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  • Atit Gandhi

Finance Budget 2022: Highlights


The government has given fresh vitality and vigour to India's growth trajectory, especially at a time when the country is combating the epidemic, by hailing the 2022 Union Budget as "people-friendly" and "progressive." With a promise for development in infrastructure, investment, growth, and jobs, "the new budget gives wings to ambitions, patronising futuristic technologies and giving a boost to entrepreneurs." In my opinion, the following are the highlights of the budget that will have a notable impact on all sections of society.


Taxes

  • The government will tax income from digital asset transfers at 30%

  • Loss cannot be set off from any other income

  • Gift of cryptocurrencies to be taxed at receiver's end

  • A new provision to allow taxpayers to file an updated return

  • Updated return can be filed within 2 years from the end of the relevant assessment year

  • Alternate Minimum Tax for cooperative societies to be cut to 15%

  • The proposal will reduce the surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore

  • Tax deduction limit increased to 14% on employers contribution to NPS account of state government employees



Infrastructure

  • National highway network to be expanded by 25,000 km during FY 22-23

  • One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced

  • PM Gatishakti masterplan for expressways will be formulated in the next financial year

  • 100 PM Gati Shakti terminals to be set up in next three years



Housing & Urban Planning


  • Rs 48, 000 crores is allotted for PM Awas Yojana

  • 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

  • 5 existing academic institutions for urban planning to be designated as Centre for Excellence with an endowment fund of Rs 250 crores

  • Modern building by-laws will be introduced



MSMEs & Start-ups

  • Rs 6,000 crore programme to rate MSMEs to be rolled out over 5 years

  • MSMEs such as Udyam, e-SHRAM, NCS & Aseem portals will be inter-linked, their scope will be widened



Agriculture

  • Government to pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations

  • 2022-23 has been announced as the International Year of Millets

  • Railways will develop new products for small farmers and MSMEs



Education

  • States to be encouraged to revise syllabi of agricultural universities to meet 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

  • Digital university to be set up to provide education; to be built on the hub and spoke model

  • 1-Class-1-TV Channel to be implemented to provide supplementary education to children to make up for the loss of formal education due to COVID 19



Finance & Inclusion

  • Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyse investments

  • Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23

  • Measures will be taken to step up private capital in the infra sector

  • Digital Rupee to be rolled out by 2023

  • To speed up voluntary winding up of companies

  • 75 digital banks in 75 districts will be set up by scheduled commercial banks to encourage digital payments



Telecom

  • Spectrum auction will be conducted in 2022 for the rollout of 5G

  • Scheme for design-led manufacturing to be launched for 5G ecosystem as part of PLI scheme to enable affordable broadband and mobile communication in rural and remote areas


Defence

  • The government committed to reducing imports and promoting self-reliance in the defence sector

  • Defence R&D will be opened up for industry, start-ups 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



Railways

  • 400 new generation Vande Bharat trains to be manufactured in next 3 years

  • 2,000 km of the rail network to be brought under indigenous technology KAWACH for safety and security


Travel

  • ePassports will be rolled out in 2022-23 for convenience in overseas travel

  • E-passport with the embedded chip will be rolled out



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