Budget 2022
Image Credit: ANI
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 shortly. All eyes are on what will come out of Nirmala's box in this budget. If the Finance Minister will present the budget in Parliament in a short time from now, all eyes will be on the announcements of the Finance Minister regarding education, health, farmers and taxes on every section. How much tax relief will the middle class get in this budget and what will be the gift for the farmers. All eyes will be on this. Apart from this, what will be the provisions in the budget for women and youth, it will also be important.
This budget, which is coming in the midst of the third wave of Corona, is also expected to give a booster dose to the economy. Let's know the special things of Budget 2022. Along with this, we will also keep giving you moment to moment updates here.
Budget 2022
Finance Minister Nirmala Sitharaman is presenting the budget in Parliament. For the defence sector, he said, 25% of the Defence R&D budget will be opened to industry, startups and academia with defence R&D.
Private industry will be encouraged to design and develop military platforms and equipment in collaboration with DRDO and other organizations through the SPV model.
In defence, 68% of the capital procurement budget will be earmarked for domestic industry in 2022-23 (up from 58% in the previous fiscal).
Sitharaman said that there will be exemption in tax on electronics. At the same time, the custom duty on gems and jewellery has been reduced to 5 percent. Custom duty on fake jewellery will be Rs 400 per kg. Custom duty on steel scrap is being increased for one more year. Apart from this, the goods related to agriculture will be empowered.
Shortest speech ever by Finance Minister Nirmala Sitharaman. All announcements in just 90 minutes.
The middle class has again suffered a major setback in the general budget. There has been no change in the income tax slab. However, the corporate tax has been reduced from 18% to 15%.
Startups will be given tax incentives till March 2023. Apart from this, there will be relaxation in the pension of government employees.
Income from digital currency (cryptocurrency) has been taxed at 30 percent.
The government has announced to reduce the corporate tax from 18 percent to 15 percent. Tax relief has also been announced for the disabled.
There are plans to introduce new tax reforms. Updated ITR will be possible for the next 2 assessment years.
Expressways will be built under PM Gati Shakti Master Plan. The National Highway network will be extended to 25,000 km. A provision of Rs 20,000 crore has been made for this mission of Expressway. Our effort will be to generate 60 lakh new jobs. For the poor people, 80 lakh houses will be built. Its budget is Rs 48000 crore. E-passports will be issued in 2022-23, which will have chips on the card. Those going abroad will be comfortable. Also, ATMs will now be available in post offices too.
You will get up to 2 years to rectify the errors in ITR. Apart from this, the corporate tax has been reduced from 18% to 15%.
A scheme will be brought for the launch of 5G. Internet access should be available to all villages and people.
The technology will also be used in agriculture. Farmers will use drones. With this, crop evaluation, land records, spraying of pesticides will be done.
It has been announced in Budget 2022 that a scheme will be launched for the development of North East. This will improve the standard of living of the people there.
80 lakh houses will be built under PM Awas Yojana in 2022-23. A fund of 48 thousand crores has been kept for them.
New schemes will be started to strengthen MSME. 6000 crores will be given in 5 years. Udyam, e-SHRAM, NCS and Aseem portal will be interlinked. Now these will be platforms working with live organic database. These will provide credit facilities and create possibilities for entrepreneurship.
In the next three years, Finance Minister Nirmala Sitharaman announced, 400 new Vande Bharat trains will be built. Also, 100 PM Gati Shakti Cargo Terminals will be edeveloped. In addition, eight new ropeways will be built.
Between 2022 and 2023, the length of the National Highway would be raised to 25,000 kilometres, according to the Finance Minister. In steep locations, the Parvatmala road would be put into PPP mode.
Finance Minister Sitharaman said in the budget farmers, youth will benefit from the budget. Also, Jobs will be provided to 16 lakh youth from self-reliant India.
Finance Minister Sitharaman said in the budget that the disinvestment of Air India is complete and LIC's IPO will come soon.