[Live Blog] Union Budget 2022 Highlights As It Happens: Railways, Income Tax, Startups, Smartphones, Blockchain & More

[Live Blog] Union Budget 2022 Highlights As It Happens: Railways, Income Tax, Startups, Smartphones & More
[Live Blog] Union Budget 2022 Highlights As It Happens: Railways, Income Tax, Startups, Smartphones & More

Union Budget 2022 presentation started at 11AM, by Finance Minister Nirmala Sethuraman.

Here are the top highlights, as it happens..

  • #Budget2022 400 new #VandeBharat trains, 100 Gati Shakti Cargo terminals will be developed in next 3 years
  • Chemical free farming will encouraged, special subsidies to be provided. Especially within 5kms-corridor of Ganges
  • 9.2% GDP growth promised by Govt of India.. highest in the world
  • 60 lakh new jobs will be created. 4 main areas of focus:
  • 1) PM Gati Shakti 2) Inclusive development3) Optimise productivity 4) Financial Investment
  • Supplementary education in regional languages will be provided to all students from Class 1 to Class 12: One Class, One TV Channel
  • 2,000 km of #Rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation
  • Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform, designed for API will enable, Efficient movement of goods Reduce logistics costs and time Assist Just In Time inventory management Eliminate tedious documentation
  • 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
  • 75 digital banking units will be established across 75 districts for pushing digital banking initiatives across India
  • Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods
  • NHMotorway network to be expanded by 25,000 km in 2022-23
  • Rs. 20,000 crore to be mobilized to complement public resources
  • 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
  • A battery-swapping policy to be brought out with interoperability standards to boost EV ecosystem
  • 80 lakh affordable houses will be completed at Rs 44,000 cr under PM Awas Yojna in 2022-23
  • 5G will be launched in 2023.. Spectrum auction to be completed this year
  • To reduce the delay in payment, an online bill system to be launched which will be used by all Central ministries
  • Govt will spend Rs 6000 crore to revamp and empower SMEs in India.
  • 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.
  • 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
  • Govt of India will launch #digital rupee, based on blockchain in 2023
  • Core banking facilities will be offered at all post offices
  • Taxpayers can file updated returns within 2 years of assessment year
  • Tax incentives for startups to be incorporated until March 31, 2023
  • Income from selling any digital assets like crypto currencies to be taxed at 30%
  • Tax deduction limit to be increased from 10% to 14% for Centre, state govt employees
  • Additional allocation of Rs 19,500 crore for manufacturing solar modules
  • GST collections break all records!
  • The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST
  • 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
  • Duty concessions on parts of phone chargers, transformers, etc to enable domestic manufacturing
  • To boost AatmanirBharta & 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.
  • No changes in income tax slabs
  • 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
  • Special Economic Zones Act to be replaced with new law, which will enable states to be partners in development of enterprises & service hubs.
  • Unblended fuel to attract additional excise duty of Rs 2/litre from Oct 1, to promote blending biofuels in petrol and diesel

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