UNION BUDGET SESSION 2022
The most awaited Union Budget session 2022 has began today. Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 in the second year of the COVID-19 pandemic. This is also the sixth Budget session to be held since the outbreak of the pandemic in January 2020. Today with the beginning of the budget session, Ms Sitharaman said, “We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100″.
The key elements of the Union Budget 2022 that are minutely watched upon include, among other things, individual income tax, Provident Fund, pensions and spending on healthcare, which has been one of the most active sectors due to rising medical claims.
GO THROUGH THE PRIME HIGHLIGHTS OF UNION BUDGET SESSION 2022
Digital rupee to be issued by RBI in the upcoming year: Finance Minister announced that India’s own digital currency will soon be a reality. The digital currency will be issued by the Reserve Bank of India (RBI) in 2022-23. She added that it will give a big boost to the economy.
Any income from virtual digital assets is taxable at 30 per cent :Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
Spectrum auctions this year to enable 5G roll out by 2023:Required spectrum auctions will be conducted in 2022, to facilitate roll-out of 5G mobile services by private telecom players.
National Pension Scheme (NPS): Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman.
New education channel :One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19.
Social welfare :Transliteration of land records in 8 languages will be rolled out.
Urban development : For urban capacity building, support will be provided to states – mass transit, planning help, etc.
New passports
E-passports using embedded chips and futuristic tech will be rolled out.
Boost for digital payments
Digital payments have grown at rapid pace. Benefits of digital banking will reach every nook and corner. 75 digital banking units will be set up in 75 districts by scheduled commercial banks.
For women and child development
2 lakh Anganwadis to be upgraded with better facilities.
For start-ups
Drone Shakti through various application centres for start-up that work on drone technology. “For better farming, we will provide comprehensive package with state government coordination”: Nirmala Sitharaman
Minimum support price (MSP)
Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy
Infra development
National Highways to be expanded by 25,000 km.
More infra development
2,000 km under Kawach programme. 400 new generation Vande Bharat trains. 100 PM Gati Shakti cargo terminals.
Resilient MSME
Credit guarantee trust for micro and small enterprises will be revamped with required infusion of funds. This will give Rs 2 lakh crore more for MSMEs.
