Union Budget 2022-23

For year 2022 – 23 the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman presented Union budget 2022-23, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman emphasized that Indian economy is moving in the righ direction in spite  time of challenges like COVID 19 pandemic, Russia-Ukraine War, heading towards a bright future.

The Union Minister for Finance & Corporate Affairs Nirmala Sitharaman said with the effective implementation of many schemes, with universalisation of targeted benefits, has resulted in inclusive development, added our vision for the Amrit Kaal includes knowledge-based economy with strong public finances driven with technology with a robust financial sector to achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman listed seven priorities of the Union Budget and said that they complement each other and they act as the ‘Saptarishi’ guiding us through the Amrit Kaal.

They are 1) Inclusive Development 2) Reaching the Last Mile 3) Infrastructure and Investment 4) Unleashing the Potential 5) Green Growth 6) Youth Power 7) Financial Sector

HIGHLIGHTS

New Tax slabs announced under the new tax regime. Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh

Resident individual with total income upto ₹ 7 lakh will not have to pay any income tax under new tax regime, standard deduction of ₹ 50,000 will also be available to salaried individuals under the new tax regime

New tax rates

Bharat Shared Repository of Inscriptions will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage

The KYC process will be simplified adopting a ‘risk-based’ instead of ‘one size fits all’ approach

For efficient administration of justice, Phase-3 of the E-Courts project will be launched with an outlay of ` 7,000 crore.

The maximum deposit limit for Monthly Income Account Scheme will be enhanced from 4.5 lakh to 9 lakh for single account and from 9 lakh to  15 lakh for joint account

Teachers’ training will be re-envisioned through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation. The District Institutes of Education and Training will be developed as vibrant institutes of excellence for this purpose

The agriculture credit target will be increased to 20 lakh crore with focus on animal husbandry, dairy and fisheries.

A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched

A National Digital Library for children and adolescents will be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility

To improve socio-economic conditions of the particularly vulnerable tribal groups (PVTGs), Pradhan Mantri PVTG Development Mission will be launched

In the next three years, centre will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal student

To boost availability of quality planting material for high value horticultural crops Atmanirbhar clean plant program with outlay of ₹2200 crore to be launched

157 New Nursing Colleges to be established in co-location with the existing 157 medical colleges established since 2014

Through use of priority Sector Lending short fall Urban Infrastructure Development Fund (UIDF) will be established,  which will be managed by the national Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities

To store and share documents online securely, Entity DigiLocker to be setup for use by MSMEs, large business and charitable trusts

To skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skill Pradhan Mantri Kaushal Vikas Yojana 4.0 to be launched 

For 5G services based application development to realize a new range of opportunities, business models, and employment potential 100 labs to be setup

500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore.

To create a national-level distributed micro-fertilizer and pesticide manufacturing network.10,000 Bio-Input Resource Centres to be set-up,

To skill youth for international opportunities, across states 30 Skill India International Centres to be set up

The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh

To further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market, A new sub-scheme of PM Matsya Sampada Yojana with targeted investment of ₹6,000 crore to be launched

With an investment of ₹2,516 crore Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) initiated

To incentivize and mobilize additional resources for environmentally sustainable and responsive actions., Green Credit Programme to be notified under the Environment (Protection) Act 

To promote research in Pharmaceuticals New programme to be launched 

Unity Mall for promotion and sale of their own and also all others states’ ODOPs (One District, One Product), GI products and handicrafts to be set up

Mahila Samman Savings Certificate to be launched. It will offer deposit facility upto Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option

To provide stipend support to 47 lakh youth in three years, Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be launched

Aspirational Blocks Programme covering 500 blocks launched for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure

To incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-PRANAM) to be launched

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