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Key Highlights of the Budget 2022 Speech:
India likely to grow at 9.27% says FM Sitharaman.
Gati Shakti masterplan to make world-class infra; PLI scheme to create at least 60 lakh new jobs in 5 years
Gross GST collection in January at record ₹ 1,40,986 crore, possible due to rapid economic recovery, says Finance Minister Nirmala Sitharaman.
The government has not changed income tax rates this year.
30 per cent tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
Effective expenditure will be ₹ 10.68 lakh crore, or 4.1 per cent of GDP
Capital expenditure raised by 35.40 per cent from ₹ 5.54 lakh crore to ₹ 7.50 lakh crore.
68 per cent capital for procurement for defence will be for domestic industry.
National Pension Scheme (NPS)
Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman
30 per cent tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
68 per cent capital for procurement for defence will be for domestic industry.
Bharat Net optical fibre project to be complete in 2025. Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.
E-passports using embedded chips and futuristic tech will be rolled out.
Digital payments have grown at rapid pace. Benefits of digital banking should reach every nook and corner. Taking forward this agenda, we will set up 75 digital banking units in 75 districts by scheduled commercial banks.
A digital university will be developed to provide access to students for world-class quality education with ISTE Standards.
Amid COVID's side-effect on unstable mental health, the government will set up a mental health counselling, a National Tele Mental Health Program.
Agriculture Led Announcements
Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts: FM Sitharaman
Fund to be set up to finance agriculture, Rural Startups
A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain will be set up. States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget and organic farming, modern-day agriculture.
"Production Linked Incentive Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with the potential to create 60 lakh new jobs and additional production of 30 lakh crore during the next five years".
Moving forward towards Gati Shakti masterplan and to make this as a world-class program for infrastructure development will lay the following four priorities — PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action and financing of investments, says FM Nirmala Sitharaman.
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Key Highlights of the Budget 2022 Speech:
India likely to grow at 9.27% says FM Sitharaman.
Gati Shakti masterplan to make world-class infra; PLI scheme to create at least 60 lakh new jobs in 5 years
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
National Pension Scheme (NPS)
Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman
Bharat Net optical fibre project to be complete in 2025. Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.
E-passports using embedded chips and futuristic tech will be rolled out.
A digital university will be developed to provide access to students for world-class quality education with ISTE Standards.
Amid COVID's side-effect on unstable mental health, the government will set up a mental health counselling, a National Tele Mental Health Program.
Agriculture Led Announcements
Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts: FM Sitharaman
Fund to be set up to finance agriculture, Rural Startups
A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain will be set up. States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget and organic farming, modern-day agriculture.
"Production Linked Incentive Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with the potential to create 60 lakh new jobs and additional production of 30 lakh crore during the next five years".