Budget 2022: In Pics! From 400 new generation Vande Bharat trains, 80 lakh affordable houses to tax proposals - Key highlights of the budget

Budget 2022: GDP growth

Indian Finance Minister Nirmala Sitharaman said on Tuesday that her budget for 2022/2023 will lay the foundation for economic growth through public investment. The government has projected growth at 8% to 8.5% compared with an estimated 9.2% for the current fiscal year and a 6.6% contraction the previous year. Source: ANI

 

Budget 2022: PM Gati Shakti

While presenting the budget, the FM said that it will be guided by the PM Gati Shakti Master Plan. It is driven by seven engines: Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure. The FM announced that 400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years. She also added that PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. NH network to be expanded by 25,000 km in 2022-23. Rs. 20,000 crores to be mobilized to complement public resources. Source: ANI

 

Budget 2022: Agriculture and food processing

The FM said that the government would be promoting chemical free natural farming starting with farmers’ lands close to river Ganga. She also said that promoting post-harvest value addition, consumption and branding of millet products would be prioritised. The FM added about the delivery of digital and Hi-Tech services to farmers in PPP mode and the use of Kisan Drones  to aid farmers. Also, there is the implementation of Ken Betwa Link Project benefitting 9.1 lakh hectare farm land, providing drinking water to 62 lakh people and generating 130MW power. Source: Reuters

 

Budget 2022: Education

The FM announced that a digital university will be established with world class quality universal education. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to promote online training. Furthermore, startups will be promoted to facilitate Drone Shakti for Drone-As-A-Service. Source: Reuters

 

Budget 2022: Health

National Digital Health Ecosystem will be rolled out, the FM announced. National Tele Mental Health Programme will be launched for quality counselling. Also, Integrated architecture: Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0 to be launched. Source: PTI

 

Budget 2022: Tax proposals

The FM has announced regarding allowing taxpayers to file updated return within 2 years for correcting errors. She also proposed to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. Also, there is no deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition. The FM further added, "Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees." Source: PTI

 

Budget 2022: Tax benefits

The FM also announced about extending period of incorporation of eligible startups for providing tax incentives. Increasing tax deduction limit on employer’s contribution to NPS account of state government employees. Source: Reuters

 

Budget 2022: No change in tax slabs

Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23. The minister also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class. The standard deduction currently stands at Rs 50,000. There was no change income tax slabs in the personal income tax category. The corporate tax rate too was kept at the same level.  However, concessional rate of 15 per cent has been extended by one year for newly incorporated manufacturing units. Source: PTI

 

Budget 2022: 80 lakh affordable houses will be completed in 2022-23

In her Budget speech, FM Nirmala Sitharaman said that 80 lakh affordable houses will be completed at Rs 44,000 crore under PM Awas Yojna in 2022-23. Source: PTI

 

Budget 2022: Green Fuel

The Finance Minister said that in view of the lack of space in the cities, the government would focus on promoting the battery swapping facility. For this, the government will come up with a battery swapping policy. To promote a shift to the use of public transport in urban areas. Special mobility zones with zero fossil fuel policy to be introduced. Considering space constraints in urban areas, a 'Battery Swapping Policy' will be brought in," said the Finance Minister while presenting this year's Budget. Source: ANI

 

Budget 2022: 75 digital banking units in 75 districts will be launched

The government will launch 75 digital banking units in 75 districts of the country. The aim of the government is to encourage digital banking in the country and connect every citizen to the digital world. The finance minister also said,  "Introduction to a digital bank will give a big boost to the digital economy." Furthermore, the FM announced that RBI will issue Digital rupee in the upcoming year 2022-23. Source: Reuters