BUDGET HIGHLIGHTS: –
‘This budget will provide impetus for growth‘ FM Sitharaman
-Corporate surcharge to be reduced from 12% to 7%
-Spectrum auction to be conducted for 5G rollout within 2022-23
-GST collections for January 2022 highest ever at Rs 1,40,000 crore
-Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees
-Long-term capital gains on equities capped at 15%
-Additional allocation of Rs 19,500 crore for solar modules under PLI scheme
-For taxation of any virtual digital asset, an income tax will be levied at 30% at the time of transfer of such assets, with no relaxations. A TDS of 1% will be levied for transactions above a certain threshold. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income
-Emergency Credit Line Guarantee Scheme (ECLGS) scheme has been extended till March 2023, with an expanded guarantee cover of Rs 5 lakh crore.
-Data centre, energy storage system to be given infrastructure status
-Govt proposes digital rupee using blockchain starting 2022
-Special Economic Zones Act will be replaced with new legislation for the development of enterprise and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports
-Govt will promote a shift to public transit usage through special zones with zero tolerance for non-public transit and encourage EVs only operations. Battery swapping policy will be brought out along with inter-operability standards.
-E-passports with embedded chips will be issued by 2023. These e-passports with futuristic technology will enhance the experience for citizens.
-Five academic educational institutions will be declared centres of excellence and receive an endowment fund of Rs 250 crore each
-Proposes to set up 75 digital banking centres in 75 districts by commercial banks. In 2022, 100% of 1.5 lakh post offices will come on core banking system to facilitate financial inclusion
-FM says border villages with sparse population and limited infrastructure to be covered under vibrant villages programme. Housing, tourist centre, DTH etc to be provided
-80 lakh affordable houses by 2023
-2 lakh angadwadis will be updated
-National Mental Health programme will be launched to address mental health issues, caused by the pandemic. 23 mental health institutions will be initiated. For mental health counselling, a National Tele Mental Health Program will be launched.
-Children, especially in government schools have lost 2 years of education. For this, one class, one TV channel will be expanded from 12 to 200 TV channels
-Support will be provided for branding millet products nationally and internationally
-Digitisation of land records a priority, will use Kisan drones for land records
-Growth trajectory of 9.2 percent on track
-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
-Rs 20k crore to boost transport infra
-Chemical-free natural farming will be promoted across India
-60 lakh jobs will be created in the next 5 years
-Public issue of LIC expected shortly
-Priorities of the Budget include big public investment for modern infra, which will raise productivity
-National Railways Programme will be taken up on PPP mode, 400 new Vande Bharat trains in 3 years
-In hilly areas, to improve connectivity, convienence and boost tourism, 8 projects for length of 60 kms in PPP mode
-This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100
-High quality e-content through digital teachers, radio, internet, television
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