Union Budget 2022-23

 

The Finance Minister of India Mrs. Nirmala Sitharaman presented the Union Budget 2022-23 in Lok Sabha and in her 90 minutes long speech she announced the government's expenditure outlay for 2022-23. In this budget she announced some major takeaways which are listed below:

Key Highlights of Budget 2022-23:

1. The country is expected to grow at 9.27% in the coming year highest among the developing and developed countries. In this budget focus is on inclusive development, energy transition, digitization and climate action.
2. Fiscal Deficit for the current year is at 6.9% of GDP.
3. There is no change in the income tax slabs for this year,
4. Effective expenditure will be 10.68 lakh crore or 4.1% of GDP.
5. Capital expenditure raised by 35.40% from 5.54 lakh crore to 7.50 lakh crore.
6. Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.
7. The Draft Red Herring Prospectus (DRHP) for India's biggest Insurance company LIC will be completed by the next month.
8. Boost for digital payments will setup 75 digital banking units in 75 districts by scheduled commercial banks.
9. Surcharge on long term capital gains capped at 15% for this year.

Infrastructure:

1. PM Gati Shakti Master Plan where national highways will be expanded by 20000 crores and 400 new Vande Bharat trains in 3 years.
2. 48000 crores more for PM Awas Yojana.
3. 60000 crores for Har Ghar, Nal se Jal programme.

Digital Technology:

1. The Reserve Bank of India will issue digital rupee through the use of blockchain technology.
2. There will be 30% tax charged on Virtual digital assets.

Farmers:

1. 2.37 lakh crore payment of MSP to farmers.
2. Ken- Betwa link project worth 44605 crores for providing irrigation in this region.

Education and Health:

1. PM eVIDYA to be expanded to 200 TV channels.
2. Supplementary education will be provided in regional languages from class 1-12.
3. National Tele Mental Health Programme with 23 centres.

Women and Child Development:

1. Mission Shakti
2. Mission Vatsalya
3. Poshan 2.0

The 2022-23 budget focused on the all round development of all the sectors and put a thrust on digitization and climate protection. In her speech, she said that this budget is an outlay for development of the country for next 25 years.  No disturbance to the stock market was there in this budget. The government didn't increase burden on people by increasing income tax rate which is a bold step.  However, there are some discrepancies but overall it is a good budget.