Union Budget 2022 Highlights - The country is expected to grow at 9.27% in the coming year, says Finance Minister
Nirmala Sitharaman, Union Finance Minister presented the Union Budget in Lok Sabha today. She said that the country is expected to grow at 9.27 per cent in the coming year.
Focusing on inclusive development, productivity enhancement, energy transition and climate action — the budget gives a blueprint of economy from India at 75 to India at 100. Country's total expenditure is estimated at ₹39.45 lakh crore while receipts are estimated at Rs 22.84 lakh crore
Have a look at some of the key highlight points from Union Budget 2022.
Key highlights of Budget speech
* In 2022-23, states will be allowed fiscal deficit of up to 4 pc of GSDP
* Rs 1 trillion financial assistance to states to be provided in 2022-23 to catalyse investments
* Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23
* Measures will be taken to step up private capital in infra sector
* No changes made to tax slabs
* Taxpayers can now file an updated return within 2 years from the relevant assessment year
* Both Centre and States govt employees' tax deduction limit to be increased from 10 percent to 14 percent
* Digital rupee to be issued using blockchain and other technologies and will be issued by RBI starting 2022-23
* For 2022-23, allocation of Rs 1 lakh crore has been made to assist the states in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to states
* 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH
400 new-generation Vande Bharat trains to be built over the next three years
* Chemical-free natural farming to be promoted across the country. Farm procurement value for FY23 to be Rs 2.37 trillion
* PE/VC invested Rs 5.5 trillion in start-up, expert committee will be set up to suggest measures to help attract investment
* Data centre and energy storage system to be given infrastructure status; move to provide easy financing
* International arbitration centre will be set up in GIFT city to provide faster dispute resolution
* World-class university to be allowed in GIFT IFSC free from domestic regulation
* Sovereign green bonds to be issued to mobilise resources as part of govt's borrowing programme
* Public investment must take lead to pump prime private investment and support demand
* Financial support will be provided to farmers to take up agro-forestry
* To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched
* One class, one TV channel' program of PM eVIDYA will be expanded from 12 to 200 TV channels