All About Union Budget 2022-23: Highlights

All About Union Budget 2022-23: Highlights

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On Tuesday, 1st February 2022, Finance Minister Nirmala Sitharaman announced a growth-oriented budget called the Union Budget 2022-23 in the Parliament of India. It aims to encourage domestic manufacturing, create job opportunities, and mitigate unemployment over the last two years. She came with a paperless budget and showed empathy to sufferers of the pandemic. However, the total 2022-23 Union Budget is Rs. 39,44,908. 

The Union Budget 2022-23 revolves around four key pillars — 

  • PM GatiShakti
  • Inclusive Development 
  • Productivity Enhancement
  • Financing Investments  

Pillar 1: PM GatiShakt

Seven engines under PM GatiShkati National Master Plan in Union Budget 2022-23— Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure. PM GatiShakti National Master Plan aims for economic transformation, seamless multimodal connectivity, and logistics efficiency. The projects based on these seven engines in the National Infrastructure Pipeline will align with the PM GatiShakti framework. The Government of India put forward Rs. 20,000 crore for 2022-23, the first outlay of this pillar. 

Pillar 2: Inclusive Development

Inclusive Development aims for the growth of agriculture and farmers in our nation.

  • Agriculture
  • Ken Betwa project
  • MSME
  • Skill Development
  • Education 
  • Health 
  • Saksham Anganwadi
  • Har Ghar, Nal Se Jal
  • Housing for All
  • Prime Minister’s Development Initiative for North-East Region (PM-DevINE)
  • Vibrant Villages Programme
  • Banking
  • e-Passport
  • Urban Planning
  • Land Records Management
  • Accelerated Corporate Exit
  • AVGC Promotion Task Force
  • Telecom Sector
  • Export Promotion
  • AtmaNirbharta in Defence
  • Sunrise Opportunities
  • Energy Transition and Climate Action
  • Public Capital Investment
  • GIFT-IFSC
  • Mobilising Resources
  • Digital Rupee
  • Providing Greater Fiscal Space to States
  • Fiscal Management

Pillar 3: Productivity Enhancement and Investment

The objective of this pillar is to promote not only ease of living but also doing business under Union Budget 2022-23. It also aims to promote the energy transition and climate action’s vision during the Amrit Kaal.

  • Sunrise Opportunities, Energy Transition & Climate Action
  • Productivity Enhancement & Investment: Ease of Doing Business 2.0 & Ease of Living
  • Green Clearances
  • e-passport 
  • Urban Development 
  • Urban Planning Support to States
  • Clean & Sustainable Mobility 
  • Battery Swapping Policy
  • Land Records Management
  • Insolvency and Bankruptcy Code
  • Accelerated Corporate Exit
  • Government Procurement
  • AVGC Promotion Task Force
  • Telecom Sector 
  • Export Promotion
  • AtmaNirbharta in Defence
  • Sunrise Opportunities
  • Energy Transition and Climate Action
  • Solar Power 
  • Circular Economy
  • Transition to Carbon Neutral Economy

Pillar 4: Financing Investments

The Government of India aims to promote investments and capital in India through this 4th pillar. The Reserve Bank of India (RBI) is about to launch its digital currency. 

  • Public Capital Investment
  • Effective Capital Expenditure
  • Green Bonds
  • GIFT-IFSC
  • Infrastructure Status
  • Venture Capital and Private Equity Investment
  • Blended Finance
  • Financial Viability of Infrastructure Projects
  • Digital Rupee
  • Financial Assistance to States for Capital Investment

Union Budget 2022-23: The Major Highlights 

a. Clarity on cryptocurrency taxation 

— There is a 30% taxation on income from cryptocurrency investments. Thus, cryptocurrencies came under the definition of Virtual Digital assets (VDA).

— Non-fungible tokens (NFTs) come under VDA. They are unique, non-interchangeable digital tokens and tradable using cryptocurrency.

— The person receiving a VDA as a gift will have to pay tax only when the value of VDA is more than Rs. 50,000.

b. Income tax slab 

There is no change in personal income tax rates. 

e. Deduction for COVID treatment

The Indian Government 

provides relief to individuals suffering from Covid 19 and not covered under any health insurance.

They got money for their COVID-19 treatment.

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