Finance Minister Nirmala Sitharaman while presenting the Union Budget 2022-23 has made some big announcements that are going to play a key role in the development of India in the coming fiscal year.
BUDGET 2022-23: BIG ANNOUNCEMENTS SO FAR;
HEALTH
- National Digital Health Ecosystem to be rolled
An Open Platform for National Digital Health Ecosystem will be rolled out soon, informed Finance Minister Nirmala Sitharaman. It will consist of digital registries of health providers & health facilities, unique health identity, consent framework & universal access to health facilities.
-For mental health counselling, a National Tele Mental Health Program will be launched.
SOCIAL WELFARE
- Transliteration of land records in 8 languages will be rolled out
- Rs 60,000 crore for tap water connections in 3.8 homes
REVENUE/EXPENDITURE
- -Rs 20,000 crore to be mobilised with innovative ways of financing
- Capital expenditure raised by 35% to Rs 7.50 lakh crore
AGRI/FARMERS
- -Rs 2.37 lakh crore for buying crops under minimum support price
The estimated procurement of wheat in Rabi 2021-22 & paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers. About Rs 2.37 lakh crores will be direct payment of MSP to their accounts, said FM Nirmala Sitharaman
– To help Farmers to adopt natural farming, a comprehensive package for the participation of State governments & MSMEs will be introduced.
-Natural farming will be promoted along the Ganga corridor, announces FM Nirmala Sitharaman
Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat & paddy from 163 lakh farmers and Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts. A fund raised under the co-investment model will be facilitated through NABARD to finance startups for agriculture and rural enterprise relevant for the farm produce value chain.
EDUCATION
- TV channel for Class 1 to give supplementary education amid Covid
Digital University to be set up to provide access to students across the country, to world-class quality universal education, with personalized learning experience University to be built on a network hub and spoke model, with the collaboration of best public Universities, said FM Nirmala Sitharaman
RAILWAYS
- 400 new Vande Bharat trains to be introduced,
- Better integration of post and railways for seamless movement
400 new generation Vande Bharat trains with better energy efficiency & passenger riding experience will be manufactured during the next 3 years. 100 PM Gati Shakti Cargo terminals to be developed during next 3 years said FM Nirmala Sitharaman
INFRASTRUCTURE
- “PM Gati Shakti” to lead 7 engines of growth
- Plans for Metro systems at an appropriate scale
PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth, said Nirmala Sitharaman
PM Gati Shakti will encompass the 7 engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people & goods through Rs 20,000 crore financed by the govt to speed up this project.
The Government will encourage innovative ways of financing and faster implementation for the building of metro projects. FM further said multimodal connectivity between mass transport and railway stations will be facilitated on priority. The design of metro systems including civil structures will be reoriented and standardized for Indian conditions and needs. The aim is to improve connectivity and convenience for commuters and promote tourism.
DIGITAL INDIA
- E-passports using embedded chips and futuristic tech will be rolled out
- Digital Rupee
Finance Minister Nirmala Sitharaman presenting the Union Budget 2022-23 announced that the digital rupee will be introduced by the Reserve Bank of India (RBI).
The FM said that Digital currency will lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023.
5G mobile services to be rolled out
Finance Minister Nirmala Sitharaman while presenting the Union Budget 2022-23 said the government will hold an auction for the 5G spectrum in 2022, but the implementation of services will happen in 2022-2023.
To enable affordable broadband and mobile service proliferation in rural and remote areas of the country, 5% of annual collections Universal Service Obligation Fund will be allocated
START-UPS
- “Drone Shakti” programme for start-ups on drone technology
- Defence research to be opened up for start-ups
BANKING/INSURANCE
- 75 digital banking units in 75 districts by scheduled commercial banks
DEFENCE ALLOCATION
- 68% capital for defence purchases will be for the domestic sector
To boost Aatmanir Bharta & reduce reliance on imports of defence equipment, 68% of the capital procurement budget for defence is earmarked for domestic industry. Up from 58% of the previous fiscal year
SOCIAL WELFARE
- Transliteration of land records in 8 languages will be rolled out
TAX
- To correct errors by taxpayers, file updated returns within 2 years
- Tax rate for cooperative societies reduced to 15%
- 30% tax on digital asset transfer
The Finance Minister announced that the tax deduction limit will be reduced for central government employees from 18% to 15% in their contribution to NPAs. Existing tax benefits for Startups that were offered redemption of taxes for 3 consecutive years to be extended by 1 more year.
– Reduce of surcharge of cooperative societies from 12% to 7% for those having income below 1 crore. The reduced alternate minimum tax for cooperatives from 18.5% to 15%
– The govt has further simplified the tax system. The Minister has introduced a new updated return where people can file updated returns within 2 years of the filed IT Return
