Finance Minister Nirmala Sitharaman presented the budget 2022 in Assembly today at 11 AM. She started her speech by remembering all those lives that we lost during Covid-19 pandemic.
Anand Mahindra tweeted that this budget may prove to be most impactful of all.
Brevity has always been a virtue. @nsitharaman ‘s shortest budget address may prove to be the most impactful…— anand mahindra (@anandmahindra) February 1, 2022
PM Narendra Modi said, “The budget 2022 brings in new hopes and opportunities for the people. It strengthens the economy and is a great step for the infrastructure sector. It induces more investment, more growth and more jobs. There is also a new provision of green jobs and ensures a bright future for youth.”
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Lets discuss the India Budget 2022 in bullets for a quick information:
- Indian economy is expected to grow by 9.27 percent.
- PM Gati Shakti master plan will benefit youth, women, farmers and backward classes of India.
- Production Linked Incentive Scheme will create 60 lakh new jobs and production of Rs 30 lakh crore over the span of 5 years.
- Government will procure 1208 lakh metric ton of wheat and paddy (rice) from 163 lakh farmers and will provide direct payments of Rs 2.37 lakh crores in their accounts as per MSP rates.
- A fund will be set up by NABARD under co-investment model for finance startups in agriculture and rural enterprises.
- North East Council will implement PM Modi’s development initiatives for North East states.
- Open platform for Health Care Services will be rolled out to provide better health services. National Tele Mental Health program will also be launched.
- Tenure of Emergency Credit Line Guarantee Scheme will be extended by March 2023 and guarantee cover will be expanded by Rs 50,000 crore to cover amount of 5 lakh crore.
- 400 Vande Bharat Trains will be manufactured and launched in 3 years.
- e-Passports will be rolled out to make things easier for Indian citizens.
- Drones will be promoted for spraying pesticides, crop assessment and digitization of land records. Startups will get fund through NABARD.
- A taskforce will be set up for animations, visual effects, gaming and comics sector to promote domestic capacity to serve national and international markets.
- 68% of Capital Procurement Budget for Defense will be earmarked for domestic companies to reduce imports.
- Spectrum auctions will take place in 2022 to facilitate roll out of 5G Services in 2023 by Telecom players.
- Effective capital expenditure of Central Government is estimated to be Rs 10.68 lakh crore for 2022-23.
- Rs 19,500 crores for domestic production of efficient solar modules under PLI Scheme.
- Digital money will be issued by RBI by using Block Chain Technology by 2022-23.
- 1 Lakh crore will be provided to states for assisting them in catalyzing overall investments in the economy.
- Taxpayers can make correction in ITR within 2 years from relevant assessment year.
- Tax deduction limit of all government employees (state and central) will be increased from 10% to 14%.
- Rs 48,000 crores will be allocated for construction of 80 lakh houses under PM Aawas Yojna.
- Income generated from digital assets like cryptocurrency and NFT will be taxed at 30% and an additional 1% will be taxed on transaction.
- Corporate surcharge will be reduced from 12% to 7%.
- Income generated from Long Term Capital Gains will be taxed at 15%.
- Gross GST collection for January, 2022 was Rs 140,986 crore.
- Custom duty on polished gemstones and diamonds will be cut to 5%.
- Surcharge on unlisted shares will be reduced from 28.5% to 23%.