Union Finance Minister Nirmala Sitharaman presented the Union Budget 2022 for the financial year 2022-23 amid the serious situation of coronavirus infection. He made big announcements for many sectors including jobs, homes, farmers, defence, business, and crypto. He has described this budget as the 'blueprint' of the next 25 years. Sitharaman has presented the budget for the fourth time after taking over as the Finance Minister in 2019. Read below the highlights of his speech in Parliament.
Nirmala Sitharaman Budget Speech 2022
12:31PM: Nirmala Sitharaman's budget speech ends.
Custom duty on cut and polished diamonds and gems will be reduced to 5%.
The cooperative surcharge will be reduced from 12% to 7%.
To further the electronics manufacturing, duty concessions were given for the higher development of electronics items.
Taxpayers deserve applause who have contributed diligently towards better taxation and fulfillment of their responsibilities in GST.
A provision of capital expenditure of Rs 7.5 lakh crore has been made in the Union Budget for 2022-23. In 2022-23, this expenditure will be 2.9 percent of GDP.
The existing tax benefits for Startups that were offered redemption of taxes for 3 consecutive years will be extended by 1 more year.
Tax deduction limit on employer's contribution to NPS account of state government employees increased to 14%.
One percent TDS will be levied on cryptocurrency and 30 percent tax will be levied on the income earned from it.
The tax rate for cooperative societies has been reduced to 18 percent. It is proposed to raise it to 15 percent and reduce the surcharge from 12 percent to 7 percent.
The effective capital expenditure of the central government in 2022-23 is estimated to be Rs 10.68 lakh crore, which is about 4.1% of the GDP.
The target is to reduce the fiscal deficit to 6.4 percent in the financial year 2022-23. Total income excluding expenditure and borrowings is estimated to be Rs 22.84 lakh crore in FY 2023.
Proposed tax exemption in the pension of government employees.
Parents of Divyang will get tax exemption.
Correction in ITR error allowed for two years.
Digital currency will be introduced using blockchain and other technologies, RBI will issue it from 2022-23.
Reserve Bank of India will launch digital currency in 2022-23.
The Animation, Visual Effects, Gaming, and Comics (AVGC) sector has immense potential to employ the youth. An AVGC Promotion Task Force will be set up with all stakeholders to build our domestic capacity for market and global demand.
An additional allocation of Rs 19,500 crore will be made for the target of 280 GW of solar capacity by 2030.
Sovereign Green Bonds will be issued in public sector projects to reduce the carbon footprint initiative in the economy.
The National Ropeway Development Program for conventional roads in hilly areas will be taken up in PPP mode, which will give a boost to tourism.
Between 2022-23, the length of the national highway will be increased to 25000 km, 20 thousand crore rupees will be spent on highway expansion.
Union Finance Minister Nirmala Sitharaman- 100% of the 1.5 lakh post offices will come on the core banking system in 2022 to facilitate financial inclusion.
Union Finance Minister Nirmala Sitharaman- Our government is committed towards Atma Nirbhar Bharat in the armed forces. 68% of the capital purchase budget will be earmarked for the domestic industry in 2022-23, up from 58% in 2021-22.
Union Finance Minister Nirmala Sitharaman- An online billing system will be launched to reduce delays in payment and will be used by all Union Ministries.
Union Finance Minister Nirmala Sitharaman- Will start 5G service this year. By 2025, the work of laying optical fiber in the villages will be completed.
Union Finance Minister Nirmala Sitharaman- The private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, thereby improving efficiency in the EV ecosystem.
Union Finance Minister Nirmala Sitharaman- 'One Nation, One Registration' will be set up for anywhere registration to facilitate ease of living and doing business.
Union Finance Minister Nirmala Sitharaman- With the repeal of 1486 union laws, Ease of Doing Business 2.0 will be launched.
Union Finance Minister Nirmala Sitharaman - Railways will create new products and efficient logistics services for small farmers and small and medium enterprises.
Union Finance Minister Nirmala Sitharaman- Emergency Credit Line Guarantee Scheme (ECLGS) to be extended till March 2023, increasing the guarantee cover from Rs 50,000 crore to a total of Rs 5 lakh crore.
Union Finance Minister Nirmala Sitharaman – In 2022-23, contracts will be given for 8 ropeway projects of 60 km length.
Union Finance Minister Nirmala Sitharaman - The skilling program will be revamped. For skilling, upskilling, and reskilling of our youth, Digital Desh e-portal will be launched.
Union Finance Minister Nirmala Sitharaman- Our government has comprehensively revamped schemes like Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0 of the Ministry of Women and Child Development to provide benefits.
Union Finance Minister Nirmala Sitharaman- PM e Vidya's 'One Class, One TV Channel' program will be increased from 12 to 200 TV channels. This will enable all the states to provide supplementary education in regional languages from classes 1 to 12.
Union Finance Minister Nirmala Sitharaman – 80 lakh houses will be built in villages and cities.
Union Finance Minister Nirmala Sitharaman – Chip e-passports will be made.
Announcement of Finance Minister Nirmala Sitharaman – Will give jobs to 60 lakh people.
Union Finance Minister Nirmala Sitharaman- MSME will get additional help of two lakh crore rupees.
Union Finance Minister Nirmala Sitharaman- Procurement of wheat in Rabi season 2021-22 and estimated procurement of paddy in Kharif season 2021-22 will cover 1208 lakh metric tonnes of wheat and paddy from 163 lakh farmers and an estimated MSP of Rs 2.37 lakh crore The price will be paid directly to them.
Union Finance Minister Nirmala Sitharaman- PM Gati Shakti is powered by 7 engines: Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure. All 7 engines will push the economy together.
Union Finance Minister Nirmala Sitharaman – The Production Linked Incentive (PLI) scheme to create an Atmanirbhar Bharat has received an excellent response, with the next keycap digit being 60 lakh new jobs and 30 lakh crore additional generation potential during five years. Is.
Union Finance Minister Nirmala Sitharaman- Our priorities are PM Gati Shakti, Inclusive Growth, Productivity Growth and Investment, Sunrise Opportunity, Energy Transition and Climate Steps, and Funding of Investments.
Union Finance Minister Nirmala Sitharaman- 400 new generation Vande Bharat trains with better efficiency will be brought during the next 3 years. During the next 3 years, 100 PM Gati Shakti Cargo Terminals will be developed and innovative methods will be implemented to build the metro system.
Union Finance Minister Nirmala Sitharaman- Natural farming will be promoted along the Ganga Corridor.
Union Finance Minister Nirmala Sitharaman- Budget 2021-22 saw a sharp increase in public investment and capital expenditure. Youth, women, farmers, scheduled castes, scheduled tribes will benefit from this budget (2022-23). It will be guided by PM Gati Shakti Master Plan.
Union Finance Minister Nirmala Sitharaman- We are in the middle of the Omicron wave, the pace of our vaccination campaign has helped a lot.
Union Finance Minister Nirmala Sitharaman- India's growth rate is estimated to be 9.27%.
Union Finance Minister Nirmala Sitharaman announced Union Budget 2022 in Parliament.
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