Key Highlights of the Union Budget 2022
Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament and said the country’s economic growth is expected at 9.2 per cent in the current financial year, let us know the Budget of 2022
Here are the key highlights of Budget 2022-23
Taxes
- The government will tax income from digital asset transfers at 30%
- Loss cannot be set off from any other income
- Gift of crypto currencies to be taxed at receiver’s end
- A new provision to allow taxpayers to file an updated return
- Updated return can be filed within 2 years from the end of the relevant assessment year
- Alternate Minimum Tax for cooperative societies to be cut to 15%
- Proposal will reduce surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore
- Tax deduction limit increased to 14% on employers contribution to NPS account of state govt employees
Infrastructure
- National highway network to be expanded by 25,000 kms during FY 22-23
- One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced
- PM Gatishakti masterplan for expressways will be formulated in next financial year
- 100 PM Gati Shakti terminals to be set up in next three years
Housing & Urban Planning
- Rs 48, 000 crore is allotted for PM Awas Yojana
- In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas
- 60,000 crore allocated for providing access to tap water to 3.8 crore households
- In 2022-23, 80 lakh households will be identified for the affordable housing scheme
- 5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs 250 cr
- Modern building by-laws will be introduced
MSMEs & Start-up
- Rs 6,000 crore programme to rate MSMEs to be rolled out over 5 years
- MSMEs such as Udyam, e-shram, NCS & Aseem portals will be inter-linked, their scope will be widened
Agriculture
- Govt to pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations
- 2022-23 has been announced as International Year of Millets
- Railways will develop new products for small farmers and MSMEs
Education
- States to be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget & organic farming, modern-day agriculture
- One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels
- Digital university to be set up to provide education; to be built on hub and spoke model
- 1-Class-1-TV Channel to be implemented to provide supplementary education to children to make up for loss of formal education due to Covid
Finance & Inclusion
- Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyse investments
- Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23
- Measures will be taken to step up private capital in infra sector
- Digital Rupee to be rolled out by 2023
- To speed up voluntary winding up of companies
- 75 digital banks in 75 districts will be set up by scheduled commercial banks to encourage digital payments
Telecom
- Spectrum auction will be conducted in 2022 for the rollout of 5G
- Scheme for design led manufacturing to be launched for 5G ecosystem as part of PLI scheme to enable affordable broadband and mobile communication in rural and remote areas
Defence
- Govt committed to reduce import and promote self reliance in defense sector
- Defense R&D will be opened up for industry, startups and academia with 25% of defense R&D budget
- Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with DRDO and other organizations through SPV model.
Railways
- 400 new generation Vande Bharat trains to be manufactured in next 3 years
- 2,000 km of rail network to be brought under indigenous technology KAWACH for safety and security
Travel
- ePassports will be rolled out in 2022-23 for convenience in overseas travel
- E-passport with embedded chip will be rolled out
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UNION BUDGET