Budget 2022: Today, Finance Minister Nirmala Sitharaman will unveil the Modi 2.0 government's 4th budget. The Economic Survey, which stated that the government has fiscal space to do more to help the economy, which is expected to grow at a solid 8-8.5 percent in fiscal 2022-23, set the tone for the Budget presentation.
The focus of the Budget is now expected to be on speeding up India's recovery from the pandemic shock, as well as strengthening India's healthcare system to protect against future outbreaks. The government would continue to increase spending to boost the recovery and return India to a higher growth path.
Keep an eye on our website Krishi Jagran, for live updates on Budget 2022.
Budget 2022 Live Updates:
Before delivering the Union Budget 2022-23, Finance Minister Nirmala Sitharaman, along with Ministers of State for Finance Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary, and top officials from the Ministry of Finance, met with President Ram Nath Kovind.
Top Cabinet Ministers Reached Parliament To Have A meeting Ahead of Budget Presentation
Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for a union cabinet meeting ahead of the Union Budget 2022 presentation at 11 AM.
Nirmala Sitharaman To Present Budget 2022 In Digital Form
The finance minister enters Parliament with the budget in digital form, which will be presented on a tablet. Small adjustments like these boost the economy's and citizens' confidence in the government's commitment to a digital economy and the use of technology for good governance.
A Union Cabinet meeting is taking place ahead of Finance Minister Nirmala Sitharaman's presentation of the Budget 2022-23.
Budget Announcements
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60 lakh new jobs will be created
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National Highways to be increased by 25k km
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Logistics parks to be set up at 4 locations
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Rs 2.3 Lakh crore direct payment of MSP for the farmers
Under PM Gatishakti Plan
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The masterplan will include the seven economic transformation engines.
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The PM Gatishakti highway masterplan will be finalized in the coming fiscal year.
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In FY23, four contracts for multi-modal national parks will be granted.
Boost For Railways Under Gatishakti Plan
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In the next three years, 400 new Vande Bharat trains will be built and manufactured.
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To assist small enterprises, the notion of "one station, one product" will be popularized.
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In the next three years, India wants to build 100 freight facilities.
Nirmala Sitharaman’s Digital Push
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The debut of a digital ecosystem for skilling and livelihood will take place.
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This program will use online training to educate, reskill, and upskill citizens. To locate appropriate jobs and possibilities, API-based skill credentials and payment layers are used.
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A national open platform for the digital health ecosystem will be launched.
High Level Committee for Urban Areas: Budget 2022
For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted.
Budget 2022 Live Updates of Education Sector
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States will be urged to alter agricultural university curricular to fit the needs of natural, low-cost, and organic farming, as well as modern-day agriculture.
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PM eVIDYA's "one class, one TV channel" programme will be expanded from 12 to 200 channels.
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As a result, all states will be able to provide extra education in regional languages to students in grades 1 through 12.
Rs 48000 Cr Allotted for PM Awas Yojana
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In 2022-23, 80 lakh dwellings would be completed for PM Awas Yojana beneficiaries; 60,000 houses will be identified as PM Awas Yojana beneficiaries in rural and urban locations.
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60,000 crore has been set aside to provide tap water to 3.8 crore households.
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80 lakh families would be identified for the affordable housing scheme in 2022-2023.
A Push for Electric Vehicles; Budget 2022
A battery swapping policy, will be brought out with the interoperability standards to boost the EV ecosystem.
Roll-Out of 5G Mobile Services By Private Telecom Provides, Says Nirmala Sitharaman
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As part of the PLI initiative to provide cheap internet and mobile connectivity in rural and remote locations, a design-led manufacturing scheme will be introduced for the 5G ecosystem.
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5 percent of the annual collection under the USOs fund will be dedicated to enable cheap broadband and mobile service and proliferation in rural areas.
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This will support and promote technology development and commercialization.
India is Planning to Issue Sovereign Green Bonds
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The funds will be utilized for projects that will assist reduce the economy's carbon intensity.
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In FY23, the government will issue sovereign green bonds as part of its borrowing program.
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Proceeds will be used to fund public-sector projects.
Digital Rupee, Using Blockchain To Be Launched By Reserve Bank of India in 2023
In addition, digital currency will result in a more efficient and cost-effective currency management system. As a result, it is suggested that the Reserve Bank of India produce digital rupees utilising blockchain and other technology beginning in 2022 and 2023.
Target of Fiscal Deficit Set at 6.4% for Fy23
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The entire spending for FY23 is expected to be Rs 39.45 lakh crore.
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Other than borrowing, total receipts are estimated to be Rs 22.84 lakh crore.
E-Passports To Be Rolled Out in 2022-23
The issuance of the –Passports using embedded chips & the futuristic technology will be rolled out in 2022-23 to enhance the convenience for the citizens in their Overseas travel.
BIG Announcements For Taxpayers
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Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes.
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According to FM, the new provision will enable voluntary tax filing and avoid litigation by imposing a 30% tax on proceeds of virtual/digital assets, with no deductions other than purchase costs.
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There is no allowance for a set-off against other income.
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Payments made for the transfer of digital assets will be subject to a 1% TDS.
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Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 percent for state government employees, up from 10 percent previously.
