On February 1, our Union Finance Minister Mrs. Nirmala Sitharaman showcased the brand-new Union Budget Highlights 2022, which is majorly focusing on the financial situation of well-being, development, energy transition, infrastructure, climate action, financing of investments, and more.
The budget is specially designed to mitigate the hardship followed by the poor during the massive pandemic.
According to the latest business news, Sitharaman quoted that India is going to slope around 9.7 % in the upcoming year. Furthermore, a total of 60 lakh new jobs are to be created soon, under the productivity incentive scheme including 14 sectors.
The Union Budget 2022 brings up certain significant changes in the prices. This includes edible oil, wearable electronics, imitation jewelry, a polished diamond that are to be cheaper. Whereas, Tax relief is announced to individuals with disabilities. And, there is no change in personal income tax rates.
Budget Highlights 2022
Look at the glimpse of the budget-
• In 2022-23, the National Highways network is going to expand by 25,000 km.
• Formulation of the National Master Plan in 2022-23.
• Launching 400 Vande Bharat trains, new generation railways in the upcoming three-four years.
• PM Gati Shakti National Master Plan that aims to bring all roadways and railways to enhance the infrastructure at a cost of ₹20,000 crores in the upcoming year.
• The Parvat Mala project.
• Enhancing the Metro systems, and the multi-model connectivity.
• Launching 100 Gati Shakti cargo terminals in the next years.
• Wheat, paddy, Kharif, and rabi crops to benefit 1 crore farmers.
• NABARD will soon provide funding to inaugurate the agriculture & rural enterprise.
• A new initiative of chemical-free, natural farming to be promoted across the country.
• Helping farmers by launching new Kisan drones to ease their workload.
• Ken-Betwa River linking project costing Rs 44,000 crore, to help farmers land.
Talking about the educational sector, a Digital University will be established, in different Indian languages, specifically to promote online learning with advanced technology for the youth.
For Health and Sanitation
• Targeting mental health, the National Tele Mental Health program will be set up soon.
• 23 new mental health centers will be launched.
• Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0 to give maximum benefits to women and children in the upcoming years.
• Har Ghar, Nal se Jal will be brought into action with Rs. 60,000 crore Indian union budget helping a total of 3.8 crore households in 2022-23.
• Defense R&D to be opened up for startups, private industry, and academia.
• Giving more opportunities to the private sector, the budget will now help them to take work on the design and development of military platforms.
For Developments on the digital front
• Technology like blockchain will be used to introduce a ‘digital rupee’ for 2022-23.
• Virtual digital assets are now taxed at 30%.
• A total of 75 digital banking units are going to be launched in 75 different assets.
For Tax, Economy, and Finance
• Fiscal deficit is 6.9% of GDP.
• From now onwards, the Cooperative societies have to pay 18.5% tax, whereas companies pay 15%.
• Disables will not be asked for tax payment.
• Virtual digital assets will be a tax regime.
• The cut and polished diamond Custom duty has been reduced by 5%.
• Duty increased on Sodium cyanide.
• Umbrellas has got duties maximized to 20%.
This is one of the latest business news in India that growing viral among individuals when PM Narendra Modi says about the budget. He said that the union budget targets to cover the basic amenities of the poor, and youth.
He also exhibited the mission of becoming self-independent, and modern, where he pointed out his BJP workers at the ‘Aatmanirbhar Arthvyavastha’ event.