Complete Analysis of Centre's Budget, from Village-Poor to Farmers and Employment

On Tuesday, Finance Minister Nirmala Sitharaman presented the general budget. The federal government has dubbed it the century's golden budget. Today, we will conduct a thorough examination of every facet of it. First and foremost, let us describe the overall picture of the budget in simple terms. This budget is broken into three sections. India is synonymous with the hamlet, from the impoverished to the farmer. India represents the ordinary man, youth, jobs, and infrastructure, with Digital India as the third category. First and foremost, we shall discuss 60% of the country's population. The Modi government's budget emphasised the village, the poor, and the farmer. 2.37 lakh crore MSP would be sent to farmers' accounts for wheat paddy. The government will support organic farming that is free of chemicals. The government would fund agricultural startups and rural businesses. The poor have also been considered in the Modi government's budget.

This year, 80 lakh new dwellings will be built under the PM Awas Yojana. Har Ghar Nal Se Jal Yojana would cover 3 crores of 80 lakh families. A sum of 60 thousand crores has been set up for this purpose. In terms of the common guy, there was nothing unique in the budget for him. The government made no modifications to the income tax rates. However, there was significant news for the country's young. In the general budget, 76 lakh new employment are promised. The government has made significant investments in the infrastructure sector.

Fund Distribution for Multiple Schemes

The PM Gati Shakti Master Plan would provide job opportunities. The Road Transport Ministry alone has a fund of roughly 2 lakh crores. The defence budget has also been boosted by the administration. This time, a total of 5.25 lakh crores has been set aside. However, in the middle of all of this, the vision of Digital India can be seen in the budget. A digital university will be established in the country. In 75 districts, digital banking will be launched. The chip-based e-passport will be available in 2022-23. There will be one registration scheme for the entire country. This will make doing business easier. The government has announced the introduction of a new digital currency in this year's budget. The main news is that the government would charge a 30% tax on digital virtual assets. You've grasped the essentials of this budget. But, how much money did each ministry receive? It is also critical to determine how much money has been set aside for each project.

Ministry of Consumer and Food was allotted Rs. 2 lakh 17000 crores

The government has set aside 39 lakh crore for spending in the fiscal year 2022-2023. 5.25 lakh crores have been aside for the Defense Ministry. During the same period, 2.38 lakh crore rupees were set aside for the health sector. The Ministry of Consumer and Food was allotted Rs. 2 lakh 17000 crores. A sum of 2 lakh crores has also been set aside for the Road Transport Ministry. In the budget of the government, one lakh thirty-two thousand crores have been given to the Ministry of Agriculture. The Ministry of Rural Development has a budget of one lakh thirty-eight thousand crores. The Ministry of Railways has been awarded funds totalling one lakh forty thousand crores.

The home ministry has been granted 1 lakh 85 thousand crores. Similarly, the Ministry of Communication has been granted 1 lakh 5 thousand crores, while the Ministry of Chemical Fertilizers has been allocated 1 lakh 7 thousand crores. This time, the government is focusing on small and medium merchants, generally known as the Micro, Small, and Medium Enterprises sector. This time, the budget would include an extra sum of 1 lakh 30 thousand crores for the MSME sector. Similarly, a budget of around 17,250 crores has been set aside for science and the environment.

New starting businesses will be excused from Paying Taxes

At 11 a.m. this morning, the people of the country turned on the television. As a result, everyone anticipated the budget in their manner. There was a nagging doubt in my mind. There was some interest. However, the budget address ended after around one and a half hours. As a result, it was discovered that this budget caused both delight and grief. What did the average person, i.e. income taxpayers, think? It was not included in the budget. This is the ninth year in a row. The administration made no changes to the income tax brackets. This indicated that many anticipated the government to provide help throughout the Corona period. The slab will undergo modification. In terms of income, the area of taxation will broaden. However, in the middle of all of this, the government provided some more help to taxpayers. Parents with handicapped children, for example, will be excluded from paying taxes. The government has made it possible to modify one's income tax return. ITRs that are more than two years old can now be updated.

Not only that, but if you make a mistake when completing your income tax return, you will be able to correct it. The administration is paying close attention to tax reform. The same objective was echoed in other tax announcements made today. The Central Government has lowered the tax and fee imposed on cooperative societies. The tax rate has been decreased from 18% to 15%. The surcharge has been decreased from 12% to 7%. To date, earning one crore has resulted in corporate taxation. This ceiling has now been raised to 10 crores. Government personnel will be excused from paying taxes on NPS pensions. At the same time, new starting businesses will be excused from paying taxes for a year.

Government to take efforts to curb Inflation

Inflation is a major issue in the country right now. Everything from gasoline to food is available. Prices for everything from cooking gas to edible oil and veggies have broken the public's back. People in the country, particularly women, expected the government to take efforts to curb inflation. The Finance Minister stated that she recognises these issues. As a result, steps are taken from time to time. This signifies that there was nothing unique in this budget for the average person at the time. However, it is also true that throughout the Corona era, the government was in power for the last two years. To keep the economy running, a booster dosage was administered. The extent of the relief was restricted. As a result, according to the administration, help was provided when it was possible.

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