Analysis points of Union Budget 2022-23
Focus on promoting the digital economy
We are hopeful that India will continue its growth journey: FM
LIC IPO expected to come soon
The foundation of the next 25 years will be given from this budget
16 lakh employment opportunities from self-reliant India
Expected economic growth to be 9.2% in the next financial year
Government’s focus on clean energy
Emphasis on private partnership investment in the budget
Emphasis will be on energy, transport, logistics
Will prepare 25000 KM national highway in FY23
Will make 400 new Vande Bharat trains in 3 years
Will promote infra through Gatishakti master plan
60 lakh employment opportunities under Make in India
Will connect urban transport with railway route
100 PM Gatishakti Cargo Terminals to be built
Will give Rs 2.7 lakh crore to farmers for MSP
Government will promote farmer drones
Government will promote the cultivation of oilseeds
Will bring package for fruit, vegetable farmers
Rs 1400 crore fixed for Ken-Betwa river link
ECLGS scheme extended till March 2023
5 lakh crore will be covered under the ECLGS scheme
Startups will be promoted to make drones
The target of providing drinking water to 62 Lakh people
Government plans to set up a digital university
Digital network will be formed for health infra
National tele mental health program to be launched
48000 crore allocation for PM Awas Yojana
PM Awas Yojana 80 lakh new houses will be built
Rs 60000 crore allocation for drinking water projects
1500 crores allocated for the development of northeastern states
75 digital banking units to be started
All post offices will be connected to core banking system
1.5 lakh post offices will be connected online
Government’s support for digital banking will continue
Emphasis on reducing the cost of digital transactions
Government’s big focus on urban development
Will issue chip based passport
Building laws will modernize the rules of town planning
battery swapping policy
Will work with states on Ease of Doing Business
Promotion of clean energy in public transport
Will encourage private sector to make batteries
IBC law to be changed to make resolution easier
The process of winding up companies will be faster and easier
Paperless e-bill system will come for government purchases
5G spectrum will be auctioned in 2022
Surety bonds will be available in lieu of guarantee in government purchases
SEZ Act rules will be changed
65% capex for defense procurement will be for domestic companies
target to reduce defense imports
Bio pellets will be used in thermal power plants
Capital expenditure of Rs 7.5 lakh crore
Proposal to introduce Sovereign Green Bonds
International Arbitration Center to open in GIFT City
Will allow opening of foreign university in GIFT City
RBI to issue digital currency in 20223-23
Total expenditure in 2021-22 is Rs 37.7 lakh crore
1 lakh crore will be given to the states
FY22 fiscal deficit 6.9%
Fiscal deficit 6.4% in FY23
Fiscal deficit target of 4.5% by FY26
Major reforms will be done in income tax rules
Opportunity for taxpayers to update IT returns
Will be able to update 2 years previous IT return by paying fine
MAT rate reduced to 15% for cooperative societies
Employer contribution in NPS increased from 10% to 14%
Earnings from cryptocurrencies will be taxed at 30%
Tax at the rate of 30% even on gifting crypto
NPS exemption for state employees at par with the Center
30% tax on virtual digital asset transfer
No change in income tax slab
Surcharge not exceeding 15% on any LTCG tax
No SET OFF for losses on undisclosed income
GST collection at record level in January
GST collection of 1.40 lakh crore in January
7.5% custom duty on select capital goods
Custom duty on cut, polished diamonds reduced to 5%
Custom duty on umbrella increased to 20%
400 rupees custom duty on imitation jewelery
Over 350 custom duty concessions to be abolished
Disinvestment target in FY23 Rs 65000 crore