Union budget 2022 – 23

In Parliament the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2022 – 23 

Under the productivity linked incentive scheme in 14 sectors, 60 lakh new jobs to be created 

Road Transport

in 2022-23National Highways Network to be expanded by 25,000 Km and Rs 20,000 Crore to be mobilized for National Highways Network expansion

Multimodal Logistics Parks

In the fiscal year 2022 – 23 the Contracts to be awarded through PPP mode for the implementation of Multimodal Logistics Parks at four locations.

Railways

To help local businesses & supply chains – One Station One Product concept to be introduced,  under Kavach 2000 Km of railway network to be brought towards the indigenous world class technology and capacity augmentation in 2022-23.

In the next 3 years 400 new generation Vande Bharat Trains to be manufactured and the 100 PM GatiShakti Cargo terminals for multimodal logistics to be developed 

Agriculture

For the procurement of wheat and paddy Rs. 2.37 lakh crore direct payment to 1.63 crore farmers, 

Chemical free Natural farming to be promoted throughout the county and the initial focus is on farmer’s lands in 5 Km wide corridors along river Ganga

MSME

Udyam, e-shram, NCS and ASEEM portals to be interlinked,

130 lakh MSMEs to be provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS),

ECLGS to be extended up to March 2023, Rs 2 lakh Crore additional credit will be given for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE)

Skill Development

To empower citizens to skill, reskill or upskill through on-line training Digital Ecosystem for the Skilling and Livelihood (DESH-Stack e-portal) will be launched, Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS).

Education

‘One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels., Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated the learning environment,

Through Digital Teachers the High-quality e-content will be developed for delivery, Digital University for world class quality universal education with personalised learning experience to be established.

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.

With NIMHANS being the nodal centre and International Institute of Information Technology-Bangalore (IIITB) providing technology support a network of 23 tele mental health centres of excellence will be set up

Saksham Anganwadi

Through Mission Shakti an Integrated benefits to women and children will be provided with collaborate of Mission Vatsalya, Saksham Anganwadi and Poshan 2.0,

Two lakh anganwadis to be upgraded to Saksham Anganwadis.

Har Ghar, Nal Se Jal

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

Prime Minister’s Development Initiative for North-East Region 

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

Banking

100 per cent of 1.5 lakh post offices to come on the core banking system.

e-Passport

e-Passports with embedded chip and futuristic technology to be launched in 2022 – 23

Land Records Management

Unique Land Parcel Identification Number for IT-based management of land records to be rolled out

Telecom Sector

Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.

Atma Nirbharta in Defence:

68% of capital procurement budget earmarked for domestic industry in 2022-23, up from 58% in 2021-22.

Energy Transition and Climate Action:

Additional allocation of Rs. 19,500 crore for the Production Linked Incentive for manufacture of high efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030 to be set up

Public Capital Investment:

In 2022 – 23Public investment to continue to pump-prime private investment and demand, Outlay for capital expenditure stepped up sharply by 35.4% to Rs. 7.50 lakh crore in 2022-23 from Rs. 5.54 lakh crore in the current year.

GIFT-IFSC

World-class foreign universities and institutions to be allowed in the GIFT City, An International Arbitration Centre to be set up for timely settlement of disputes under international jurisprudence.

Digital Rupee

Starting from 2022 – 23 Digital Rupee by the Reserve Bank of India to be introduced

To take forward the policy of stable and predictable tax regime:

Vision to establish a trustworthy tax regime, To further simplify tax system and reduce litigation, Provision to file an Updated Return on payment of additional tax, Can be filed within two years from the end of the relevant assessment year

Cooperative societies

Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent.

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.

Incentives for Start-ups

Period of incorporation extended by one year, up to 31.03.2023 for eligible start-ups to avail tax benefit

Scheme for taxation of virtual digital assets

Specific tax regime for virtual digital assets introduced, Any income from transfer of any virtual digital asset to be taxed at the rate of 30 per cent, Any surcharge or cess on income and profits not allowable as business expenditure.

GST revenues are buoyant despite the pandemic – Taxpayers deserve applause for this growth. Customs Administration of SEZs to be fully IT driven and function on the Customs National Portal – shall be implemented by 30^th September 2022.

Gradually phasing out of the concessional rates in capital goods and project imports; and applying a moderate tariff of 7.5 percent   – conducive to the growth of domestic sector and ‘Make in India’. More than 350 exemption entries proposed to be gradually phased out, like exemption on certain agricultural produce, chemicals, fabrics, medical devices, & drugs and medicines for which sufficient domestic capacity exists.

Customs duty rates to be calibrated to provide a graded rate structure – to facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters, 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

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