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Article 112 of the Indian Constitution states that the Annual Financial Statement, popularly known as the Union Budget of India, should be presented by the Finance Minister in the Parliament on 1st February. Nirmala Sitharaman, the Finance Minister of India, proposed the Union Budget 2022 on 1st February 2022, which will be in effect from 1st April 2022.
The Union Budget 2022 is designed to boost economic activities in various sectors that will lead to the development of resource management systems and infrastructural facilities of the country, especially in healthcare, agriculture, defence, etc.
Currently, the estimated economic growth of India is at 9.2%, which is quite higher in comparison to other developed economies of the world. Whereas 6.9% of the fiscal deficit coming from GDP is a sign of stable growth of the economy. The Union Budget has also made significant mentions regarding domestic products, polished diamonds, electronics, etc
Read below to find out the sector-wise highlights of Union Budget 2022
Pradhan Mantri Gati-Shakti National Master Plan has a sanctioned budget cost of Rs. 20,000 Crores.
National Highways will have an expanded network of 25,000 km by 2023
Gati -Shakti Plan will also include Expressways by 2023
400 new Vande Bharat trains will be manufactured by 2025
Parvat Mala project is aiming to complete 60 km of ropeway
Rs. 19,130 Crores is allocated for metro projects in the country
100 cargo terminals under Gati Shakti to be launched by 2025
Direct trading and procurement of crops like rabi, Kharif, wheat, etc.
NABARD will offer capital and fund investments in rural enterprises and agriculture and fund startups.
MSP (Minimum support price) has sanctioned an amount of Rs 2.37 lakh Crore.
Awareness and promotion for organic and chemical-free farming.
The year 2022 will be known as the Millet Year. There will be support provided for the addition of value for post-harvest of millet products.
For activities like crop assessment and pesticide spraying, Kisan drones are used.
Rs. 44,000 Crore will be sanctioned for the Ken Betwa river linking project.
Establishment of digital universities with different Indian languages available. This setup is based on a networked model of the hub.
One Class, One TV channel will be providing more than 195 channels that would prevent the educational loss of students that arose due to the Covid-19 pandemic. These channels will be offering supplementary education to the students in all regional languages.
Domestic procurement is allotted 68% of capital procurement from the budget 2022.
Startups, academia and private industries will have access to Defence R&D. These categories will get 25% of the R&D budget.
The private industries will be given the opportunity of taking up the design and development responsibility of the military equipment and platforms.
Using blockchain technology, the RBI will be introducing ‘Digital Rupee’ in 2022-23.
The tax charged on virtual assets will be 30%.
In case an individual receives a virtual asset as a gift, the receiver will be liable to pay the tax on it.
75 digital banking institutes will be launched across 75 districts of the country.
For the development of the green infrastructure, the issue of green bonds will be initiated.
The current fiscal deficit of GDP is 6.9%.
In case there is an anomaly in the tax filing, the taxpayer can re-file the updated version within 2 years.
The alternative minimum tax for both companies and cooperative societies is now fixed at 15%.
The cooperative societies with income of 1 to 10 crores will have to pay the surcharge of only 7%.
There will be special tax relief provisions for disabled individuals.
For the state government employees, the tax deduction for an NPS account is up to 14%.
The virtual digital assets will be covered under the income tax regime.
The cap for long term capital gains is 15%
For cut and polished diamonds, the customs duty is fixed at 5%.
For imitation duty, the customs duty is slashed.
Increase in duty for Sodium Cyanide.
For umbrellas, the duty is fixed at 20%.
An extension of one year is added for steel scrap duty.
For stainless steel, the anti-dumping feature is revoked.
Decrease in the duty for shrimp aquaculture.
Introduction of the National Digital Health Ecosystem.
A separate program called National TeleMental Health is launched for focusing on mental health issues.
Setup of more than 20 mental health telecentres with highly-qualified staff.
Programs like Mission Shakti, Saksham Anganwadi, Mission Vatsalya and Poshan 2.0 were introduced for providing integrated advantages to children and women.
Under Har Ghar, Nal se Jal program, Rs. 60,000 crores are sanctioned to cover 3.8 crore houses in 2022-23.
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