Budget 2022: Here’s a Look at Important announcements in the budget

Ground Report | New Delhi: Important announcements in the budget; Finance Minister Nirmala Sitharaman today presented the Union Budget for the fiscal year 2022-23. This was her fourth budget as finance minister.

This Monday the Economic Study was made public, in which a GDP growth rate of 9.2% this year has been estimated. At the beginning of the budget speech, the Finance Minister said that her government is committed to the development and the welfare of the poor.

Nirmala Sitharaman counted Air India going to Tata and Life Insurance Corporation of India IPO coming soon as achievements of her governance.

The Minister of Finance said that her government is advancing on the path of inclusive growth. The Finance Minister said that this year the growth rate of the Indian economy is estimated to be above 9% and is more than all the major economies in the world.

The revenue shortfall is said to reach 4.5% of GDP for the fiscal year 2025-26. The revenue shortfall is estimated to be 6.4% of GDP in 2022/23. The revised revenue shortfall in 2021/22 has been reported to be 6.9% of GDP. Total spending in 2022/23 will be Rs 39.45 trillion.

Important announcements in the budget

• India's growth rate is estimated to be 9.27 percent in the current year. This growth rate is the highest among the major economies.

• Income from the sale and acquisition of virtual and digital assets will be taxed at 30%.

• Central government employees get up to 14% tax relief on contribution to the National Pension Scheme while state government employees get 10 percent. While changing this, it has also been decided to give 14% tax relief to the state government.

• PM Gati Shakti is fueled by seven engines – Roads, Railways, Airports, Ports, Transport, Waterways and Logistics Infrastructure. The economy will move forward through these seven engines.

• PM Gati Shakti has masterplan for the expressway. Under this, 25,000 km of national highway will be expanded in 2022-23. 20 thousand crore rupees will be spent on highway expansion.

• National Ropeway Development Program for traditional roads in hilly areas will be taken up in PPP mode, this will boost tourism

• A digital university will also be created. There will be studies in different Indian languages.

• For the convenience of doing business, 'One Nation, One Registration' will be set up for registration anywhere in the country.

75 Digital Banking Units

• Railways will develop efficient logistics for small farmers and enterprises. The 'One Station, One Product' implementation will help in the local product supply chain.

• Inclusive development is the priority of the government, which includes farmers of paddy, kharif and rabi crops. Under this, 1,000 LMT of paddy is expected to be procured. This will benefit more than one crore farmers.

• In order to make digital banking accessible to every citizen, 75 digital banking units will be started in 75 districts of the country.

• 60,000 houses in rural and urban areas will be identified as beneficiaries of PM Awas Yojana. The construction of 80 lakh houses will be completed for the beneficiaries of PM Awas Yojana in 2022-23.

• An additional allocation of Rs 19,500 crore will be made to achieve the target of 280 GW of solar capacity by 2030.

60 lakh jobs under Make in India

• 16 lakh jobs will be given under self-reliant India. 60 lakh jobs will come under Make in India.

• The economy has been strengthened by PM Gati Shakti. Infrastructure facilities will be increased for 100 years.

• The scheme will be launched in PPP model to provide digital and hi-tech services to the farmers. Emphasis will be given on zero budget farming and natural farming, modern agriculture, value addition and management.

• The pace of our vaccination campaign in the midst of the Corona crisis has helped a lot. There is a very good response in 14 sectors to the incentive schemes related to production.

• We have simplified the tax system further. We are introducing a new updated return where people can file the updated return within two years of filing the IT return.

• The government is committed towards Minimum Government and Maximum Governance. With the repeal of 1,486 union laws, Ease of Doing Business 2.0 will be launched. We will follow the idea of ​​trust based government.

• The skilling program will be revamped. For skilling, upskilling and reskilling of youth, Digital Desh e-portal will be launched.

• To provide supplementary education in regional languages ​​for classes 1-12, the number of 'One Class One TV Channels' will be increased from 12 to 200 TV channels.

• Chemical free natural farming will be promoted across the country with focus on farmers' land in 5 km wide corridors along the banks of the Ganges.

• During the next three years, 400 new generation Vande Bharat trains with better efficiency will be introduced. In the next three years, 100 PM Gatishakti Cargo Terminals will be developed.

• 60,000 crore has been allocated in the year 2022-23 for the Har Ghar, Nal Se Jal Yojana.

• In Rabi 2022-23, 1208 metric tonnes of wheat and paddy will be procured from 163 lakh farmers. The year 2023 has been declared as the year of coarse grains.

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