Union Finance Minister Nirmala Sitharaman presented her
fourth Budget, on February 1 in keeping with recent tradition. In the first
post covid budget, she said the country is expected to grow at 9.27 per cent in
the coming year. She said the focus would be on inclusive development,
productivity enhancement, energy transition and climate action which will be a
blueprint for the economy from India at 75 to India at 100.
Country’s total expenditure is estimated at ₹39.45 lakh crore while receipts are estimated at Rs 22.84 lakh crore.
FY’23 fiscal deficit target has been projected at 6.4 percent of GDP.
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Sitharaman said Digital Rupee would issued by the RBI in
2022-23, using blockchain and other technologies and this will give a big boost
to the economy. The Budget estimates the effective capital expenditure of the
Central government at Rs 10.68 lakh crore in 2022-23.
The Budget Highlights
are:
–roll-out of 5G spectrum by 2023 through private players.
–Tax deduction limit to be increased from 10% to 14% for
Centre and state govt employees to help the social security benefits of state
government employees and bring them at par with the Central govt employees.
— Taxpayers can now update their I-T returns within 2 years
from the relevant assessment year.
–Virtual digital assets to be taxed at 30%.
–Income from transfer of digital assets will be charged 30%
tax, plus 1% tax on transaction.
— Income from Long
Term Capital Gains will be taxed at 15%.
— E-passports with embedded chips and futuristic technology
will be rolled out in 2022-23.
–Govt will issue E-passports with embedded chips and
futuristic technology to be rolled out next year
— Rs 48,000 crore for completion of construction of 80 lakh
houses under PM Awas Yojana in rural and
urban areas in the year 2022-23
–Rs 1 lakh crore will be allocated to states to help
investments for 2022-23. These are 50-year interest-free loans are over and
above normal borrowings allowed to states.
–2,000 km of rail network will be brought under the
indigenous world-class technology KAWACH, for safety and capacity augmentation.
– 400 new-generation
Vande Bharat trains to be built over the next three years.
–Gati Shakti Master Plan PM Gati Shakti is driven by 7
engines: roads, railways, airports, ports, mass transport, waterways and
logistics infra. All 7 engines will pull forward the Economy in unison.
–Gati Shakti Master Plan for expressways to be drawn up
this financial year.
— 100 new cargo terminals to be built over the next three
years. The National Highway network will be expanded by 25,000 kms in 2022-23.
– Private Sector encouraged to set up electric vehicle (EV)
sharing stations
– National Tele Mental Health program announced to give
access to mental health counseling and care services
-Digital education: ‘One class, one TV channel’ program of
PM eVIDYA will be expanded from 12 to 200 TV channels.
– Paperless e-bill system will be launched by ministries for
procurement.
– ECGL service for hospitality sector extended to March 2023
with an increased cover of Rs 50,000.
Finance Minister Nirmala Sitharaman also assured to promote
chemical-free natural farming across the country and disclosed that farm
procurement value for FY23 is expected to be Rs 2.37 trillion
