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Budget Session: Here are the key highlights of the Budget 2022-23
Finance Minister Nirmala Sitharaman presented Union Budget for the year 2022-23 in parliament. Here are the key highlights of the Budget 2022-23
New Delhi: Finance Minister Nirmala Sitharaman presented Union Budget for the year 2022-23 in parliament.
India's growth is estimated to be at 9.27 per cent in the current year, Finance Minister Nirmala Sitharaman informed the Parliament during the presentation of the Union Budget 2022-23 on Tuesday.
Here are the key highlights of the Budget 2022-23:
1. High quality e-content through digital teachers, radio, internet, television
2. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100
3. In hilly areas, to improve connectivity, convienence and boost tourism, 8 projects for length of 60 kms in PPP mode
4. National Railways Programme will be taken up on PPP mode, 400 new Vande Bharat trains in 3 years
5. Priorities of the Budget include big public investment for modern infra, which will raise productivity
6. 60 lakh jobs will be created in the next 5 years Public issue of LIC expected shortly
6. Chemical-free natural farming will be promoted across India
7. PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways. logistics infra. All 7 engines will pull forward the Economy in unison
8 Rs 20k crore to boost transport infra
9. Digitisation of land records a priority, will use Kisan drones for land records
10. Growth trajectory of 9.2 percent on track
11. Support will be provided for branding millet products nationally and internationally
12. Children, especially in government schools have lost 2 years of education. For this, one class, one TV channel will be expanded from 12 to 200 TV channels
13. National Mental Health programme will be launched to address mental health issues, caused by the pandemic. 23 mental health institutions will be initiated. For mental health counselling, a National Tele Mental Health Program will be launched.
14. 2 lakh angadwadis will be updated
15. 80 lakh affordable houses by 2023
16. FM says border villages with sparse population and limited infrastructure to be covered under vibrant villages programme. Housing, tourist centre, DTH etc to be provided
17. Proposes to set up 75 digital banking centres in 75 districts by commercial banks. In 2022, 100% of 1.5 lakh post offices will come on core banking system to facilitate financial inclusion
18. Five academic educational institutions will be declared centres of excellence and receive an endowment fund of Rs 250 crore each
19. E-passports with embedded chips will be issued by 2023. These e-passports with futuristic technology will enhance the experience for citizens.
20. Govt will promote a shift to public transit usage through special zones with zero tolerance for non-public transit and encourage EVs only operations. Battery swapping policy will be brought out along with inter-operability standards.
21. Special Economic Zones Act will be replaced with new legislation for the development of enterprise and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports
22. Govt proposes digital rupee using blockchain starting 2022
23. Expect 5G auctions this year
24. Emergency Credit Line Guarantee Scheme (ECLGS) scheme has been extended till March 2023, with an expanded guarantee cover of Rs 5 lakh crore.
25. For taxation of any virtual digital asset, an income tax will be levied at 30% at the time of transfer of such assets, with no relaxations. A TDS of 1% will be levied for transactions above a certain threshold. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income
26. Long-term capital gains on equities capped at 15 percent
27 Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees