Source: Indianexpress

Finance Minister Nirmala Sitharaman, while presenting the Union Budget, said that the country is expected to grow at 9.27 per cent in the coming year. With a focus on four pillars of development — inclusive development, productivity enhancement, energy transition and climate action — the Budget give a blueprint of the economy from India at 75 to India at 100, Sitharaman said.
The Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. The Economic Survey tabled on Monday pointed out that buoyant tax revenues offered the government fiscal space to provide additional support to the economy and continue the push in favour of higher capital expenditure.
1 – FM Sitharaman begins her budget speech by expressing empathy for those who suffered during the pandemic.
2 – India’s growth is estimated to be at 9.2%, the highest among all large economies; we are now in a strong position to withstand challenges.
3 – The government’s goal is to complement macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action.
4 – FM says, “We are in the midst of the Omicron wave; the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we’ll continue with strong growth.”
5 – The strategic transfer of ownership of Air India has been completed.
6 – Focus areas of the Budget
• PM Gati Shakti
• Inclusive Development
• Productivity Enhancement
• Sunrise Opportunities
• Energy Transition
• Climate Action
• Financing of investments
7 – PLI schemes in 14 sectors with the potential to create 60 lakh new jobs, and an additional new production of Rs 30 lakh crore
8 – Under the PM Gatishakti plan
• Masterplan will encompass the seven engines of economic transformation
• PM Gatishakti masterplan for expressways will be formulated in the next financial year
• Four multi-modal national parks contracts will be awarded in FY23
• India plans 100 cargo terminals in 3 years
9 – The budget reiterates focus on public investment to modernize infrastructure over the medium term, leveraging the tech platform of Gati Shakti via a multi-modal approach
10- A boost for Railways under the Gati Shakti plan
• 400 new-generation Vande Bharat trains will be developed and manufactured in the next 3 years.
• One station, one product’ concept will be popularised to help local businesses.
• India plans 100 cargo terminals in 3 years
11 – ECLGS to be extended upto March 2023, guaranteed cover extended by another Rs 50,000 crore. Total cover under scheme now Rs 5 lakh crore
12 – For India’s farmers
• Chemical-free natural farming to be promoted in India
• Use of Kisan drones will be promoted for crop assessment, digitization of land records, spraying of insect pesticides
• Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers
13 – Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers rationalised and comprehensive scheme to be implanted to reduce reliance on oilseed imports
14 – FM’s Digital push
• Digital ecosystem for skilling and livelihood will be launched.
• This will aims to skill, reskill, upskill citizens through online training. API based skill credentials, payment layers to find relevant jobs and opportunities
• An open platform for the national digital health ecosystem will be rolled out.
15 – For small enterprises
• MSMEs such as Udyam, e-shram, NCS & Aseem portals will be inter-linked, their scope will be widened.
• They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation enhancing entrepreneurial opportunities.
• A fund with blended capital raised under the co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for farm produce value chain
16 – Budget 2022 Live Updates: Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform
This will
• enable efficient movement of goods
• reduce logistics costs and time
• assist Just-In-Time inventory management
• eliminate tedious documentation
17 – Budget 2022 Live Updates: Pandemic has brought to the fore the issue of mental health. A national tele mental health programme will be launched.
18 – Important update: 18 Lac Affordable Housing by 2023
19 – In 2022-23, 80 lakh households will be identified for the affordable housing scheme: FM
20 – Housing projects allotted Rs 48,000 cr for FY23 under PM Housing scheme. Rs 60,000 Cr allocated to cover 3.8 cr households for tapwater, says
21 – In 2022-23 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana
22 – Budget 2022 Live Updates: For the education sector
• States will be encouraged to revise syllabi of agricultural universities to meet the needs of natural, zero-budget & organic farming, modern-day agriculture
• One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels.
• This will enable all states to provide supplementary education in regional languages for classes 1 to 12.
23 – E-passports, the issuance of E passports using embedded ship and futuristic technology will be rolled out in 2022-23 to enhance the convenience for the citizens in their overseas travel.
24 – An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities
25 – A high-level committee for urban planners and economists to be formed for recommendations on urban capacity building, planning implementation, and governance.
26 – Rs 48, 000 crore is allotted for PM Awas Yoj• In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas.
• 60,000 crore allocated for providing access to tap water to 3.8 crore households
• In 2022-23, 80 lakh households will be identified for the affordable housing scheme
27 – Amendments for the Bankruptcy Code
• IBC amendments to enhance the efficiency of the resolution process
• facilitate cross-border insolvency resolution
• To speed up voluntary winding up of companies
28 – Budget 2022 Live Updates: A push for Electric Vehicles
A battery-swapping policy to be brought out with interoperability standards to boost EV ecosystem
29 – Defense R&D will be opened up for industry, startups and academia with 25% of the defence R&D budget. Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with DRDO and other organizations through the SPV model. 68% of the capital procurement budget in defence will be earmarked for the domestic industry in 2022-23
30 – Capital expenditure is being stepped up to Rs 7.5 lakh crore
31 – Digital rupee, using blockchain, to be launched by RBI in 2023
32 – Budget 2022 Live Updates: Digital rupee, using blockchain, to be launched by RBI in 2023
Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023
33 – Minimum government and maximum governance, reduction of overlapping compliances will increase compliance – critical for ease of doing business in India. Trust-based governance is the planned theme during Amrit Kal of next 25 years – from India at 75 to India at 100
34 – Digital Rupee to be rolled out by 2023
• e-Passports will be rolled out in 2022-23 for convenience in overseas travel
• For urban capacity building, modernization of building by laws, town planning schemes and transit-oriented development will be implemented
• Centres of Excellence will be established with an outlay of 250 crores for urban sector development
• Battery Swapping Policy will be brought out and inter operational service will be formulated
• ‘One Nation, One Registration’ will be established for anywhere registration to facilitate ease of living & doing business
• Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem
35 – Tax breather for co-ops
• Alternate Minimum Tax for cooperative societies to be cut to 15%.
• Proposal will reduce surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.
36 – Tax deduction limit increased to 14% on employers contribution to NPS account of state govt employee
37 – Gift of cryptocurrencies to be taxed at the receiver’s end
38 – Budget 2022 Live Updates: The government will tax income from digital asset transfers at 30%.