Key Highlights of Union Budget FY 2022-2023
On 1st Februray 2022, Finance minister Ms. Nirmala Sitharaman presented the union budget in the Parliament.
1. India recorded the highest economic growth at 9.2%. 2. 6 million new jobs in 14 sectors created under productivity linked incentive scheme.
OBJECTIVE OF THE BUDGET
1. E-learning model implementation 2. 5g technology 3. inclusive digital environment 4. climate action
1. 1,04,278 crore to education sector 2. 86,200.65 crore to healthcare 3. 15,38,779 crore to finance ministry 4. 3030 crore to environment sector 5. 14,300 crore to it industry 6. 4,05,470.15 crores to defence 7. 1,31,531 crore to agriculture
1. 75 skilling e-labs to be set up. 2. 'One class-one TV channel' programme to be implemented for supplementary education in regional languages on 200 channels. 3. multilingual Digital Universities to be established.
initiatives for Education sector
1. Open platform for National Digital Health Ecosystem to be rolled out. 2. Emphasis on National Health Mission (NHM) to strengthen health system in rural and urban areas. 3. network of 23 tele-mental health centres for counselling to be set up.
initiatives for Healthcare sector
initiatives for agriculture sector
1. 2.37 lakh crore towards direct payment for minimum support price. 2. Procurement of wheat, kharif and rabi crops to benefit more than 1 crore farmers. 3. Promotion of chemical free and natural farming. 4. Kisan drones to be used for spraying of pesticides and crop assessment. 5. 44,000 crore for Ken-Betwa river linking project for 9 lakh hectare farmer land.
1. 68% capital procurement budget for domestic procurement. 2. Defence R&D to be opened up for start ups and private universities. 3. Encouragement to private universities to take up design and development of military equipment.
initiatives for Defence sector
initiatives for infrastructure sector
1. 20,000 crore for PM Gati Shakti National Master Plan. 2. National Highways network to be expanded by 25,000 kms. 3. National Master Plan on Expressways to be formulated. 4. 400 new generation Vande Bharat trains to be manufactured. 5. 60 km of ropeway projects under Parvat Mala project. 6. 100 Gati Shakti cargo terminals to be developed.
1. Annual CO2 savings of 38 MMT targeted. 2. to promote use of public transport. 3. Four pilot projects to be set up for coal gasification and conversion of coal into chemicals for the industry. 4. Financial support to SC and ST farmers who want to take up agro-forestry.
initiatives for Energy Transition & Climate Action
1. Digital currency called 'Digital Rupee' using blockchain to be issued by RBI starting 2022. 2. boosting implementation of 5g technology in the country. 3. deployment of drone technology in agriculture sector. 4. Futuristic e-passports with embedded chips to be rolled out. 5. Unique land parcel identification number for IT based management of land records.
initiatives for IT sector
1. 100% inclusion of 1.5 lakh post offices in the core banking system. 2. Scheduled Commercial Banks to set up 75 Digital Banking Units in 75 districts.
initiatives for Banking sector
1. No changes in income tax slabs. 2. tax relief to persons with disabilities. 3. alternative Minimum tax rate for cooperative societies to be reduced from 18.5% to 15%. 4. Income from the transfer of cryptocurrencies and nFT will be taxed at the rate of 30%. 5. Provision to file updated return on payment of additional tax. 6. Only 15% surcharge on long term capital gains for all assets. 7. tax deduction on employer's contribution up to 14% for state government employee.
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