Presenting the Union Budget 2022 in Parliament on Tuesday, Union Finance Minister Nirmala Sitharaman listed inclusive growth, productivity growth, energy transition and climate action as four pillars of development.
From digital rupee And 5G Rollout Nirmala Sitharaman made many important announcements in PM Gati Shakti Master Plan for Tele Mental Health Program shortest budget speech So far.
Here is a look at the top 20 announcements made by Finance Minister Nirmala Sitharaman Union Budget 2022 speech:
- Large private investment in infrastructure will be guided by the Rs 100 lakh crore PM Gati Shakti Master Plan. PM Gati Shakti Master Plan Expressways will be created to facilitate faster movement of people and goods. The national highway network will be expanded to 25,000 km and Rs 20,000 crore will be raised to supplement public resources. Around 400 new generation Vande Bharat trains with improved efficiency and 100 PM Gati Shakti Cargo Terminals will be developed during the next three years.
- Digital Rupee will be issued by RBI from 2022-23 using blockchain and other technologies to give a big boost to the economy.
- Any income arising from the transfer of any virtual digital assets (cryptocurrencies and NFTs) will be taxed at the rate of 30%. No deduction shall be allowed in respect of any expenditure or allowance while computing such income, except the cost of acquisition. The announcement could mean that the government is unlikely to ban cryptocurrencies.
- Government proposes to increase tax deduction on contributions from 10% to 14% NPS This will help in bringing the state government employees at par with the central government employees.
- no change in Income tax Slabs but the government provides an opportunity to the taxpayers to rectify the errors in filing returns. Taxpayers can now file updated returns within two years from the relevant assessment year.
- The limit of surcharge on long term capital gains will be 15%.
- An open platform will be created for the national digital health ecosystem. This would include digital registries of health providers and health facilities, unique health identities and universal access to health facilities. A National Tele Mental Health Program will be launched for better access to quality mental health counseling and care services, especially in view of the COVID-19 pandemic.
- Spectrum auction will be conducted by private firms to launch 5G mobile services within 2022-23. According to a recent press statement by the Department of Telecommunications, 13 cities across the country will initially get 5G – Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi, Gandhinagar, Gurugram, Hyderabad, Jamnagar, Kolkata, Lucknow, Mumbai and Pune.
- the release of e-passport To increase the convenience for the citizens, will be launched in 2022-23.
- Special mobility zones to be developed for electric vehicles battery replacement A policy will be formulated to allow electric vehicle charging stations for automobiles.
- India will allocate an additional Rs 195 billion for production-linked incentives for manufacturing solar equipment.
- Emergency Credit Line Guarantee Scheme (ECLGS) will be extended till March 2023 and the guaranteed cover will be increased by Rs 50,000 crore to a total of Rs 5 lakh crore.
- PM eVIDYA’s ‘One Class, One TV Channel’ program will be expanded from 12 to 200 TV channels. This will enable all the states to provide supplementary education in regional languages for classes 1 to 12.
- Financial assistance will be provided to the farmers for adopting agro-forestry. In the first phase, chemical free natural farming will be promoted across the country with a focus on farmers’ lands in 5 km wide corridors along the banks of river Ganga. The estimated procurement of wheat in Rabi season and paddy in Kharif season will include 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers. There will be direct payment of MSP value in their accounts of about Rs 2.37 lakh crore.
- About 68% of the capital procurement budget for defense will be earmarked for promoting domestic industry atmanirbharta (self-reliance) and reducing dependence on import of defense equipment. This is up from 58 per cent in the last financial year.
- The SEZ (Special Economic Zone) Act will be replaced with a new law for enterprise and hub development. It will cover the existing industrial zones and enhance the competitiveness of exports.
- A completely paperless, e-bill system for procurement to be followed by all central ministries will be introduced.
- 48,000 crore allocated to complete the construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23.
- Customs duty on cut and polished diamonds, gems to be reduced to 5%.
- The Prime Minister’s Development Initiative for Northeast will be implemented through the North Eastern Council with an initial allocation of Rs 1500 crore.
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