Budget 2022 Live Updates: Finance Minister Nirmala Sitharaman present Union Budget 2022-23 in Parliament

 

*World-class foreign Universities to be allowed in GIFT IFSC to offer courses in fin. mgt., fintech, engineering, science, mathematics, free from domestic regulations, except those by IFSCA_Official, to facilitate availability of high-end human resources

*For the taxation of virtual digital assets, I propose to provide that any income from the transfer of any virtual digital asset shall be taxed at the rate of 30%:

*Sovereign Green Bonds’ to be issued for mobilizing resources for green Infrastructure Proceeds will be deployed in public sector projects which will help reduce carbon intensity of the economy

*Taken together with provision for creation of capital assets through grants & aids to states, Effective capital expenditure of central govt. is estimated at Rs. 10.68 lakh crore in 2022-23, which will be around 4.1% of GDP

*I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year

*Capital expenditure outlay being stepped up sharply by 35.4% from Rs. 5.54 lakh crore in CY to Rs. 7.50 lakh crore in 2022-23 Outlay in 2022-23 will be 2.9% of the GDP

*To provide equal treatment to central & state govt employees, I propose to increase tax deduction limit from 10% to 14% on the employer’s contribution to the NPS account of the state govt. employees as well. This will enhance their social security benefits:

*Four pilot projects for ‘Coal gasification and conversion of coal into chemicals’, required by the industry, to be set up to evolve technical and financial viability

*To facilitate domestic manufacturing for ambitious goal of 280 GW Solar Power by 2030, additional allocation of Rs. 19,500 Cr. to be made for PLI for manufacturing of high efficiency modules, priority to fully integrate units from polysilicon to solar PV modules

*68% of defence capital procurement budget in 2022-23 to be earmarked for domestic industry, up from 58% in 2021-22 Defence R&D to be opened to industry, Startups and Academia, with 25% of R&D budget earmarked

*Special Economic Zones Act to be replaced with new law, which will enable states to be partners in development of enterprises & service hubs, Will cover all large existing, new industrial hubs to optimally utilize available infra, enhance Export competitiveness

*Our vision is all villages & their residents should have same access to e-services as urban areas Contracts for laying optical fibres in all villages to be awarded under ‘Bharat Net project’ in 2022, 2023 Completion expected in 2025

*5% of annual collection under ‘Universal Service Obligation Fund’ to be allocated, to enable affordable Broadband and mobile services in rural and remote areas

*Scheme for design-led manufacturing to build a strong 5G ecosystem as part of Production Linked Incentive (PLI) Scheme

*Required Spectrum auctions to be conducted in 2022 To facilitate roll-out of 5G mobile services in 2022-23 by private Telecom providers

*Animation Visual Effects, Gaming and Comic Promotion Taskforce to be set up, to recommend ways to realize potential of AVGC sector and serve markets and global demand

*A complete paperless end-to-end online e-bill system to be launched for use by all Central Ministries for their procurement, To enhance transparency & reduce delays in payments Will enable online submission of digitally signed bills, tracking claims from anywhere

*To boost Aatmanir Bharta & reduce reliance on imports of defence eqpt, 68% of capital procurement budget for defence earmarked for domestic industry. Up from 58% of previous fiscal yr Defence R&D opened up for industry and startups.

*Centre for Processing Accelerated Corporate Exit’ to be set up to facilitate and speed up voluntary winding up of companies from the currently required 2 years to  than 6 months

*Adoption of integration with National Generic Document Registration System with ‘One Nation One Registration’ Software to be promoted for uniform anywhere registration of deeds and documents

*States will be encouraged to adopt Unique Land Parcel Identification Number to facilitate IT-based management of land records

*’Battery Swapping Policy’ to be brought out and interoperability standards to be formulated, considering space constraints in urban areas, to set up battery charging stations at scale

*Up to  existing Academic institutions to be designated as ‘Centres of Excellence’, to develop India-specific knowledge in Urban Planning, design and deliver training Each of these institutes to be given endowment fund of Rs. 250 Crore each

*High Level Committee of urban planners, urban economists and institutions to be formed to provide recommendations on Urban Sector Policies, capacity building, planning, implementation and governance

*Issue of e-passports using embedded chip and futuristic tech to be rolled out in 2022-23, to enhance convenience for citizens for Overseas Travel

*Spectrum auctions will be conducted in 2022 to facilitate rollout of 5G mobile services. A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of PLI scheme

*Scope of PARIVESH single window portal for green clearances to be expanded To provide info to applicants based on location of units, specific approvals will enable application for all approvals through single form and tracking through centralized system

*For Amrit Kaal, next phase Ease of Doing Business 2.0 and Ease of Living to be launched New phase to be guided by Active involvement of states Digiti zation of manual processes Integration of central & state level systems Single point for citizen services

*Current coverage of ‘Har Ghar Nal se Jal’ is 8.7 crores, of this 5.5 crore households were provided tap water in the last 2 years itself. Rs. 60,000 crore allocated to provide tap water connections to 3.8 crore households in 2022-23

*Mission Shakti, Mission Vatsalya, Saksham Anganwadi & Poshon 2.0 were launched recently to provide integrated benefits to women & children. Saksham Anganwadis are providing improved environment for early childhood development

*75 Digital Banking Units to be set up in 75 districts, by scheduled commercial banks To provide a further thrust to digital banking and financial innovation

*Digital banking, payments & fin-tech innovations have grown at a rapid pace in recent years. To mark 75 years of Independence, 75 Digital banking units will be set up in 75 districts of the country by scheduled commercial banks:

*100% of 1.5 lak post offices to come under Core Banking System in 2022 Enables financial inclusion, access to accounts through net/mobile banking, ATMs, online transfer of funds bwn post office A/c & bank A/c To be helpful to # Farmers, senior citizens in rural areas # Budget 2022

*UDYAM, e-SHRAM, National Career Service (NCS), ASEEM portals to be interlinked, their scope will be widened They will now perform with live organic databases with G2C, B2C, B2B, relating to credit facilitation, recruitment

*In 2022-23, 80 lakh houses will be completed for identified eligible beneficiaries of the PM Awas Yojana, both in the rural & urban areas. This will promote affordable housing for economically weak & middle class in urban areas

*A New Vibrant Villages Programme to be introduced To bring devt. gains to villages on the northern border, with limited connectivity, infrastructure, sparse population Activities to include construction of village infra, roads, support for livelihood

*95% of 112 Aspirational Districts have made significant progress in key sectors In 2022-23, programme will focus on blocks in districts where progress is lagging

*Prime Minister’s Development Initiative for the North East to be implemented through North Eastern Council Initial allocation of Rs. 1,500 crore to be made for this scheme

*A new scheme Prime Minister’s Development Initiative for North East to be implemented through North Eastern Council To fund Infrastructure in the spirit of PM Gati Shakti, social development projects, based on felt needs of the region

*Rs. 60,000 crore allocated to provide tap water connections to 3.8 crore households in 2022-23

*The ‘One Class One TV Channel’ program of PM-E Vidya will be expanded from 12 to 200 TV Channels to enable all states to provide supplementary education in regional languages for classes 1st-12th

*Open platform for National Digital Health Ecosystem to be rolled out Digital registries of Health providers, health facilities, unique Health IDs and consent framework, universal access to health facilities

*Digital University to be set up to provide access to students across country, to world class quality universal education, with personalized learning experience University to be built on a network hub and spoke model, with collaboration of best public Universities

*Draft DPRs for 5 river links Damanganga-Pinjal, Par- Tapi-Narmada, Godavari-Krishna, Krishna-Pennar & Pennar-Kaveri have been finalized. Once consensus is reached among beneficiary states, centre will provide support for implementation

*One Class One TV Channel programme of PM eVidya to be expanded from 12 to 200 TV channels To enable all states to provide supplementary education in regional languages, to children in classes 1 – 12

*Implementation of Ken Betwa Linking project at est. cost of Rs. 44,605 Cr. will be taken up This is aimed at providing Irrigation benefits to 9.0 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower, and 27 MW solar power generation

*National Skill Qualification Framework to be aligned with dynamic industry needs Digital Ecosystem for Skilling & Livelihood e-portal to be launched, to enable citizens to skill, reskill, upskill Will enable discovery of relevant jobs, entrepreneurial opportunities

*Raising and Accelerating MSME Performance (RAMP) with outlay of Rs. 6,000 crore over 5 years, to be rolled out To enable MSME sector to become more efficient, resilient and competitive

*The estimated procurement of wheat in Rabi 2021-22 & paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers. About Rs. 2.37 lakh crores will be direct payment of MSP to their accounts

*Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) to be revamped with required fund infusion Will facilitate additional credit of Rs. 2 lakh crore for Micro and Small Enterprises and expand job opportunities

*UDYAM, e-SHRAM, National Career Service (NCS), ASEEM portals to be interlinked, scope widened Will now perform with live organic databases with G2C, B2C, B2B, relating to credit facilitation, recruitment To formalize economy and create # Job Opportunities for all Budget 2022

*Emergency Credit Line Guarantee, which has provided additional credit to MSMEs, extended till March ’23 Guarantee cover to be expanded by Rs. 50,000 Cr. to a total cover of Rs. 5 lakh crores Additional amount earmarked exclusively for hospitality, related sectors

*400 new generation Vande Bharat trains with better energy efficiency & passenger riding experience will be manufactured during the next 3 years. 100 PM Gati Shakti Cargo terminals to be developed during next 3 years

*National Ropeways Development Programme to be taken up in PPP mode, the aim is to improve connectivity, besides promoting Tourism Construction of 8 ropeway projects for 60 km to be awarded in 2022-23

*Fund to be facilitated through NABARD to finance Startups for Agriculture and rural enterprise, relevant for farm produce value chain Startups will support FPOs, provide tech to Farmers

*Use of Kisan Drones to be promoted for crop assessment, Digitization of land records, spraying of insecticides and nutrients

*Scheme in PPP mode to be introduced, for delivery of digital and hi-tech services to Farmers, with involvement of public sector research and extension institutions and stakeholders of agri value chains

*Rationalized and comprehensive scheme to increase domestic production of oil seeds to be implemented, to reduce dependence on import of oil seeds

*The PM Gati Shakti master plan for expressways will facilitate faster movement of people and goods. It is set to encompass 7 engines for economic transformation, seamless multimodal connectivity, and logistics efficiency

*Chemical-free Natural farming to be promoted throughout the country, with focus on farmers’ lands in 5-km-wide corridors along the river Ganga in the first stage

*PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways & logistics infra. All 7 engines will pull forward the Economy in unison

*National Ropeways Development Programme to be taken up in PPP, to improve connectivity, besides promoting Tourism 8 ropeway projects for 60 km to be awarded in 2022-23 As preferred ecologically sustainable alternative to conventional roads in difficult areas Budget 2022

*2,000 km of Rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation 400 new generation Vande Bharattrains with better Energy Efficiency and passenger riding experience to be manufactured in next 3 years

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

*During Amrit Kaal, our government aims to achieve the vision for India at 100 set out by the Prime Minister in his Independence Day address

*Contracts for implementation of Multimodal Logistics Parks at 4 locations to be awarded in 2022-23, in PPP Mode Indian Railways to develop new products and efficient logistics services for small Farmers, small & medium enterprises

* PMGatiShakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods NH network to be expanded by 25,000 km in 2022-23 Rs. 20,000 crore to be mobilized to complement public resources Budget 2022 Aatma Nirbhar Bharat Ka Budget

*Projects in National Infrastructure Pipeline which pertain to 7 engines will be aligned with PM Gati Shakti Framework Touchstone of master plan will be world class modern Infra, logistics synergy among different modes of movement and location of projects

*PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways. logistics infra All 7 engines will pull forward the Economy in unison Supported by energy transmission, IT communciation, bulk water and sewerage and social infra Budget 2022

*India’s economic growth is estimated to be 9.2% for the current year, which is the highest among all large economies

*Budget 2022 lays parallel track of futuristic and inclusive blueprint for Amrit Kaal Big public investment for modern infra readying for India at 100, guided by PM Gati Shakti

*National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities Budget 2021 had provided sharp increase in provision for public investment Economic Recovery is continuing to benefit from the multiplier effect of investment

*Towards implementing new Public Sector Enterprise (PSE) Policy, strategic transfer of airindiain has been completed Strategic Partner for Neelanchal Ispat Nigam has been selected, public issue of LIC expected shortly, others in process for 2022-23

*Production Linked Incentive (PLI) Scheme for achieving #AatmaNirbharBharat has received excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next years

*Strengthening of health infra, speedy Vaccination programme implementation and nationwide resilient response to current wave of COVID19 Pandemic are evident to all

*Budget 2022 seeks to lay the foundation to steer the economy over Amrit Kaal of next 25 years, from India at 75 to India at 100, continuing to build on the vision of Budget 2021

*We aim to achieve this through, Macroeconomic growth focus + microeconomic welfare focus Promoting Digital economy, FinTech, Tech enabled devt., EnergyTransition, ClimateAction Virtual cycle starting with public investment, crowding in pvt. invest.

*During Amrit Kaal, our government aims to achieve the vision for India@100 set out by the Prime Minister in his Independence Day Address

*India’s economic growth in current year is estimated to be 9.2%, highest among all large economies

*begins presentation of Budget 2022 by expressing empathy with those who had to bear adverse health and economic affects of COVID19