The Union Budget of 2022 was presented on 1 February 2022 by the Finance Minister, Nirmala Sitharaman. The main intention of the budget was to fast track the economy by bringing key sectors back on track as they were affected due to the pandemic.
The Budget of 2022 was read out of a tablet as it was a paperless one and was in fact the shortest budget speech of the Finance Minister.
Here are ten key takeaways from the Budget 2022:
- The country’s total expenditure is estimated at Rs 39.45 lakh crore in FY23, while receipts other than borrowings are estimated at Rs 22.84 lakh crore. The fiscal deficit for FY23 is projected at 6.4 percent of GDP.
- The tax deduction limit for state government employees on the employer’s contribution to the National Pension System will be increased to 14 percent from 10 percent to bring them at par with Central government employees.
- Any income earned from the transfer of digital assets will be taxed at 30% and will be deducted on source. The value of cryptocurrencies comes into picture.
- The Reserve Bank of India will issue a digital currency called Digital Rupee based on blockchain and other technology starting in FY23.
- As part of Atmanirbhar Bharat, 2,000 km of Railway network will be brought under Kavach, the indigenous, world-class technology for safety and capacity augmentation, in FY23.
- The surcharge on long-term capital gains arising from the transfer of any type of asset will be capped at 15 percent.
- Spectrum auctions will be conducted in 2022 to facilitate the rollout of 5G mobile services by private telecom companies.
- With the pandemic accentuating mental health problems in people of all ages, a National Tele Mental Health programme will be started to improve access to quality mental health counselling and care services.
- The government will allocate Rs 48,000 crore for PM Awas Yojana and complete 8 million houses for the scheme’s identified and eligible beneficiaries in rural and urban areas in FY23.
- To reduce imports and promote AtmaNirbharta in equipment for the armed forces, 68 percent of the capital procurement budget will be earmarked for the domestic defence industry.
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