Highlights of the Union Budget 2022-23!!

Sakshi Education

Finance minister Nirmala Sitaraman presented the union budget 2022-23 on Feb 1st.

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

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.

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

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

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