Today, Finance Minister Nirmala Sitharaman delivered the fourth Budget of the Modi 2.0 government. The Economic Survey set the tone for the Budget presentation, indicating that the government has fiscal space to do more to help the economy, which is expected to thrive at a strong 8-8.5 percent in fiscal 2022-23.
The FM said, “Focus will be on planning and enhancing measures”.
The priorities of the union budget 2022-2023 –
The major areas that were focused in this budget of 2022
- PM Gati Shakti (road, railways, airports, mass transport, waterways, logistics infrastructure)
- Inclusive Development and Productivity Enhancement
- Sunrise Opportunities
- Energy Transition and Climate Action
- Financing of investments
Union Budget 2022-23 Highlights
- The aim for FY23 divestment is Rs 65,000 crore.
- The Finance Minister declares a 30% ‘crypto tax,’ but the income tax slabs remain unchanged.
- No changes in the income tax slabs, as well as corporate and personal income tax rates, remain the same as earlier.
- The fiscal deficit target for FY23 has been set at 6.4 percent.
- The RBI will create a digital rupee based on block chain in 2023.
- India will issue sovereign green bonds to reduce its carbon reliance.
- In FY23, the government plans to increase Capex to Rs 7.5 lakh crore.
- ECLGS will be lengthened till March 2023, with assured cover rising by Rs 50,000 crore.
- The FM announced the formation of new digital universities to provide access to a world-class education to the students of India. It also focused on digital learning through these universities, 200 TV channels for classes 1 – 12.
- For private telecom companies to put out 5G services, a spectrum auction will be held in 2022.
- Amendments to the Bankruptcy Code to improve the resolution procedure’ efficiency
- The National Ropeways Development Program will be implemented on a public-private partnership (PPP) model.
- The National Digital Health Ecosystem will be created on an open forum.
- All-mode operators’ data will be exchanged using the Unified Logistics Interface Platform.
- MSP direct payments to wheat and paddy farmers amounting to Rs 2.37 lakh crore
- India’s growth rate is expected to be 9.2%, the highest among all large economies; we are now well-positioned to face challenges, adds FM.
- PLI programs in 14 sectors have the potential to produce 60 lakh new jobs and Rs 30 lakh crore in additional new production.
- All imports will be more expensive including umbrellas, imitation jewellery, single or multiple loudspeakers, headphones and earphones, smart meters, solar modules, X-ray machines, and parts of electronic toys.
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