INDIAN BUDGET SUMMARY 2022

February 01, 2022

Andrews Joseph

Some Hot topic for the budget:

Import duties on gold, metal and consumer products

Privatisation

Capital infusion in psu banks

Infrastructure Sector

Agriculture Sector

PLI schemes

Taxation policy

Defense Industry

make in India

Healthcare

River link

Ayushmaan bharat schemes

Green Energy.

INDIA FIN MIN SAYS INDIA RIVER LINKING FOR 5 RIVERS FINALIZED

Draft DPRs of five river links, namely Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-Krishna, Krishna-Pennar and Pennar-Cauvery have been finalized. Once a consensus is reached among the beneficiary states, theCentre will provide support for implementation.

INDIA FIN MIN SAYS INDIA PLANS NEW PACKAGE FOR FARMERS WITH STATE GOVT

For farmers to adopt suitable varieties of fruits and vegetables, and to use appropriate production and harvesting techniques, our government will provide a comprehensive package with participation of state governments

INDIA FIN MIN SAY INDIA ECLGS SCHEME TO BE EXTENDED TO MARCH 2023

INDIA FIN MIN SAYS SAYS EXPANDING EMERGENCY CREDIT LINE GUARANTEE SCHEME TO TOTAL OF RUPEES 5T

INDIA FIN MIN SAYS SAYS INDIA TO PROMOTE STARTUPS FOR DRONE MAKING

                                                                                                                 DEFICIT/EXPENDITURE

1. Proposes fiscal deficit of 4.5% of GDP by 2025/26

2. Projects fiscal deficit of 6.4% of GDP in 2022/23

3. Revised fiscal deficit for 2021/22 at 6.9% of GDP

4. Total expenditure in 2022/23 seen at 39.45 trillion rupees

 

                                       TAXATION

1. Import duty on certain chemicals are being reduced

2. Customs duty exemption on steel scrap to be extended for another year for small- and medium-sized businesses

3. Customs duty on stainless steel, flat products, high steel bars to be revoked

4. Unblended fuel to get additional duty of 2 rupees per litre from October 2022

 

                                        FINANCE

1. Emergency credit line guarantee scheme for small and medium sized businesses to be extended to March 2023

2. Energy transition and climate action will be a major government priority

3. Public issue of Life Insurance Corporation expected shortly

4. Initiatives from last year's budget have been provided adequate allocations in this budget

5. Long term capital gain surcharge to be capped at 15%

 

                         DIGITAL CURRENCY 

1. To launch digital rupee using blockchain technology starting 2022/23

2. To launch scheme for taxation of virtual digital assets

3. Losses from sale of virtual digital assets cannot be offset against other income

4. Income from virtual digital assets to be taxed at 30%

 

                                DEFENCE

                                              

  Govt Committed to reducing defence imports AtmaNirbharta in Defence   

 Our Government is committed to reducing imports and promoting

AtmaNirbharta in equipment for the Armed Forces. 68 per cent of the

capital procurement budget will be earmarked for domestic industry in

2022-23, up from 58 per cent in 2021-22.

 Defence R&D will be opened up for industry, startups and academia

with 25 per cent of defence R&D budget earmarked. Private industry will

be encouraged to take up design and development of military platforms and

equipment in collaboration with DRDO and other organizations through SPV

model. An independent nodal umbrella body will be set up for meeting

wide ranging testing and certification requirements.

                             INFRASTRUCTURE

1. 5G spectrum auctions to be conducted in 2022

2. Scheme for design-led manufacturing for 5G will be part of production-linked scheme

3. To award contracts to lay optical fibre in rural areas, completion in 2025

4. 480 billion rupees set aside for affordable housing in 2022/23

5. To allocate additional 195 billion rupees for production-linked incentives towards solar equipment manufacturing

 

                                   AGRICULTURE

1. Domestic scheme introduced to reduce dependence on oilseed imports

2. Fund with blended capital raised under co-investment model to finance agriculture startups

3. Railways to develop infrastructure for small farmers in 2022/23

 

                                   TRANSPORT

1. 400 energy efficient trains to be manufactured over next three years

2. National highways network to be expanded by 25,000km in 2022/23

3. Highways expansion to cost 200 billion rupees in 2022/23

4. India to bring out battery swapping policy

                               Highlights

 Gross GST collection for January 2022 at a record Rs 1.41 trillion

 No change  in income tax slab.

 Electric Vehicles Battery Swapping policy .

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