Budget 2022: Key points

Finance Minister Nirmala Sitharaman has announced the much-awaited Budget 2022 in the House today. So if you missed the live budget, don’t worry at all. We have compiled key points of Budget 2022 so that you can understand it in simple words. The budget 2022 is focused on women, farmers, dalits and youth. FM’s budget says that machinery coming from abroad will be cheap and farming equipment will also be cheap, this will also make cloth cheaper.

The Finance Minister said that GST collection of 1 lakh 40 thousand 986 crore has been done last month, which is the biggest collection ever since the implementation of GST. Along with this, the Finance Minister said that India’s economic growth rate is estimated to be 9.2%, which is the highest among major economies. Lets understand the Union Budget 2022 in below points:-

1. What Will be Cheaper?

    Goods like machines coming from abroad, textile and leather goods, farming
    equipment, mobile-chargers, footwear, diamond jewelry, packaging boxes, gems and
    jewelry will be cheaper. Custom duty on diamond jewelry has been reduced

2. What will be Expensive?

    import duty on umbrellas has been increased by 20%. umbrella, capital goods, fuel
    without blending, imitation jewelry will be expensive.

3. No exemption in income tax, middle class disappointed

    There is no relief for common or middle man in the matter of income tax. Govt. has
    decided not to make any changes in the income tax slabs.

4. What the education sector got:

    ‘Digital Desh e-portal’ will be launched for skill development. PM e Vidya’s One
    Class, One TV Channel program will be expanded from 12 to 200 TV channels. This
    will enable all the states to provide supplementary education in regional languages
    from class 1 to 12.

5. Now cryptocurrency will come under tax net

    RBI will launch digital currency this year, investment in cryptocurrencies will be taxed
    at the rate of 30 percent.

6. Relief to state government employees

    Finance Minister Nirmala Sitharaman said that central government employees get up
    to 14% tax relief on contributions to the National Pension Scheme, while state
    government employees get 10 percent. Changing this, it has also been decided to
    give 14% tax relief to the state government. With this, state government employees
    will also get tax exemption on contribution to NPS like central government
    employees.

7. Announcement of new provision for income tax

    Finance Minister Nirmala Sitharaman said that updated returns can be filed up to
    two years after filing the original return.

8. Reduction in corporate tax rates

    It has been announced to reduce the tax rate of 18% for cooperative societies to 15
    percent. Proposal to reduce surcharge from 12 percent to 7 percent. Also, the
    income base has also been announced to be 10 crore instead of 1 crore.

9. Additional allocation of Rs 19,500 crore for solar capacity

    Finance Minister Nirmala Sitharaman said that an additional allocation of Rs 19,500
    crore will be made to achieve the target of 280 GW of solar capacity by 2030. At the
    same time, it was also announced to set up new charging stations for electric
    vehicles in the country. Along with this, emphasis will be given on the development
    of solar panel based power projects for solar energy in the country.

10. PMAY Scheme

     80 lakh houses will be built under PM Awas Yojana. 48 thousand crore rupees will be
     allocated for this scheme in the financial year 2022-23.

11. Har Ghar Nal Yojna

     An announcement was made to allocate 60 thousand crores for this scheme. This
     scheme will connect 5.5 crore houses in FY 2022-23.

12. For the strength of domestic industries

      an assistance of Rs 2 lakh crore will be given to small and small scale industries. To
      promote the facility of digital banking, 75 banking units will be set up in 75 districts
      of the country.

13. A new scheme for the northeastern states will be launched in the name of Pradhan
      Mantri North-East Vikas Yojana. Under this scheme, development works will be
      accelerated in seven states of the Northeast.
14. Work on the infrastructure development roadmap for the next 100 years is in
      progress. In a year, 25 thousand kilometers of highways will be built on which 20
      thousand crore rupees will be spent.
15. Chemical free natural farming will be promoted throughout the country with focus
      on farmers’ land in 5 km wide corridors along the banks of river Ganga.
16. The Emergency Credit Line Guarantee Scheme (ECLGC) will be extended till March
      2023, increasing the guarantee cover from Rs 50,000 crore to a total of Rs 5 lakh
      crore.
17. 68% of the capital procurement budget for the domestic industry in the defense
      sector will be earmarked for the domestic industry in 2022-23, as against 58% in
      2021-22. The government will increase the budget allocation by 25 percent for
      research or research in defense.

18. Vande Bharat Train

      During the next 3 years 400 new generation Vande Bharat trains with better
     efficiency will be run in the next three years. 100 PM Gati Shakti Cargo Terminals will
     also be ready in the next three years.

19. The use of drones in Agriculture

      The use of drones in agriculture will be promoted to assess when which crop
      should be sown in which area. Along with this, emphasis will be given on the plan
      of digitization of land records, MSP of Rs 2.37 lakh crore for the purchase of wheat
      and paddy.

20. Fiscal deficit target of 6.4 percent

     All effective steps will be taken to meet the target of bringing down the fiscal deficit
     to below 4.5 percent by the financial year 2025-26. For the financial year 2022-23, a
     target has been set to contain the fiscal deficit to 6.4 percent. Total expenditure in
     FY 2022-23 is estimated to be Rs 39.45 lakh crore while total income is estimated to
     be Rs 22.84 lakh crore.

21.Seven engines of PM Gati Shakti

– Roads, Railways, Airports, Ports, Mass
     Transportation, Waterways, Logistics Infrastructure. The country’s pace will be
     accelerated on these pillars.

22. National Telemental Health Program

      Due to the impact on the mental health of the public during the pandemic, the
      National Telemental Health Program, a mental health program, will be launched.

23. These four facilities will be available in 2022-23

      E-passport with embedded chip,
      5G mobile service will start this year ,
      1.5 lakh post offices will be connected with core banking, which will increase the
       convenience of farmers and
       RBI will issue digital rupee