India’s economic growth in the current year is estimated at 9.2%, which is the highest rate among all the large economies.
The 2022 budget seeks to lay the foundation for steering the economy on Amrit Kal for the next 25 years, from India at 75 to India at 100, and continuing to build on the 2021 budget vision.
The strategic transfer of ownership of Air India has been completed. LIC IPO coming soon.
PLI schemes in 14 sectors with potential to create 60 new jobs, additional new production worth Rs 30 thousand crore.
The PM Gati Shakti Highway Master Scheme will be drawn up in the coming financial year.
The national highway network will be expanded by 25,000 km per 2022-23.
Four contracts for multimodal national parks will be awarded in fiscal year 23.
400 new generation Vande Bharat trains will be developed and manufactured in the next three years under the Gati Shakti plan.
India plans to set up 100 charging stations in the next three years.
ECLGS extended until March 2023, extended guaranteed cap by another Rs 50,000 crore.
Total coverage under the scheme is now Rs 5 crore.
An additional amount has been allocated to the hospitality sector.
Chemical free natural agriculture will be promoted in India.
Promoting the use of Kisan drones to evaluate crops, digitize land records, and spray pesticides.
Rs 2.37 crore worth of direct payments from MSP to wheat and rice farmers.
for small businesses
MSMEs such as Udyam portals, e-shram, NCS and Aseem will be linked together, expanding the scope.
A mixed-capital fund raised under the co-investment model facilitated by NABARD to finance start-ups in agriculture and rural enterprises of the agricultural value chain.
100% of 1.5 lakh post offices will be subject to the core banking system, allowing financial inclusion and access to accounts through net banking, mobile banking, and ATMs, as well as providing online money transfer between postal and bank accounts.
Boost for electric vehicles
A battery exchange policy will be introduced with interoperability standards to enhance the electric vehicle ecosystem.
An auction of 5G spectrum will be held in 2022 for the deployment of 5G mobile services by private telecom service providers.
A blueprint for the design that launched the manufacturing of the 5G ecosystem as part of the PLI scheme to enable affordable mobile broadband and communications in rural and remote areas.
Defense R&D will be opened to industry, startups, and academia with 25% of the defense R&D budget.
68% of the defense capital procurement budget will be allocated to the domestic industry in 2022-23 (up from 58% in the last fiscal)
India to launch sovereign green bonds
Sovereign green bonds will be part of the government’s borrowing program in fiscal year 23.
The money will be used for projects that will help reduce the carbon intensity of the economy.
Capital expenditure has been increased to Rs 7.5 crore.
Capital expenditures in fiscal year 2013 were 2.9% of GDP
Effective capital expenditure in fiscal year 23 which was Rs 10.7 crore.
RBI will launch Digital Rubee, using blockchain technology, in 2023.
Fiscal deficit target set at 6.4% for FY23
Total expenditures for the fiscal year 2013 were Rs 39.45 thousand crore.
Total receipts other than borrowing amounted to Rs 22.84 thousand crore.
Reducing the alternative minimum tax for cooperative societies to 15%.
The proposal will reduce the surcharge on co-ops to 7%, for those with incomes between Rs 1 crore and Rs 10 crore.
Advertisements for taxpayers
Taxpayers can file an updated return on tax payment within two years of the end of the relevant assessment year.
30% tax on returns on virtual/digital assets with no deductions other than acquisition cost
Offsetting against other income is not permitted.
1% TDS is charged on payments made when digital assets are transferred.
The GST collections for January 2022 are SEK 1,40,986 together which is the highest since the GST started.