Extending period of incorporation of eligible startups for providing tax incentives
- Income from transfer of virtual assets to be taxed at 30%
- Better litigation management to avoid repetitive appeals
- Any Surcharge or Cess on Income and Profits not allowable as business expenditure
- Customs administration to be fully IT driven in SEZs
- Phasing out concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5%
- Review of customs exemptions and tariff simplification
- Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic electronics manufacturing
- Rationalisation of exemptions on implements and tools for agri sector manufactured in India
- Extension of customs duty exemption to steel scrap
- Reduction of duty on certain inputs required for shrimp aquaculture
- Unblended fuel shall attract additional differential excise duty
Rupee Comes from
- Non Debt Capital Receipts 2%
- Income Tax 15%
- Borrowings and other Liabilities 35%
- Union Excise Duties 7%
- Corporation Tax 15%
- Non Tax Revenue 5%
- Customs 5%
- GST 16%
Rupee Goes to
- Centrally Sponsored Schemes 9%
- Pensions 4%
- Subsidies 8%
- Defence 8%
- Interest Payments 20%
- States' Share of Taxes and Duties 17%
- Finance Commission and Other Transfers 10%
- Central Sector Schemes 15%
- Other Expenditure 9%
Also Check:
Highlights of the Economic Survey 2021-22
Published date : 01 Feb 2022 03:29PM