Guwahati: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 in the Lok Sabha. While presenting the budget she said “ We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100.” Individual income tax, Provident Fund, pensions, and spending on healthcare, which has been one of the most active sectors due to increased medical claims, are among the important parts of the Union Budget 2022 that are being closely scrutinised. Agriculture and farm subsidies are likely to receive the most attention from the government, given their basic impact on India’s economic growth and the recent debate over the now-repealed three farm laws. The Union Budget 2022 is also released during a month in which five states will hold legislative elections.
Here are the highlights of Union Budget 2022 announcements:
Union Budget 2022: Urban development
For urban capacity building, support will be provided to states – mass transit, planning help, etc.
Union Budget 2022: New passports
E-passports using embedded chips and futuristic tech will be rolled out.
Union Budget 2022: Boost for digital payments
Digital payments have grown at rapid pace. Benefits of digital banking should reach every nook and corner. Taking forward this agenda, we will set up 75 digital banking units in 75 districts by scheduled commercial banks.
Union Budget 2022: River linking
Implementation of Ken-Betwa rivers linking with estimated cost of ₹ 44, 605 crores to be taken up.
Union Budget 2022: Northeast infra
PM development initiative for the northeast to fund infra and social development projects.
Union Budget 2022: For women and child development
2 lakh Anganwadis to be upgraded with better facilities
Union Budget 2022: For start-ups
Drone Shakti through various application centres for start-up that work on drone technology.
Union Budget 2022: Resilient MSME
Credit guarantee trust for micro and small enterprises will be revamped with required infusion of funds. This will give ₹ 2 lakh crore more for MSMEs.
Union Budget 2022: Better farming
“For better farming, we will provide comprehensive package with state government coordination”: Nirmala Sitharaman
Union Budget 2022: River water sharing
Draft detailed project reports for five river water sharing projects have been finalized. Once consensus is reached among states, centre will support them for implementation.
Union Budget 2022: More infra development
2,000 km under Kawach programme. 400 new generation Vande Bharat trains. 100 PM Gati Shakti cargo terminals
Union Budget 2022: Minimum support price (MSP)
Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy
Union Budget 2022: Infra development
National Highways to be expanded by 25,000 km
Union Budget 2022: Engines of growth
PM Gati Shakti, inclusive development, productivity enhancement, energy transmission, climate action and financing of investment.
Union Budget 2022: Amrit Kal from India at 75 to India at 100
“We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100,” Ms Sitharaman said today.
Union Budget 2022: On COVID-19 pandemic
“We are confident of withstanding challenges amid the COVID-19 pandemic”: Nirmala Sitharaman
Union Budget 2022: Union Cabinet approves Budget
Before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi has approved the Budget for the fiscal year 2022-23.
Union Budget 2022: COVID-19 spending
India had started the world’s largest COVID-19 inoculation programme on January 16, 2021. The expenditure on vaccination this fiscal, as well as in the next would be the most-watched figures in the Budget. The Budget estimate for vaccine expenditure for the current fiscal was ₹ 35,000 crore.
Union Budget 2022: Optical fibre
Bharat Net optical fibre project to be complete in 2025
Union Budget 2022: Tech solutions
5G rollout by private telcos in 2022-23 and online e-bill facility for all government supplies.
Union Budget 2022: New education channel
One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19.
Union Budget 2022: Social welfare
Transliteration of land records in 8 languages will be rolled out
Union Budget 2022: Post offices
All post offices to be linked with core banking solution to push financial inclusion.
Union Budget 2022: The 4 pillars
PM Gati Shakti, inclusive development, energy transition and financing of investments.
Union Budget 2022: Defence allocation
68 per cent capital for procurement for defence will be for domestic industry.
Union Budget 2022: Capital expenditure raised
Capital expenditure raised by 35.40 per cent from ₹ 5.54 lakh crore to ₹ 7.50 lakh crore
Union Budget 2022: Effective expenditure
Effective expenditure will be ₹ 10.68 lakh crore, or 4.1 per cent of GDP
Union Budget 2022: Digital rupee
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
Union Budget 2022: Direct taxes voluntary compliance
New updated returns. Income Tax Department has made new roadmap. To correct errors by taxpayers, file updated returns within 2 years.
Union Budget 2022: Cooperative societies tax
Tax rate for cooperative societies reduced to 15 per cent.
Union Budget 2022: National Pension Scheme (NPS)
Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman
Union Budget 2022: Digital assets tax
30 per cent tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
Union Budget 2022: GST
Remarkable progress in GST but there were huge challenges, says Nirmala Sitharaman.
Union Budget 2022: Income tax rates unchanged
The government has not changed income tax rates this year.
Union Budget 2022: Gross GST collection
Gross GST collection in January at record ₹ 1,40,986 crore, possible due to rapid economic recovery, says Finance Minister Nirmala Sitharaman.
Union Budget 2022: Long-term capital gains
Surcharge on long-term capital gains capped at 15%