Complete Summary Of Union Budget 2022-23

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