Business News | Highlights of Union Budget 2022-23
Get latest articles and stories on Business at LatestLY. Union Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 in Parliament. Following are the key highlights of the annual budget:
New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 in Parliament. Following are the key highlights of the annual budget:
Total expenditure in 2022-23 estimated at Rs 39.45 lakh crore. Total receipts other than borrowings in 2022-23 estimated at Rs 22.84 lakh crore
Fiscal deficit in the current financial year is estimated to rise to 6.9 per cent of GDP against 6.8 per cent in Budget Estimates.
For 2022-23 financial year the fiscal deficit is pegged at 6.4 per cent of GDP. A target set to reduce fiscal deficit to 4.5 per cent of GDP by 2025-26.
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Allocation of Rs 1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest-free loans, over and above normal borrowings
In 2022-23, States will be allowed a fiscal deficit of 4 per cent of GSDP, of which 0.5 per cent will be tied to power sector reforms.
On the Direct Tax side, the budget allows taxpayers to file updated income tax return within 2 years for correcting errors. It also provides tax relief to persons with disability.
Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent. Surcharge on cooperative societies reduced from 12 per cent to 7 per cent for those having a total income of more than Rs 1 crore and up to Rs 10 crore.
Tax relief to persons with disability: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years.
Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer's contribution to the NPS account of State Government employees.
Gems and Jewellery: Customs duty on cut and polished diamonds and gemstones being reduced to 5 per cent; Nil customs duty to simply sawn diamond - To give a boost to the Gems and Jewellery sector.
A simplified regulatory framework to be implemented by June this year - To facilitate export of jewellery through e-commerce.
Tariff measure to encourage blending of fuel: Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from October 1, 2022. - to encourage blending of fuel.
A Digital University will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats.
The Government proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23 for more efficient and cheaper currency management system.
Indian economy is projected to grow at 9.2 per cent in 2021-22. This will be the highest among all large economies in the world.
Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. PLI schemes have the potential to create an additional production of Rs 30 lakh crore.
Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities: PM GatiShakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action and Financing of investments.
The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure.
The scope of PM GatiShakti National Master Plan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency.
National Highways Network to be expanded by 25000 kms in 2022-23. Rs 20000 crore to be mobilised for National Highways Network expansion in 2022-23.
Contracts to be awarded through PPP mode in 2022-23 for implementation of Multimodal Logistics Parks at four locations.
Railways: 2000 kms of railway network to be brought under Kavach, the indigenous world class technology and capacity augmentation in 2022-23. 400 new generation Vande Bharat Trains to be manufactured during the next three years. 100 PM GatiShakti Cargo terminals for multimodal logistics to be developed during the next three years.
One Station One Product concept to help local businesses & supply chains.
Agriculture: Rs 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy. Chemical-free Natural farming to be promoted throughout the county. Initial focus is on farmer's lands in 5 kms wide corridors along river Ganga.
NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.
'Kisan Drones' for crop assessment, digitisation of land records, spraying of insecticides and nutrients.
Ken Betwa project: 1400 crore outlay for implementation of the Ken - Betwa link project. 9.08 lakh hectares of farmers' lands to receive irrigation benefits by Ken-Betwa link project.
MSMEs: Udyam, e-shram, NCS and ASEEM portals to be interlinked.
130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS). ECLGS to be extended up to March 2023.
Guarantee cover under ECLGS to be expanded by Rs 50000 crore to total cover of Rs 5 Lakh crore.
Rs 2 lakh Crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 crore to be rolled out.
Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training. Startups will be promoted to facilitate 'Drone Shakti' and for Drone-As-A-Service (DrAAS).
Health: An open platform for National Digital Health Ecosystem to be rolled out. 'National Tele Mental Health Programme' for quality mental health counselling and care services to be launched.
A network of 23 tele-mental health centres of excellence will be set up, with NIMHANS being the nodal centre and International Institute of Information Technology-Bangalore (IIITB) providing technology support.
Rs. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal.
Housing for All: Rs 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.
New scheme PM-DevINE launched to fund infrastructure and social development projects in the North-East. An initial allocation of Rs 1,500 crore made to enable livelihood activities for youth and women under the scheme.
100 per cent of 1.5 lakh post offices to come on the core banking system. Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.
e-Passports with embedded chip and futuristic technology to be rolled out.
Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.
Export Promotion: Special Economic Zones Act to be replaced with a new legislation to enable States to become partners in 'Development of Enterprise and Service Hubs'.
Defence: 68 per cent of capital procurement budget earmarked for the domestic industry in 2022-23, up from 58 per cent in 2021-22. Defence R&D to be opened up for industry, startups and academia with 25% of defence R&D budget earmarked.
Independent nodal umbrella body to be set up for meeting testing and certification requirements.
Government contribution to be provided for R&D in Sunrise Opportunities like Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems.
Additional allocation of Rs. 19,500 crore for Production Linked Incentive for manufacture of high-efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030.
Outlay for capital expenditure stepped up sharply by 35.4 per cent to Rs 7.50 lakh crore in 2022-23 from Rs 5.54 lakh crore in the current year. The outlay in 2022-23 to be 2.9 per cent of GDP.
'Effective Capital Expenditure' of Central Government estimated at Rs 10.68 lakh crore in 2022-23, which is about 4.1 per cent of GDP.
Digital Rupee: Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.
Enhanced outlay for 'Scheme for Financial Assistance to States for Capital Investment': From Rs 10,000 crore in Budget Estimates to Rs 15,000 crore in Revised Estimates for current financial year. (ANI)
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