Budget 2022 Key Points | India

India’s Finance Minister Nirmala Sitaram talks about her fourth Budget on 1st Febrary 2022 in Parliament and from the whole speech these are some of the India Budget 2022 Key Points.

Union Budget 2022 Key Points:-

Sitharaman, while presenting the Budget, said that the country is expected to grow at 9.27 per cent.

The Finance Minister also said that there was a sharp increase in public investment and capital expenditure in Budget 2021-22. This Budget (2022-23) will benefit the youth, women, farmers, and the backward classes. The PM Gati Shakti master plan will guide the process, she added.

Budget 2022 Key Points
Budget 2022 Key Points

The government’s total expenditure has been increased by 4.8 per cent to Rs 39.5 lakh crore.

A 30% tax will apply on income from the sale or acquisition of virtual and digital assets such as “cryptocurrency“.

Taxpayers can file updated income tax returns within “2-years” in one-time window. There is no change to Income Tax slabs.

In order to support small business, ease of doing business along with ease of tax compliance, simplification and digitization are expected to give small traders a moral boost.

The fiscal deficit for this year is expected to be at 6.3%, which is lower than the projected deficit of 6.8%. Tax revenues, higher nominal GDP growth and limited spending are expected to be contributing factors.

Lately, Prime Minister Narendra Modi has been stressing on startups, so startup friendly policies and tax relaxations are also expected for upcoming and existing entrepreneurs.

To bring parity between Central and state government employees, the Finance Ministry proposed to increase the threshold of employer contribution to the National Pension Scheme (NPS) Tier-I account from 10% to 14%.

Two years of education regression for school going children means we need to double-up efforts and spending to bridge education gaps. The NEP had advocated a 6% of GDP to be directed towards education. While we remain far short, the announcement of tech-based platforms ‘One class, one TV channel’ program of PM eVIDYA for school children and the establishment of a digital university were the need of the hour.

One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.

Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers.

An online bill system will be launched to reduce the delay in payment. All central ministries will use it.

New rail products in the form of ‘One Station – One Product’, 400 next-Gen Vande Bharat trains, and 100 PM Gati Shakti cargo terminals over the next three years provides integration of NIP with Gati Shakti and is likely to prove crucial in employment generation as the transport network is rich in terms of backward and forward linkages with the rest of the economy.

Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, potentially creating 60 lakh new jobs and additional production of 30 lakh crore during the next Keycap digit five years.

So, these were some Budget 2022 Key Points from the year 2022-23. Stay connected for more amazing articles, do join our telegram channel and don’t forget to share with your friends.

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