For every financial year, a budget is presented by the Finance Minister. Budget 2022 was presented by Nirmala Sitaraman on Tuesday in the parliament. It is the fourth budget presented by Finance Minister Nirmala Sitaraman and also the tenth budget of the Narendra Modi Government. Budget 2022 is the second paperless budget because of Covid. 

As per the Finance Minister’s Budget 2022 speech, the country is expected to grow by 9.27 percent in the coming year. Four pillars of the development in Budget 2022 are additional development, increase the productivity, energy conversion, and climate action. Budget 2022 will have the sharp increment in Publicly owned industries and fixed assets. For instance land, building, equipments etc. This Budget 2022 will be beneficial for the youth, women, farmers, and backward classes. 

Summary

1.     Tax of 30% will be levied on the Virtual Digital assets eg. Crypto currency. 

2.     PM Gati Shakti National Master Plan.

3.     400 new generations Vande Bharat Train.

4.     Parvat Mala Project.

5.     Rs. 2.37 lakh crore towards direct payments for a minimum support price. 

6.     Ken-Betwa River linking Project.

7.     23 tele Mental Health Centres. 

8.     Har Ghar Nal Se Jal Scheme. 

Above are the key highlights of Budget 2022 from all the fields. Such as tax, education, health, agriculture, infrastructure, defense, etc. Let us discuss key highlights of Budget 2022 of different fields one-by-one for a better understanding –

Highlighting points of Budget 2022 in Tax

⮚  Tax relief to persons with disabilities.

⮚  Provisions to file an updated return on payment of additional tax.

⮚  Tax of 30% will be levied on the Virtual Digital assets.

⮚  Receiver of gift of virtual assets will have to pay tax. 

⮚  Tax deduction unit for state employees’ contribution to NPS rose from 10% to 14%.

⮚  Long term gains to be subject to surcharge only at 15%for all assets.

⮚  Cooperative Societies will have to pay only 15% to allocate minimum tax.

Main focus of Budget 2022 in Infrastructure lies in the following

⮚  PM Gati Shakti National Master Plan at a cost of  20,000 crores. 

⮚  Expansion of National Highways network by 25,000 km in 2022-23.

⮚  National Master Plan on express will be formulated in 2022-23.

⮚  400 new generations Vande Bharat Train to be manufactured in the next 3 years.

⮚  60 km of Ropeway Project under the Parvat Mala Project.

⮚  Metro System and Multi-Model connectivity will be facilitated on priority.

⮚  In the upcoming three years India will have 100 Gati Shakti Cargo terminals.

Main points of Budget 2022 regarding Agriculture- 

⮚  Rs. 2.37 lakh crores towards direct payment for Minimum Support Price.

⮚  Natural farming will be promoted.

⮚  2022 announced as the “National year of Millet”. 

⮚  Crop assessment and spraying of pesticides will be done by the help of the Kisan Drones. 

⮚  Rs. 44,000 crores has been allotted to the Ken-Betwa river linking Project. 

Defence

⮚  68% Capital Procurement budget earmarked for Domestic Procurement.

⮚  Defense R&D to be opened up for startups, private industry, and academia. A 25% R&D budget will be set aside for the same.

⮚  Private industry will be encouraged to take up the design and development of military equipment. 

Key points of Budget 2022 for Health sector

⮚ Special focus has been given to Mental Health with the help of  National Tele Mental Health Program.

⮚  23 new Tele Mental Health Centres will be established to provide safeguard to the Mental Health.  

⮚  Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0 benefits children and women.

⮚  Rs. 60,000 for the Har Ghar Nal Se Jal to cover 3.8 crore households in 2022-23.    

Education sector and Budget 2022

⮚  Digital University to be set up with different Indian languages.

⮚  One Class One T.V Channel with 200 channels to provide supplementary education in all regional languages.  

Steps taken in Budget 2022 towards digital development-

⮚  RBI is in the view of digitalization, introduce “Digital Rupee” using blockchain technology in 2022-23.

⮚  75 digital banking units for the 75 districts is a unique plan. 

⮚  E-Passports with chips will be embedded with futuristic technology.  

⮚  Unique land parcel identification number for IT-based management of land records. 

CONCLUSION

Budget 2022 seems to be beneficial for the children, women, farmers, and youths of our country. Under Budget 2022 tax has been levied on crypto currency which is expected to bring in a lot of investment in crypto currency. Furthermore announcement of government to bring its own cryptocurrency^[1] by RBI has attracted the eyes of investors. This year’s budget has many announcements which are related to digitalization, which seems perfect after this covid crisis. Many of its plans seems to be achievable in the next three years. Farmers and their issues have been given importance. In short, it covers many important aspects of the different fields like health, education, defense, infrastructure, etc. 

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