Budget 2022: India to debut with its own cryptocurrency

Chennai

Amid anticipation and expectations from the Union Budget this time, Union Finance Minister Nirmala Sitharaman will table the Central governments Budget for 2022-2023 in Parliament at 11 am on Tuesday. The Budget will be presented in the Lok Sabha soon after the Lower House will assemble at 11 am. Sitharaman will present a statement of the estimated receipts and expenditure of the Government of India for the year 2022-23. An hour after the conclusion of the presentation of the Union Budget in the Lok Sabha, the Finance Minister will table the Budget in the Rajya Sabha, a statement (in English and Hindi) of the estimated receipts and expenditure of the Government for the year 2022-23.

Key Highlights of Budget 2022

• This Budget continues to build on the vision for the next 25 years. From India at 75 to India at 100. The initiatives of the last year's Budget has shown significant development, says Nirmala Sitharaman.

• India's growth is estimated to be at 9.27% and economic recovery has been continuing with the guidance of Prime Minister Narendra Modi

• Strategic handover of Air India is over and IPO for LIC is likely to happen soon.

• There was a sharp increase in public investment & capital expenditure in Budget 2021-22...This Budget (2022-23) will benefit, youth, women, farmers, SC, ST... shall be guided by PM Gati Shakti master plan.

• Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years

• 400 new generation Vande Bharat Metro trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems...: FM Nirmala Sitharaman

• Due to pandemic, students from rural and backward classes have lost 2 years of schooling. Programme of PM eVIDYA will be expanded from 12 to 200 TV channels in regional languages for classes 1-12. Quality econtent will be set up by teachers and a digital university will be set up for personalised learning experience.

• PM development initiatives for North East will be implemented for the North Eastern Council... This will enable livelihood activities for youth and women... This scheme is not a substitute for the existing Centre or State schemes

• Digital banking and digital payments have grown in rapid pace in the country. To mark 75 years of Independence, the government will set up 75 digital banking units in different parts. Payment platforms that are user friendly will be developed.

• An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities

• Next phase of ease of doing business will be launched.

• A single window portal for all green clearances was launched in 2018. Scope of portal to be expanded for applicants, information about specific approvals to be provided.

• Rs 250 cr endowment fund to boost urban planning. For urban capacity building, States will be provided support. Urban planners to revamp cities by India @ 100.

• Battery swapping policies considering the constraint in urban areas.

• Completely paperless e-bill for Central Ministry officials to track status from anywhere for contractors

• Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, the guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores

• Contract for laying optical fibre in rural areas to be carried out.

• Reducing imports in Defence sector. Around 68% earmarked for domestic industry in 2022-23 up from 58% in 2021-22.

• 5G production linked scheme to be launched in 2022. Mobile proliferation, service obligation fund to be set up. Eservices access for rural similar to urban areas will be enhanced.

• Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers.

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• Implementation of Ken Betwa Linking project at est. cost of Rs. 44,605 Cr. to be taken up with irrigation benefits to 9.0 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower. 27 MW solar power generation  Rs 1400 crores allocated in 2022-23

• 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Atmanirbhar and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal

• Financing of investments: Private investments need the support and public investment should support the demand. The outlay for capital expenditure is up by 35.4% from 5.54 lakh crore to 7.50 lakh crore

• Green bonds to be issued as part of the government's market borrowings.

• Introduction of a central bank with digital currency. Govt will introduce digital currency using blockchain technology.

• Introduction of a central bank digital currency will give a boost to the economy, cheaper currency management system. Introduction of digital rupee using Blockchain technology by RBI 2022-23 will be carried out.

• To promote clean energy, climate action, deep tech, digital economy will be introduced. Thematic funds to be set up via blended finance option with government participation.

Nirmala Sitharaman presents Part-B of her speech for Direct Taxes. She quotes lines from Mahabharatha Shanti Parvata Adhyaya

• New provision: File an updated return on payment of additional tax within 2 years from the end of the assessment year

• An affirmative step to promote voluntary compliance and update the return by including omitted incomes.

• Reduced rates and surcharge for co-operatives to 15% and 7% (more than Rs 1 crore income up to Rs 10 crore) respectively.

• For NPS deduction, threshold limit has been increased from 10% to 14% for State government employees.

• Tax relief for person with a disability, available to parent/guardian of the differently-abled. Payment of annuity or lumpsum during the lifetime of parent or guardian, once parent or guardian has attained 60 years of age.

• Digital assets to be taxed: 30% tax for income from digital assets and loss cannot be set off any other income.TDS at 1% above a threshold. Any gift also proposed to be taxed in the hands of the receiver. Except for cost of acquisition, no expenses to be included in computation of digital assets

• 15% on long term capital gains to boost start-up communities, manufacturing companies, reaffirms commitment to Aatmanirbhar Bharat

• Surcharge and cess on income will not be allowed as business expenditure.

• GST revenue buoyant despite pandemic: Rs 1.40 lakh crore collected in January. This is the highest ever since GST was implemented and was possible due to rapid eco growth post Covid, says Nirmala Sitharaman

• 5% custom duty reduction on gems and jewellery and Rs 400 per kg on imports of imitation jewellery. Reduction of 5% on cut and polished diamonds and gemstones.

• Blending of fuel - Unblended fuel will attract 2% duty from Oct 2022

• MSME- Duty on umbrellas raised to 20%, exemption to parts of these are withdrawn; Tools for agri sector - exemption on steel scrap extended by another year.

Finance Minister introduces Bill and the House is adjourned.

Union Finance Minister Nirmala Sitharaman announces the Union Budget 2022 at the Parliament.

Union Cabinet approves the Budget 2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly.

Prime Minister Narendra Modi arrives for the union cabinet meeting. 

Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the Budget.

A truck loaded with budget copies arrives at Parliament, ahead of the presentation of Union Budget 2022

Union Finance Minister Nirmala Sitharaman along with Ministers of State for Finance, Dr Bhagwat Kishanrao Karad, Shri Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022-23.

Sitharaman to table Union Budget 2022-2023 in Parliament at 11 am.

Finance Minister Nirmala Sitharaman arrives at Rashtrapati Bhavan, ahead of Union Budget 2022.

Nirmala Sitharaman will present and read out the Budget 2022 at the Parliament through a tab, instead of the traditional 'bahi khata'.

MoS Finance Pankaj Chaudhary and Bhagwat Karad arrive at the Ministry of Finance.

Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Budget 2022 today in Parliament.

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