Union Budget 2022: ବୁଷ୍ଟର ଡୋଜ୍ ବଜେଟ୍

Union Budget 2022:  India’s first full-time female finance minister, Nirmala Sitharaman presents her fourth budget in Lok Sabha at 11.00 am on February 1, 2022.

Budget Session 2022 Highlights:

• The survey predicted that India’s GDP growth is projected to grow between 8-8.5 percent in 2022-23. The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget by Nirmala Sitharaman to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin.
• The first part of the budget session will begin on January 31 and will continue till February 11. The second part of the budget session will be held from March 14 to April 8. She had read out the Budget from a tablet last year in parliament.

Union Budget 2022-23 Analysis – Click Here

Budget 2022 Date & Time:

• According to Article 112, Union Budget is also known as ‘Annual Financial Statement’ or the Statement of the Estimated Receipts and Expenditure of the central government before the beginning of each financial year. 
• Union Budget 2022 will be presented at 11 am on 1st February (Tuesday). The duration of the Budget presentation might range from 90 to 120 minutes. In 2020, Nirmala Sitharaman had delivered the longest budget speech in Indian history which lasted around 160 minutes.

• The Budget Division of the Department of Economic Affairs in the Ministry of Finance is the nodal body responsible for preparing the Budget.
• The first Budget of Independent India was presented in 1947.

Budget 2022 Key Highlights:

1. Finance Minister Nirmala Sitharaman said that ‘Sabka Prayaas’ vaccination campaign helped to tackle Omicron wave.
2. India’s growth is estimated to be at 9.27% – Nirmala Sitharaman while presenting the Budget.
3. ‘Gati Shakti‘ master plan to make the Highway network expand by 25,000 km in 2022-23.
4. Production Linked Incentive Scheme in 14 sectors to create 6 million new jobs and additional production of 30 lakh crore in next 5 years.
5. Rs 2.37 lakh crores will be the direct payment of MSP to 163 lakh farmers(1,208 lakh metric tonnes of wheat and paddy).
6. National Digital Health Ecosystem: It will consist of digital registries of health providers and health facilities, unique health identity, and universal access to health facilities. A National Tele Mental Health program will be launched.
7. Emergency Credit Line Guarantee Scheme will be extended up to March 2023 and the guaranteed cover will be expanded by Rs 50,000 crore to cover an amount of Rs 5 lakh crore
8. MSMEs such as Udyam,e-shram, NCS, and Aseem portals will be interlinked.
9. KAWACH: the indigenous world-class technology, Over 2,000 km of rail network to be brought under this for safety and capacity augmentation. 400 new Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in the next three years.
10. ‘Digital DESH’ e-portal: Skilling programs will be reoriented. For skilling, upskilling and reskilling of our youth.
11.  ‘One Class, One TV Channel‘ will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for classes 1-12.
12. Issuance of e-passports will be rolled out in 2022-23 to make it easier for citizens: FM
13. ‘Batter swapping policy‘ will develop special mobility zones for electric vehicles.
14. Drones to be used for crop assessment, digitization of land records, spraying of insecticides via NABARD.
15. 5G rollout in 2022 as part of PLI scheme.
16. Animation, visual effects, gaming, and comics sector to be set up.
17. 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports. This is up from the 58% last financial year.
18. ‘Digital Rupee‘ will be issued by the RBI. It will be generated by using blockchain technology
19. Implementation of the Ken Betwa Linking project at an estimated cost of Rs 44,605 crore to be taken up with irrigation benefits to 9 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower, and 27 MW solar power generation.
20. Effective capital expenditure of the Central government is estimated at Rs 10.68 lakh crore in 2022-23, about 4.1% of GDP
21. 280 gigawatt of installed solar capacity by 2030 will be done by 2030 and additional allocation of Rs 19,500 crore for manufacturing solar modules.
22. For 2022-23, an allocation of 50-year interest-free loans of Rs 1 lakh crore has been made to assist the states in catalyzing overall investments in the economy.
23. Taxpayers can now update Income Tax returns within 2 years.
24. Tax deduction limit to be increased from 10% to 14% for Centre & state govt employees to help in the social security benefits.
25. Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23.
26. Income from transfer of digital assets to be charged 30% tax, plus 1% tax on transaction.
27. Corporate surcharge to be reduced from 12% to 7%, says FM Nirmala Sitharaman
28. Income from Long Term Capital Gains will be taxed at 15%.
29. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore —the highest since the inception of the tax: Finance Minister Nirmala Sitharaman.
30. Tax deduction limit to be reduced for central government employees from 18 percent to 15 percent in their contribution to NPAs, said the finance minister.
31. Duty on unpolished diamonds and gems to be reduced to 5 percent, while plain uncut diamonds attract nil charges.
32. Total expenditure in FY23 estimated at Rs 39.45 lakh cr; total resources mobilization to be Rs 22.84 lakh cr other than borrowing.

Union Budget 2022 – Download PDF

Income Tax Slab Rate for 2022-23:

No change in income tax slabs & tax rates for 2022-23.

FAQs: Union Budget 2022

Q1. Who is the father of Indian budget?

Ans: P C Mahalanobis

The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.

Q2. What are the 3 types of budget?

Ans: According to the government, the budget is of three types:

• Balanced budget.
• Surplus budget.
• Deficit budget.

Q3. How budget is passed in India?

Ans: The budget, which is presented by means of the Finance Bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year.

Q4. Who presents the first budget of India after independence?

Ans: R K Shanmukham Shetty

After India attained independence on August 15, 1947, the first budget of independent India was presented on November 26, 1947, by then Finance Minister R K Shanmukham Shetty. 

Q5. Why budget is called interim?

Ans: So when the government is unable to present a full budget before the end of the financial year, it needs parliamentary approval to incur expenses from the time the new financial year kicks off until a new budget is passed.