India Budget 2022
Today our honorable Finance Minister Nirmala Sitharaman presented the Union Budget 2022 , it is the fourth time when the budget is presented by Nirmala Sitharaman and also the sixth budget session since Covid hit Indian mainland in 2022, This year instead of Bahi khata a made in India Tablet was used symbolizing the self reliance and technological advancement of India . in this article we will discuss the key developments in the Budget presented this year. It is to be noted that India’s economic growth estimated at 9.2% to be the highest among all large economies.
What is Budget?
According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.
Union Budget keeps the account of the government’s finances for the fiscal year that runs from 1st April to 31st March. Union Budget is classified into Revenue Budget and Capital Budget.
Revenue budget includes the government’s revenue receipts and expenditure.
Capital Budget includes capital receipts and payments of the government. Loans from public, foreign governments and RBI form a major part of the government’s capital receipts.
Budget Highlights: 2022-23
- Digital Rupee
RBI will introduce ‘digital rupee’ using block chain technology in 2022-23 and 75 digital banking units will be set up across 75 districts,
- 7 Focus Areas
PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action and Financing of investments.
- Amrit Kal
The Budget lays a new road map for the country for the next 25 years, and termed it as ‘amrit kaal.’ from India at 75 to India at 100.
- Fiscal Deficit Target
The country’s total expenditure is estimated at Rs 39.45 lakh crore in FY23, while receipts other than borrowings are estimated at Rs 22.84 lakh crore. The fiscal deficit for FY23 is projected at 6.4 percent of GDP.
- Tax Deduction
The tax deduction limit for state government employees on the employer’s contribution to the National Pension System will be increased to 14 percent from 10 percent to bring them at par with Central government employees.
- Digital assets
Any income from the transfer of any virtual digital asset will be taxed at 30 percent. Tax must be deducted at source on the payment made in relation to transfer of a virtual digital asset at 1 percent of such consideration above a monetary threshold.
- 5G rollout
Spectrum auctions will be conducted in 2022 to facilitate the rollout of 5G mobile services by private telecom companies.
- Defence sector
68% capital procurement budget is earmarked for domestic procurement. Defence R&D to be opened up for start ups, private industry and academia. 25% of R&D budget will be set aside for this.private industry will be encouraged to take up design and development of military platforms and equipment.
Digital universities based on networked hub model will be formed also to compensate the loss students faced during pandemic One Class, One TV channel will be expanded from 12 to 200 TV Channels to provide supplementary education in all regional languages.
NABARD will facilitate fund with blended capital to finance startups for agriculture & rural enterprise and ₹2.37 lakh crore issued for direct payments for minimum support price.Chemical-free, natural farming to be promoted across the country and year 2022 will be regarded as Year of Millet – support for post-harvest value addition for millet products.