Speaking for a duration of one-and-a-half hour, the finance minister said that this budget would focus majorly on taking India@75 to India@100
FP Staff February 01, 2022 13:39:26 IST
Union Finance Minister Nirmala Sitharaman presents the Budget in Parliament. ANI
Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022 in the second year of the COVID-19 pandemic.
Presenting her fourth budget, Finance Minister Nirmala Sitharaman said that this year’s Budget would continue to provide impetus to growth.
She added that inclusive development, productivity enhancement, energy transition and climate action are four pillars of development.
Here are the highlights from the Budget 2022-2023.
This Union Budget seeks to lay foundation and give blueprint of economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100
400 new generation Vande Bharat trains with better efficiency to be brought in during the next three years; 100 PM Gati Shakti Cargo terminals to be developed during next three years
Rs 2.37 lakh crore worth MSP will be directly paid to farmers
75 digital banking units will be set up in 75 districts to promote online payments
Implementation of Ken-Betwa rivers linking with estimated cost of Rs 44,605 crore to be taken up
E-passports using embedded chips and futuristic tech will be rolled out
One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19
PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. National Highway network to be expanded by 25,000 km in 2022-23. Rs. 20,000 crores to be mobilised to complement public resources
To better the access to quality mental health counselling and care services, a National Tele Mental Health program will be launched. This will include a network of 23 tele mental health centres of excellence with Nimhans being the nodal centre and IIT-Bangalore providing technology support
Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, the guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores
Spectrum auctions this year to enable 5G roll out by 2023
68 percent of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58 per cent last fiscal
Implementation of Ken Betwa Linking project at estimated cost of Rs 44,605 crore to be taken up with irrigation benefits to 9.0 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023
Rs 48,000 crore allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23
Tax for cooperative societies has been reduced to 15 per cent
To provide an opportunity to correct an error, taxpayers can now file an updated return within two years from the relevant assessment year
Customs duty on cut and polished diamonds, gems to be reduced to 5 per cent
Income from Long Term Capital Gains will be taxed at 15 per cent
No change in income tax rates this year
With inputs from agencies
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