Many firsts of Union Budget 2022: Here's what you can expect in 'amrit kaal'

The government aims to keep up with the rapid growth in technological advancements in emerging sectors

The Union Budget 2022, announced by Finance Minister Nirmala Sitharaman in Parliament on Tuesday, is presented as a blueprint for the next 25 years of 'amrit kaal', as India enters its 75th year of independence.

The government aims to keep up with the rapid growth in technological advancements in various emerging sectors. For instance, Sitharaman introduced a taxation system for income generated from cryptocurrencies. A digital currency by RBI, e-passports and 5G spectrum auctions are some of the debutants in this year's Budget, and in the coming years, further regulation and policy promises in newer, emerging sectors are expected.

Here are some of the firsts in the Union Budget 2022 that are likely to gain momentum in the 'amrit kaal':

Cryptocurrency tax

Sitharaman has proposed a 30 per cent tax on income generated out of digital assets like crypto. She further said 1 per cent TDS [tax deducted at source] will be levied on transactions above a certain threshold. In addition, the Budget also includes Digital Rupee, which will be unveiled by the Reserve Bank of India in FY 2022-23.

E-passports

The government announced that e-passports will be rolled out in the 2022-23 fiscal to enhance convenience for citizens. The new e-passports will come with electronic chips in-built that will contain key security-related information. Currently, the government issues passports in booklets. Gifts too will be taxed, at the receiver's end.

Also read: Key takeaways from FM Nirmala Sitharaman's Union Budget speech

5G auctions

In her Budget speech, Sitharaman said auctions for 5G spectrum will be held this year by private companies to enable a rollout of the faster telecom network. "A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production-linked incentive scheme," Sitharaman said.

Digital banking

Among the many digitals in this year's Budget is digital banks. Sitharaman said, on the occasion of India's 75th year of Independence, and to give a boost to the digital economy, as many as 75 digital banks will be set up in 75 districts by Scheduled Commercial Banks.

Vande Bharat trains

Under the PM Gati Shakti plan, Sitharaman said in her budget speech that around 400 new generation Vande Bharat trains will be operational in the coming three years. The finance minister also proposed 'One Station-One Product' idea for the Railways, to help local businesses and supply chains.

Sitharaman's Budget bets big on infrastructure development to drive growth. The 'One Station-One Product' essentially is an initiative to smoothen the supply chain and each railway station can act as a promotional hub for a particular product.

Course-correction in I-T returns

Sitharaman said the government will provide a one-time window to correct omissions in income tax returns (ITRs) filed. She said that the updated returns will have to be filed within two years.

Portal for reskilling youth

The government plans to launch a digital portal for reskilling youth. "Skilling programmes will be reoriented. For skilling, upskilling and reskilling of our youth, Digital DESH e-portal will be launched," Sitharaman said in her speech.

TV Channels for supplementary education

'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, Sitharaman said.

Drones to fly high

Sitharaman said that the government would promote the use of 'kisan drones' in the agricultural sector as part of the Budget for 2022-23. These drones, she said, would be used to assess crops, digitise land records as well as spray pesticides, insecticides, and other nutrients. She also said that start-ups would be promoted to facilitate the 'Drone Shakti' programme.

Mental Health on government's mind

Sitharaman in her speech highlighted the Covid-19 impact on the mental health of people of all ages. In the same breath, she said the government is proposing National Tele Mental Health Program for counselling.

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