JOIN USKey takeaways from FM Nirmala Sitharaman's Union Budget speech
Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022, the blueprint for 'amrit kal' of the next 25 years, in Parliament, ahead of elections in five states.
Here are the key takeaways from the Budget Speech:
1. While presenting the Union Budget Finance Minister Nirmala Sitharaman said that India's growth is estimated to be at 9.27 per cent in FY23. "We are in the midst of the third Covid-19 wave, we are in a strong position to withstand challenges," she said.
2. "This Budget lays a futuristic 'amrit kal' for women, youth and marginalised communities, big public investment for infrastructure guided by PM Gati Shakti, productivity enhancement, energy transition and climate action and financing of investments," said FM Sitharaman.
3. The finance minister said that initiatives of the last year's Budget have seen significant progress and financial outlays. Strengthening of the health infrastructure and speedy vaccination programme have been enabled by the entire country, she added.
4. Sitharaman said that the Union Budget 2022 will focus on macroeconomic growth, will promote fintech and technology-based development. "The Budget is committed to strengthening the abilities of the poor to stand challenges and will lay the foundation for economic growth over the next 25 years," she said.
5. The finance minister stressed that the Modi government's focus has been on the empowerment of citizens by providing housing, cooking gas and water and ensuring inclusive policies. "Our government strives to provide the necessary ecosystem to the middle classes," she said.
6. The finance minister listed four priorities of the Modi government -- PM Gati Shakti, inclusive development, energy transition and climate action and financing of investments. "The Centre PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth. The National Highway network will be expanded by 25,000 kms in 2022-23. PM Gati Shakti masterplan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency: FM Nirmala Sitharaman
7. FM Sitharaman extended the credit-linked guarantee scheme till March 2023. "The scopes of portals meant to support MSMEs will be widened, with efforts to further formalise the economy. Emergency credit line gave support to more than 1 lakh MSMEs. The hospitality sector firms are yet to regain their pre-pandemic level of business. The ECLGS will be extended till March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to a total cover of Rs 5 lakh crore," she said.
8. The finance minister added that 400 new generation Vande Bharat trains with better efficiency will be brought in over the next three years, while 100 PM Gati Shakti Cargo terminals will be developed during the next three years and innovative ways will be implemented for building metro systems.
9. The implementation of the Ken-Betwa link worth Rs 44,605 crore will be taken up to provide irrigation of over 9 lakh hectares of the farmers land providing irrigation, farming and livelihood facilities to farmers and local population.
10. Recognising the importance of Nari Shakti, during the 'amrit kal', the Centre has revamped the schemes of Women and Child Development Ministry.
11. The Centre plans to launch a digital DESH e-portal for reskilling youth. "Skilling programmes will be reoriented. For skilling, upskilling and reskilling of our youth, Digital DESH e-portal will be launched. "'One Class One TV Channel' will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for classes 1-12," FM Sitharaman said.
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12. Prime Minister's development initiatives for the North East will be implemented with the help of PM Gati Shakti infrastructure to enable livelihood activities for youth and women. It will not be a substitute for existing schemes, the finance minister clarified.
13. FM Sitharaman on Tuesday said that the government would promote the use of 'Kisan Drones' in agriculture as part of the Budget for 2022-23. These drones, she said, would be used for assessing crops, digitising land records, and spraying pesticides, insecticides and other nutrients.
14. FM Sitharaman said that e-passports, using embedded chips and futuristic technology, will be rolled out in 2022-23.
15. The finance minister announced the 5G spectrum auction in 2022 to roll out 5G services across India. The laying of optical fibre in villages will be completed by 2025.
16. Defence R&D to be opened up to startups and academia and private industry would be encouraged to take up design of military infrastructure in consultation with DRDO.
17. The Centre will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to recommend ways to realise this sector and build domestic capacity for serving markets and the global demand.
18. The Special Economic Zones (SEZ) Act will be replaced with new legislation for the development of enterprise and hubs.
19. An end-to-end e-Bill facility will be launched for all government procurements, the finance minister said.
20. In a boost to the EV infrastructure, FM Sitharaman said a battery swapping policy will be brought out and interoperability standards will be formed. 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.
21. The Digital Rupee using blockchain will be issued by the RBI in this fiscal year. "Introduction of a digital currency will give a big boost to currency," FM Sitharaman said.
22. In the Union Budget 2022, FM Nirmala Sitharaman proposed to step up capital expenditure outlay by 35.4 per cent to Rs 7.50 lakh crore in FY23.
23. The total expenditure in FY22 stands at Rs 39.45 lakh crore and total reciepts without borrowing at Rs 22.84 lakh crore. Fiscal deficit is at 6.9 per cent of the GDP as against 6.8 per cent projected in the Budget estimates.
24. In the tax corner, Sitharaman said that taxpayers can now file updated returns within two years.
25. The income from cryptocurrencies, NFTs, other virtual assets to be taxed at 30 per cent.
26. For urban capacity building, modernisation of building by laws, town planning schemes and transit-oriented development will be implemented.
27. Centres of Excellence will be established and Rs 250 crore has been earmarked for urban sector development.
28. 'One Nation, One Registration' will be established for anywhere registration to facilitate ease of living and doing business.
29. Customs Duty on cut, polished gem stones has been reduced to 5 per cent.
30. Tax deduction limit will be reduced for central government employees from 18 per cent to 15 per cent in their contribution to NPAs.
31. Co-operative surcharge will be reduced from 12 per cent to 7 per cent.
32. Noting the growing mental health problems due to the Covid-19 pandemic, the Union Minister of Finance Nirmala Sitharaman announced a National Tele-Mental Health Programme while presenting the Union Budget 2022.
33. More than 35 crore Post Office deposit accounts with deposits aggregating Rs 10 crore will now be connected to the banking system. FM Sitharaman announced connecting 1.5 lakh Post Offices to the core banking system in her Union Budget speech on Tuesday.
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