c

1. Incentives for Start-ups

Eligibility for claiming tax holiday extended for start-ups incorporated till 31.03.22. Threshold limit for eligible start-ups was earlier raised to Rs 100cr. from Rs 25cr. The capital gain exemption for investment in start-ups extended by 1 year till 31.03.22.

Announcement – “In order to incentivise start-ups in the country, / propose to extend the eligibility for claiming tax holiday for start-ups by one more year – till 31s1 March, 2022. Further, in order to incentivise funding of the start-ups, / propose to extend the capital gains exemption for investment in start-ups by one more year – till 31st March, 2022.”

Progress So Far

-To incentivise start-ups in the country, eligibility for claiming tax holiday for start-ups has been extended for start-ups incorporated till 31st March 2022. The threshold limit for eligible start-ups was earlier raised to Rs.100 crore from Rs.25 crore.

-To incentivise funding of the start-ups, the capital gains exemption for investment in start-ups has also been extended by 1 more year till 31st March 2022.

2. Relaxation for NRI’s

Announcement – When Non-Resident Indians return to India, they have issues with respect to their accrued incomes in their foreign retirement accounts. This is usually due to a mismatch in taxation periods. They also face difficulties in getting credit for Indian taxes in foreign jurisdictions. I propose to notify rules for removing their hardship of double taxation.”

Progress so Far: Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period.

3. No ITR for Specified Senior Citizens

A new section 194P inserted in Income-tax Act,1961 provides that senior citizens above the age of 75 years, having only pension & interest income from accounts maintained with bank in which they receive pension will be exempted from filing ITR.

Announcement – Now in the 75th year of Independence of our country, when we continue our endeavour with renewed vigour, we shall reduce compliance burden on our senior citizens who are 75 years of age and above. For senior citizens who only have pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income.

Progress so Far: Through Finance Act, 2021 a new section 194P was inserted in the Income-tax Act, 1961 which provides that senior citizens above the age of 75 years, having only pension & interest income from accounts maintained with bank in which they receive pension will be exempted from filing Income Tax Returns.

4. Reduction in Time for Income Tax proceedings

Time limit to re-open IT assessment cases reduced to 3 years from 6 years. The assessment can be re-opened up to 10 years, only when there is evidence of concealment of income Rs. 50 lakh or more in a year with the approval of Pr. CCIT.

Announcement – I therefore propose to reduce this time-limit for re-opening of assessment to 3 years from the present 6 years. In serious tax evasion cases too, only where there is evidence of concealment of income of f50 lakh or more in a year, can the assessment be re-opened up to 10 years. Even this reopening can be done only after the approval of the Principal Chief Commissioner, the highest level of the Income Tax Department.

Progress so Far:

  • Finance Act, 2021 has reduced the time limit for re-opening of assessment to 3 years from the earlier 6 years.
  • Beyond the period of 3 years, cases can be re-opened to 10 years with the approval of the Principal Chief Commissioner of Income Tax only where there is evidence of concealment of income of t50 lakh or more in a year.

5 Union Budget 2021-22 Provisions implemented by Government

5. Pre-filling of Income Tax Returns

Announcement – In order to ease compliance for the taxpaye details of salary income, ta payments, TDS, etc. already come pre-filled in income ta returns. To further ease filing of returns, details of capital gains from listed securities, dividend income, and interest from banks, post office, etc. will also be pre-filled.

Progress so Far:

  • To make tax compliance more convenient, pre-filled Income Tax Returns (ITR) have been provided to individual taxpayers.
  • It intends to make filing of IT returns easier.
  • Initial pre-filled data includes salary income.
  • Scope of information for pre-filling is being expanded to include interest, dividend etc.

6. Faceless Appeals

Faceless Appeals provide many benefits to taxpayers like random allocation of cases, facility to reply to notice electronically, no visits required to IT Office & no physical interface with the Dept. This has brought Ease of Tax Compliance for taxpayers.

Announcement – In order to take the reforms initiated by the Department to the next level and to eliminate human interface, I propose to amend the Income Tax Act so as to enable faceless appeal on the lines of Faceless Assessment.

Progress so Far:

Benefits

  • No visits to Income Tax Office required
  • No physical interface with the department required
  • Reply to notice electronically
  • Speedy completion of appeals
  • Ease of compliance

7. Faceless Assessment Scheme

Faceless assessment Scheme provides for a team-based assessment with dynamic jurisdiction and no human interface. It is major tax reform based on the key principles of efficiency, transparency and accountability.

Faceless Appeals provide for a more efficient & transparent tax administration & enhanced taxpayer service. By 27.12.21, 62,604 appeals disposed in a faceless manner by NFAC.

ITD has effectively leveraged technology for easing tax compliance for taxpayers.

Announcement – In order to impart greater efficiency, transparency and accountability to the assessment process, a new faceless assessment scheme has already been introduced.

Progress so Far:

  • In order to dispose appeals in a faceless manner so as to impart greater efficiency, transparency and accountability in the appeal proceedings, a National Faceless Appeal Centre was set up.
  • As of 27th December 2021, 62,604 appeals have been disposed off by the National Faceless Appeal Centre in a faceless manner wherein there has been no physical interface with the Department.

Benefits

  • No human interface
  • Expeditious disposal of cases
  • Ease of compliance for taxpayers
  • Transparency and efficiency
  • Functional specialisation
  • Improvement in quality of assessments

8. Faceless Assessment Scheme

As of 28th December, 2021, under peer-reviewed #FacelessAssessment, assessment orders passed in 2,09,235 cases. There was no physical interface between ITD & taxpayers.

Outreach programmes augmented for taxpayer rights & obligations. (2/2)

Announcement-  In order to impart greater efficiency, transparency and accountability to the assessment process, a new faceless assessment scheme has already been introduced.”

Progress so Far:

  • As of 28th December 2021, peer-reviewed assessment orders in 2,09,235 cases have been passed through team-based decision making. These cases were completed with no physical interface between the Income Tax Department and the Taxpayers.
  • In order to improve compliance, outreach programs are being augmented to make the taxpayers aware of their rights and obligatiol under faceless assessment scheme.

9. Affordable Rental Housing 

To promote the supply of Affordable Rental Housing for migrant workers, 100% tax exemption will be available for notified Affordable Rental Housing Projects.

Announcement- We are committed to promote supply of Affordable Rental Housing for migrant workers. For this, I propose to allow tax exemption for notified Affordable Rental Housing Projects.

Progress so Far:

  • To promote the supply of Affordable Rental Housing for migrant workers, 100% tax exemption will be available for notified Affordable Rental Housing Projects.

10. housing for All 

To keep up the supply of affordable houses, tax holiday for affordable housing projects extended for projects approved till 31.03.2022. Additional deduction of Rs. 1.5 lakh available for purchase of a house extended till 31.03.2022.

Announcement-  This Government sees ‘Housing for All’ and affordable housing as priority areas. In the July 2019 Budget, I provided an additional deduction of interest,amounting to Rs.1.5 Lakh, for loan taken to purchase an affordable house. I propose to extend the eligibility of this deduction by one more year, to 31st march 2022. The additional deduction of Rs. 1.5 Lakh shall therefore be available for loans taken up till 31st march 2022, for the purchase of an affordable house. 

Progress so Far:

  • To keep up the supply of affordable houses, tax holiday for affordable housing projects has been extended for projects approved till 31st March, 2022 by Finance Act, 2021.
  • Additional deduction of Rs.1.5 lakh available for purchase of a house extended till 31st March, 2022.

11. Boosting Investment in infrastructure

To ensure that various Sovereign Wealth Funds (SWFs) & Pension Funds (PFs) invest in India, Finance Act 2021 relaxed some of the conditions relating to prohibition on private funding, restriction on commercial activities & direct investment in infrastructure.

“In the last budget, for attracting foreign investment in the infrastructure sector, we had granted 100% tax exemption, subject to certain conditions, to foreign Sovereign Wealth Funds and Pension Funds, on their income from investment in Indian infrastructure. We have noticed that few of such Funds are facing difficulties in meeting some of these conditions. In order to ensure that a large number of Funds invest in India, I propose to relax some of these conditions relating to prohibition on private funding, restriction on commercial activities, and direct investment in infrastructure.”

  • To incentivise the investment by the foreign Sovereign Wealth Funds (SWFs) and Pension Funds (PFs) in the infrastructure sector, the Government through Finance Act, 2021 has relaxed some of the conditions relating to prohibition on private funding, restriction on commercial activities and direct investment in infrastructure.
  • 9 SWFs & 14 PFs have been notified to claim exemption, since January 2021.

12. International Financial Services Centre (IFSC)

Tax incentives & exemptions for relocating foreign funds into #IFSC to make it a hub for financial services in world. Tax exemption provided for investment division of foreign banks located in IFSC, aircraft lease rentals paid to foreign lessor etc.

Announcement –  As I mentioned in Part A of this speech, the Government is committed to make the International Financial Services Centre (IFSC) in GIFT City a global financial hub. In addition to the tax incentives already provided, I propose to include, among others, tax holiday for capital gains for aircraft leasing compa­nies, tax exemption for aircraft lease rentals paid to foreign lessors; tax incentive for relocating foreign funds in the IFSC; and to allow tax exemption to the investment division of foreign banks located in IFSC.”

Progress so Far:

  • The Finance Act, 2021 has provided further tax incentives and exemptions for relocating foreign funds into International Financial Services Centre (IFSC) to make it a hub for financial services in the world.
  • Tax exemption is provided for investment division of foreign banks located in IFSC; aircraft lease rentals paid to foreign lessor etc.

13. Measures undertaken to Promote Digital Transactions

Through Finance Act, 2021 monetary threshold for getting books of account audited raised to Rs 10cr, if total turnover/gross receipts made in cash doesn’t exceed 5% of total turnover/gross receipts & total expenditure in cash doesn’t exceed 5% of total expenses.

Announcement- Currently, if your turnover exceeds Rs 1 crore, you have to get your accounts audited. In the February 2020 Budget, I had increased the limit for tax audit to Rs.5 crore for those who carry out 95% of their transactions digitally. To further incentivize digital transactions and reduce compliance burden, I propose to increase this limit for tax audit for such person From Rs. 5 crore to Rs. 10 crore.

Progress so Far:

To promote digital transactions, the monetary threshold for getting books of accounts audited raised to Rs. 10 crore, if total turnover/gross receipts made in cash does not exceed 5% of total turnover/gross receipts and the total expenditure including purchases made in cash does not exceed 5% of total expenses of the business.

14. Retrospective Part of 2012 Amendment Nullified

Big reform by Govt. to reduce litigation, attract investment & bring certainty in tax policy. #RetrospectiveAmendment made by Finance Act, 2012 w.r.t taxation of indirect transfer of assets located in India nullified by Taxation Laws (Amendment) Act 2021.

Taxation Laws (Amendment) Act, 2021

The retrospective part of the amendment made by Finance Act, 2012 regarding taxation of indirect transfer of assets located in India has been nullified by the Taxation Laws (Amendment) Act, 2021. No tax demand to be raised in future on the basis of the retrospective amendment.

Progress so Far:

  • Will instill foreign as well as domestic investors with confidence in the Indian Economy.
  • Will spur companies which are at the cusp of deciding their investments into investing in India.
  • Will avoid unnecessary litigation and save time and costs of the government.
  • Will boost the policy of the government to have a predictable tax regime.
  • Will provide impetus to country’s goal of becoming a $5 trillion economy.

15. Relief to small Trusts

To increase Ease Of Compliance of small charitable trusts running educational institutions & hospitals, tax exemption relief to such trusts is provided by the Finance Act, 2021 by raising existing threshold of annual receipts from Rs 1 crore to Rs 5 crore.

Announcement- 

“We hope to reduce compliance burden on small charitable trusts running educational institutions and hospitals. So far, there is a blanket exemption to such entities, whose annual receipt does not exceed Rs. 1 crore. I now propose to increase this amount to Rs.5 crore.”

Progress so Far:

To reduce compliance burden on small charitable trusts running educational institutions and hospitals, relief by way of tax exemption to such trusts has been provided by the Finance Act, 2021 by increasing the existing threshold of annual receipts from Rs. 1 crore to Rs.5 crore.

16. Boosting India’s Health Sector

The health sector received a big boost with the budget outlay as the Government plans to release additional resources for public health sector enabling it to get ready for the future.

Announcement- Many of our cities have various research institutions, universities, and colleges supported by the Government of India. Hyderabad for example, has about 40 such major institutions. In 9 such cities, we will create formal umbrella structures so that these institutions can have better synergy, while also retaining their internal autonomy. A Glue Grant will be set aside for this purpose.

Progress so Far:

  • Foundation stones of 4 District Medical College & Central Institute of Petrochemicals Engineering & Technology(CIPET) Jaipur in Rajasthan laid on 30 September 2021.
  • 4 medical colleges will serve the districts of Sirohi. Hanumangarh. Banswara and Dausa.
  • 9 new medical colleges inaugurated in UP including 8 of the CSS scheme adding 900 medical seats.
  • Expansion of AIIMS network from 6 to 22 with medical colleges in aspirational districts and upgradation of super-speciality hospitals.
  • Out of 157 new approved medical colleges since 2014, 70 have become functional.
  • 39 colleges being set up in Aspirational Districts.
  • Addition of nearly 16,000 undergraduate medical seats.
  • 7,400 seats created with functioning of 70 new medical colleges.
  • Rs. 2,451.1 crore for upgradation of existing medical colleges.

17. PM Ayushman Bharat Health Infrastructure Mission

PM Ayushman Bharat Health Infrastructure Mission (PMABHIM) was announced as a long-term health infrastructure development scheme, to help strengthen the country’s health infrastructure and the ability to fight & contain disease outbreaks in the future.

Announcement- A new centrally sponsored scheme, Pradhan Mantri AatmaNirbhar Swasth Bharat Yojana*, will be launched with an outlay of about Rs.64,180 crores over 6 years. This will develop capacities of primary, secondary, and tertiary care Health Systems, strengthen existing national institutions, and create new institutions, to cater to detection and cure of new and emerging diseases. This will be in addition to the National Health Mission.

Progress so Far:

  • Largest Pan-India Health Infrastructure Scheme with outlay of Rs.64,180 Crore launched on 25th Oct 2021.
  • Ensuring Universal & Comprehensive Primary Care.
  • To provide support for 17,788 new rural & 11,024 new urban Health and Wellness centers.
  • Scheme will establish critical care hospital blocks in 602 districts with population more than 5 lakh & referral linkages for the rest 128 districts.
  • Setting up of 2 container based mobile hospitals..
  • 80 existing Viral Diagnostics & Research labs to be strengthened.
  • 4 New Regional National Institutes for Virology and a new National Institution for “One Health” to be operationalized.
  • Building comprehensive surveillance system with more than 4000 labs.
  • Digitisation of analytics, forecasting & early warning systems through the Integrated Health Information Platform (IHIP).
  • 37,000 new critical care beds with ICU & Oxygen.
  • Health units at 50 International Points of Entry: 32 Airports, 11 Seaports & 7 land crossings.

18. Taxpayers’ Charter

The Taxpayers’ Charter while assuring fair, courteous and rational behavior to the taxpayer on one hand also demonstrates our commitment to improve taxpayer services.

The Taxpayers’ Charter was adopted by the CBDT as per the provisions of Section 119A of Income-tax Act, 1961. It reaffirms our commitment for providing a transparent and taxpayer friendly regime. It helps forge trust between the taxpayer and the Department.

Announcement-  It is proposed to enshrine in the statutes a “taxpayer charter” through this budget and reassure taxpayers that Govt. is committed to taking such measures that citizens are free from harassment of any kind.”

Progress so Far:

The Income Tax Department is commiitted to –

  • Provide fair, courteous, and reasonable treatment
  • Treat taxpayer as honest
  • Provide mechanism for appeal and review
  • Provide complete and accurate information
  • Provide timely decisions
  • Collect the correct amount of tax
  • Respect privacy of taxpayer
  • Maintain confidentiality
  • Hold its authorities accountable
  • Enable representative of choice
  • Provide mechanism to lodge complaint
  • Provide a fair and just system
  • Publish service standards and report periodically
  • Reduce cost of compliance
  • The Taxpayers’ Charter has been adopted by the CBDT as per the provisions of section 119A of the Income Tax Act, 1961.
  • With its adoption, India joins other major economies in the world which too have adopted and published Charters as a gesture of their commitment towards their taxpayers.

19. Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

Pradhan Mantri Krishi Sinchayee Yojana (#PMKSY) enhanced irrigation potential encouraging farmers to invest more in farming technology and leading increased productivity and farm income.

Announcement- “The ‘Pradhan Mantri Krishi Sinchai Yojana’ has been strengthened and will be Implemented in mission mode.28.5 lakh hectare will be brought under Irrigation under this Scheme.”

Progress so Far:

  • Irrigation potential of 24.39 lakh hectare has been created through the completed projects.
  • Under PMKSY-AIBP, 99 projects having ultimate potential of 76.03 lakh hectare prioritizedfor completion.
  • Against the balance ultimate potential of 34.63 lakh hectare, 21.45 lakh hectare achieved till March 2020.
  • The balance projects out of 99 are proposed to be included underthe extension of the scheme for 2021-26.
  • On 15th December 2021, Cabinet approves implementation of Pradhan Mantri Krishi Sinchayee Yojana for 2021-26.

√ Outlay of Rs.93,068 crore, including !37,454 crore central assistance to States.

√  Benefit to about 22 lakh farmers.

  • 60 on going projects for completion under Accelerated Irrigation Benefit Programme (AIBP).
  • Under Har Kher Ko Pani, 4.5 lakh hectare Irrigation through surface minor irrigation& rejuvenation of water bodies, and 1.52 lakh hectare groundwater irrigation in suitable block.

20. Kisan Rail

India Railways flags off Kisan Rail to transport fresh fruits and vegetables from farmers to markets across India.

Announcement- To build a seamless  national cold supply chain and set up a `Kisan Rail’ through PPP

Progress so Far:

  • First Kisan Rail from Devlali to Danapur was flagged off on 7th August 2020.
  • Till 17th December 2021. a total of 1,765 trips of Kisan Rail have been operated on 152 routes. Nearly 5.8 lakh Tonnes of consignments have been transported.
  • Kisan Rail help transport the produce of farmers to different parts of the country at a subsidised cost.
  • Kisan Rail is a step towards doubling Framers’ income.
  • Milk is also being transported by Railways. Till 30th November (FY21-22), 3905 Rail Milk Tankers moved by Railway, transporting more than 1.600 lakh litres

21. Increased credit flows for Agriculture sector

A landmark initiative to boost agriculture sector with substantial investments through increased credit flow.

Announcement- To provide adequate credit to our farmers, have enhanced the agricultural credit target to p16.5 lakh crore in FY22. We will focus on ensuring increased credit flows to animal husbandry, dairy, and fisheries.

Progress so Far:

  • Region wise, agency wise and purpose-wise targets along with sub-target for animal husbandry and fisheries sectors have been finalised and communicated to all stakeholders on 16.02.2021.
  • As on 31.10.21, Rs. 8,64,372.69 crore has been disbursed to agriculture sector. (Source: NABARD)

22. Operation Greens Scheme

Launched in Nov. 2018, Operation Greens Scheme was extended in June 2020 from Tomato, Onion and Potato (TOP) to all fruits & vegetables (TOTAL) for short term measures for a period of 6 months on pilot basis as part of #AatmanirbharBharat Abhiyan & further extended till 31.03.21.

Announcement-  To boost value addition in agriculture and allied products and their exports, the scope of Operation Greens Scheme that is presently applicable to tomatoes, onions, and potatoes (TOP crops), will be enlarged to include 22 perishable products.

Progress so Far:

  • EFC recommendations in March 2021 for expanded Scheme as a part of restructured Pradhan Mantri Krishi Sinchayee Yojana (PMSKY) for 15th Finance Commission cycle
  • 22 perishable crops identified which include 10 fruits, 11 vegetables (including TOP crops) and 1 marine i.e., Shrimp.
  • Production Clusters for 22 perishables identified and validated by respective States.
  • Infrastructure Gap Assessment Studies for 10 fruits and shrimp awarded on 21.05.2021 hav been completed.
  • Cabinet Note for expanded Scheme submitted in May 2021 for which approval i awaited and expanded Scheme will be implemented after approval.

23.  National Agriculture Market (e-NAM)

The National Agriculture Market (e-NAM) is expanding to ease farmers. The pan-India trading portal is helping realize the vision of “One Nation, One Market” for agri-produce

Announcement- Keeping in view the transparency and competitiveness that e-NAM has brought into the agricultural market, 1,000 more mandis will be integrated with e- NAM.

Progress so Far:

  • 1,000 mandis have been integrated with e-NAM.
  • The pan-India trading portal is to help realize the vision of “One Nation, One Market” for agri-produce.
  • Around 1.72 crore farmers registered, and f1.63 Iakh crore of trade value carried out through e-NAM.

24. Agriculture infrastructure Fund (AIF) for Agriculture produce Market Committees (APMCs)

In July 2020, AIF was announced to provide a medium-long term debt financial facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.

Announcement- The Agriculture Infrastructure Fund would be made available to APMCs for augmenting their infrastructure facilities.

Progress so Far:

  • AIF boost agriculture infrastructure relating to Post-harvest Management (PHM) and community farming assets.
  • Scheme provides interest subvention and credit guarantee for setting PHM projects for better post harvest management and reduction in wastage.
  • Rs. 1 Lakh crore is to be disbursed by landing institutions as loans to eligible beneficiaries.
  • Financial assistance amounting to Rs. 16,205 crore for 8,658 beneficiaries sanctioned across the country.

25. Minimum Support Prices (MSP)

The Government is committed to safeguard the welfare of the farmers with the increase in MSP value, no. of procurement centers and payment to farmers.

Announcement-  Our Government is Committed to the welfare of farmers. The MSP regime has undergone a see change to assure price that is at least 1.5 times of the cost of production for allmandated crops. The Procurement has also continued to increase at a steady pace. This has resulted in increase in payment to farmers substantially.

Progress so Far:

  • The increase in the MSP approved by the Cabinet on 8th September 2021 for all mandated Rabi crops for Rabi Marketing Season (RMS) 2022-23, well in advance of the sowing season.
  • Number of procurement centers increased as compared to previous years to facilitate the farmers for selling their produce at the nearest procurement centre maintaining COVID protocols.
  • Ensured MSP at minimum 1.5 times of the cost of production for all the mandated Kharif and Rabi crops.

26. Ayushman Bharat Digital Mission

As a health repository for all healthcare providers across the country & ensure ease of living for patients & healthcare service providers, Hon’ble PM @narendramodi launched Ayushman Bharat Digital Mission on 27.09.21, that will change the landscape of Indian Health System.

Progress so Far:

  • Launched on 27th September 2021 by hon’ble Prime Minister of India Shri Narendra Modi.
  • Aims to create a seamless online platform that enables inter-operability with.
  • Building registries at appropriate level to create single source of truth in respect of clinical establishments, healthcare professionals, health workers, drugs and pharmacies etc.
  • All citizens get a unique  Health ID that helps them to digitally and safely store, access and share their health records.

Ayushman Bharat Digital Mission

Date Source : https://abdm.gov.in

27. Jan Aushadhi Kendra Scheme

Pradhan Mantri Bhartiya Jan Aushadhi Kendras made available essential medicines and other items at affordable prices across the country. As on 15th December 2021, 8,588 PMBJKs opened, covering all the districts in the country.

Announcement- To expand Jan Aushadhi Kendra Scheme to all districts offering 2000 medicines and 300 surgicals by 2024.

Progress so Far:

  • Pradhan Mantri Bhartiya Jan­Aushadhi Kendras (PMBJKs). BPPI and other stakeholders joined hands to make available the essential medicines and other items at affordable prices.
  • As on 31.12.2021, 8,640 Pradhan Mantri Bhartiya Janaushadhi Kendras (PMBJKs) have been opened covering all the districts in the country.
  • 1,451 medicines and 240 surgicals & consumables available in the basket of PMBJP for sale through these PMBJKs.

28. Pneumococcal Conjugate Vaccine (PCV)

Nationwide expansion of Pneumococcal Conjugate Vaccine (PCV) was completed on 29th October 2021 under the Universal Immunization Programme (UIP). It is expected to reduce children’s morbidity and mortality due to pneumococcal pneumonia.

Announcement-  The Pneumococcal Vaccine, a Made in India product, is presently limited to only 5 states will be  rolled out across the country. This will avert more than 50,000 child deaths annually

Progress so Far: 

  • PCV has been expanded to all States/UTs across the country.
  • Till September 2021, a total of 6.05 crore doses of PCV have been administered across the country since introduction.
  • In all States/UTs, capacity building of medical officers, health workers and programme managers done on PCV introduction.
  • IEC materials (banners, posters, leaflets, standees, videos, etc.) shared with all States/UTs.

29.  National COVID19 Vaccination Programme

India’s National #COVID19 #VaccinationProgramme is built on scientific & epidemiological evidence. @WHO guidelines & global best practices were implemented through effective & efficient participation of States/UTs & people at large to fight the pandemic.

Announcement- The Government has provided Rs. 35,000 crore for Covid-19 vaccine in BE 2021- 22 and is committed to provide further funds if required.

Progress so Far: 

  • More than 151.94 crore doses of COVID-19 vaccine have been administered across the country (as on 1091 January 2022).
  • Around 91.8% of adult population have received at least one dose of COVID-19 vaccine while more than 67.5% of the adult population have been fully vaccinated.
  • Over 2.38 crore in 15-17 age group vaccinated.
  • India has set the record of administering 2.5 crore doses of COVID-19 vaccines in a single day.

30. Expansion of scope for Krishi UDAN in convergence with Operation Green – Production Linked Incentive (PLI) Scheme

Krishi Udaan Scheme stands converged with Operation Greens. It aims to open new avenues of growth for the agriculture sector & help attain farmers’ double income by removing barriers in supply chain, logistics & transportation of farm produce.

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crores, over 5 years staving FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so Far: 

  • Krishi UDAN aims to improve value realisation through better integration & optimisation of Agri-harvesting, air transportation, and contributing to Agri-value chain sustainability.
  • The Scheme proposes to facilitate and incentivise movement of Agri- proudce by air transportation.
  • Strengthening cargo related infrastructure at airports and off airports.
  • The 1st phase of the Krishi UDAN 2.0 Scheme implemented across 53 airports with focus on the Northeast, Hilly and tribal regions..
  • Development of E-KUSHAL (Krishi UDAN for Sustainable Holistic Agri-Logistics) to facilitate information dissemination to all stakeholdersProposal to integrate E-KUSHAL with National Agriculture Market (e-NAM)

31. Production Linked Incentive (PLI) Scheme

Government approved PLI Scheme for Textiles Sector boosts domestic manufacturing & exports in large scale.

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI Schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so Far: 

  • Scheme approved on 8th Oct 2021, for Textiles for man-made fibre (MMF)Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles, with a budgetary outlay of 010,683 crore.
  • Textiles along with RoSCTL, RoDTEP and other measures of Government in sector e.g., providing raw material at competitive prices, skill development etc. will herald a new age in textiles manufacturing.
  • Will help create additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities.
  • Fresh investment of above Rs. 19,000 crore and additional production turnover of over Rs. 3 lakh crore in 5 years expected through the scheme.
  • Higher priority for investment in Aspirational Districts & Cities of Group B & C.
  • Scheme will help Indian companies to emerge Global Champions.
  • Scheme guidelines have been issued on 28s December 2021.

32. National Programme on High Efficiency Solar PV Modules

The National Programme on High Efficiency Solar PV Modules will reduce import dependence in a strategic sector like electricity and support the

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PO Schemes to create manufacturing global champions for an Aattna Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so Far: 

  • Production Linked Incentive (PLI) Scheme approved by cabinet for high efficiency solar PV modules.
  • Scheme outlay of Rs. 4500 crore.
  • Direct employment of around 30,000 and indirect employment of 1,20,000.
  • Additiona110,000 MW capacity of integrated solar PV manufacturing plants.

33. Production-linked Incentive (PLI) Scheme for Specialty Steel

PLI Scheme gives a boost to high grade Specialty Steel with increased capacity, employment generation, and minimizing dependence on imports.

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PO schemes to create manufacturing global champions for an Aattna Nirbhar Bharat have been announced for13 sectors. For this, the government has committed nearly Rs,1.97 lakh crore, over5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so Far: 

  • Approved by the cabinet on 22nd July 2021.
  • Scheme to boost production of high- grade specialty steel in the country.
  • Incentives worth Rs. 6,322 crores to be provided over 5 years for manufacturing of these products in India.
  • Scheme to attract an additional investment of about Rs. 40,000 core.
  • The scheme will give employment to about 5,25,000 people of which 68,000 will be direct employment.
  • Capacity addition of 25 MT.
  • Invitation for Application from Investors under the Production Linked Incentive (PLI) Scheme for Specialty Steel has started.

34. Production linked Incentive Scheme (PLI) for Food Processing Industry

Cabinet approved the “Production Linked Incentive (PLI) Scheme” for Food Processing Industry, to support creation of global food manufacturing champions and support Indian brands of food products in International markets.

Announcement- For a USD 5 trillion economy our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting- edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so Far: 

  • Approved by the Cabinet on 31st March 2021, with an outlay of Rs. 10,900 crore
  • To be implemented over a period of 6 years.
  • Since inception, the Ministry has finalised the guidelines of the Scheme, appointed the Programme Management Agency for the Scheme and invited applications for assistance under the Scheme through EOI.
  • Last dates for submission of applications was 24th june, 2021.
  • Ministry received a total of 274 applications received against various categories under the Scheme, 60 applications approved under category-1

35. Production Linked Incentive (PLI) Scheme for Promotion of Domestic Manufacturing of critical Key Starting Materials (KSMs)/ Drug Intermediates & Active Pharmaceutical Ingredients (APIs)

Production Linked Incentive (PLI) Scheme introduced to boost domestic critical Key Starting Materials (KSMs)/Active Pharmaceutical Ingredients (API) production for enhancing India’s manufacturing capabilities and enhancing exports.

Announcement- PL/ schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly 11.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress So Far:

  • Union Cabinet approved proposal on 20.03.2020 with the objective to attain self-reliance & reduce import dependence in critical KSMs/DIs/APIs.
  • Boost domestic manufacturing of identified KSMS, DIs & APIs by attracting large investments in the sector & reduce  import dependence in critical APIs.
  • Tenure of the sub-scheme is from FY 2020-21 to FY 2029-30, with the total outlay of Rs.6,940 crore. Lit
  • Financial incentive under the sub-scheme will be provided on sales of 41 identified products categorized into 4 Target Segments.

√ Total financial outlay of the scheme is Rs.6,940 crore.

√ Approval accorded to 50 applicants/projects

√ Committed investment of Rs.4498.38 crore.

√ Investment made by Sept. 2021, Rs. 721.02 crore.

√ 3 Projects Commissioned till date.

36. Production Linked Incentive (PLI) Scheme for Promoting Domestic Manufacturing of Medical Devices

Production Linked Incentive (PLI) Scheme for Promoting Domestic Manufacturing of Medical Devices targets to make the country self-reliant in the specified target segments in the medical devices sector.

Announcement- (PLI) Scheme to create Manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.197 lakh core, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.”

Progress So Far: 

  • Promoting Domestic Manufacturing of Medical Devices with total financial outlay of Rs.3,420 crore for the period FY 2020-21 to 2027-28.
  • Applications are under 4 different target segments including “Cancer care/Radiotherapy Medical Devices”,”Radiology & Imaging Medical Devices (both ionizing & non-ionizing radiation products) and Nuclear Imaging Devices”,”Anaesthetics & Cardio-Respiratory Medical Devices including catheters of Cardio-Respiratory Category & Renal care Medical Devices” and All Implants including Implantable Electronic Devices”.
  • 21 Applications approved.
  • Committed investment of Rs. 1058.97 crore.
  • Investment made till date: Rs. 167.27 crore.

37.  Production Linked Incentive Scheme for pharmaceutical

Production Linked Incentive (PLI) Scheme for pharmaceuticals is part of the government’s flagship Aatma Nirbhar Bharat plan aimed at enhancing India’s manufacturing capabilities and exports.

Announcement- PLI schemes to create manufacturing global champions for an AatmaNirbhar Bharat have been announced for 13 sectors, For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22, This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress So Far: 

  • Approved by the Union Cabinet on 24 February 2021, with a total outlay of 15,000 crore.
  • To benefit domestic manufacturers, create employment & contribute to the availability of affordable medicines for consumers.
  • Objective of the Scheme is to enhance India’s manufacturing capabilities by increasing investment & production in the sector and contributing to product diversification to high value goods in the pharmaceutical sector.
  • In total 278 applications have been received and 55 applicants approved, including 20 MSMEs and 5IVD projects.
  • Total Committed investments is Rs. 17,581.96 crore.

38. Scheme for Promotion of Manufacturing  of Electronic Components and Semiconductors (SPECS)

The Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) aims to strengthen the manufacturing ecosystem for electronic components and semiconductors.

Announcement- launching scheme focused on encouraging Manufacturing of Electronic Components and Semi-conductors.

Progress So Far: 

  • Scheme provides financial incentive of 25% on capital expenditure for the identified list of electronic goods that comprise downstream value chain of electronic products.
  • Scheme was notified on 01st April, 2020 and is open to receive applications till 31st March,2023.
  • New investment in electronics Sector envisaged to the tune of Rs. 20,000 crore.
  • The Total employment generation potential of the Scheme is 6,00,000 (both Direct & Indirect).
  • 24 applications have been received and acknowledged and 11 applications are under finalization stage, 2 applications have been approved.

39. Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing

The PLI Scheme for Large Scale Electronics Manufacturing is a financial incentive boost for domestic manufacturing and attract large investments in the electronics value chain.

Announcement- Launching a scheme focused on encouraging manufacture of mobile phones, electronic components and semi- conductor packaging.

Progress So Far: 

  • Scheme proposes to provide production linked incentive of 4% – 6% on incremental sales.
  • Scheme was notified on 01.04.2020.
  • Total expenditure outlay of the Scheme is 040,995 crore in 5 years.
  • 16 Companies approved under the first round of the Scheme.

The projected outcome over the next 5 years:

√ Investment Around Rs.11,000 crore

√ Production: Rs. 10.5 lakh crore

√ Exports: Rs. 6.5 lakh crore

√ Employment Over 2 lakh direct jobs

  • On 28.06.2021, FM announced extension of the Scheme till 2025-26.

40. Production Linked Incentive (PLI) Scheme for Promoting Telecom and Networking Products Manufacturing

Transforming India’s Telecom sector with the Production Linked Incentive (PLI) Scheme for Telecom and Networking Products attracting large scale investments and reducing India’s dependence on other countries for the import of telecom and networking products.

Announcement- For a USD 5 trillions economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI Schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so far

  • Launched by the Department of Telecommunications (DOT) with total outlay of 012,195 crore.
  • boost domestic manufacturing in the telecom and networking products by incentivizing incremental investment and turnover.
  • 31 companies comprising 16 MSMEs and 15 Non-MSMEs (8 Domestic and 7 Global companies), approved under the Scheme.
  • Expected Incremental production of around 1.82 lakh troy a in 5 years.
  • Expected boost to local R&D.
  • Investment of around Rs.3,345 crore envisaged in the sector over 4 years creating additional employment of more than 40,000 people.

41. Production-Linked Incentive (PLI) Scheme for Drones and Drone Components

Production Linked Incentive (PLI) Scheme for drones and drone components, yet another Scheme which will enhance India’s manufacturing capabilities while creating significant employment & growth opportunities.

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology. To achieve all o the above, PLI schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crores, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so far

  • Approved by the cabinet on 15th September 2021.
  • Incentives of Rs.120 crore to be given in next 3 years under PLI Scheme for drones and drone components.
  • PLI claimed by manufactures is set at 20% of the value addition, remaining constant for 3 years.
  • PLI for a beneficiary is capped at 25% of the total annual outlay, widening the number of beneficiaries.
  • Drone Manufacturing industry may grow to over Rs.900 crore in FY 2023-24.
  • India has the potential of becoming a global drone hub by 2030.

42. Production Linked Incentive scheme – National Programme on Advanced Chemistry Cell Battery Storage

Together, these Schemes will enable India to leapfrog from traditional fossil fuel based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system. (2/2)

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions for an Aanna Nirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so far

  • Scheme implementation approved on 12 May 2021, with an outlay of Rs.18,100 crore
  • To achieve manufacturing capacity of Fifty (50) Giga Watt Hour (GWh) of ACC and 5 GWh of “Niche” Advanced Chemistry Cell (ACC).
  • Major battery consuming sectors expected to achieve robust growth in the coming years.
  • Direct investment of around Rs.45000 crore in ACC Battery storage manufacturing projects.
  • Net savings of Rs.2,00,000 crore to Rs.2,50,000 crore on account of oil import bill reduction due to EV adoption
  • Import substitution of around Rs.20,000 crore every year.

43. Production Linked Incentive (PLI) Scheme for we Automobile Industry

A total of 115 companies have filed their application under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India which was notified on 23.09.2021.

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions foran Aatma Nirbhar Bharat have been announcedfor13 sectors. For this, the government has committed nearly: 1.97 lakh crore, o ver5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so far

  • Approved on 15th Sep 2021, with a budgetary outlay of Rs.25,938 crore.
  • To enhance India’s manufacturing capabilities.
  • Encourages the industry to manufacture Advanced Automotive Technology Products.
  • Big boost to production of electric and Hydrogen Fuel Cell vehicles.
  • Additional employment opportunities for over 7.6 lakh people.
  • Fresh investments of over Rs.42,506 crone in 5 years.
  • Incremental production of over Rs.2.3 lakh crore.
  • Promotes Swachh Bharat
  • 115 companies have filed their applications under the Scheme.

44. Production Linked Incentive (PLI) Scheme for Mobile Manufacturing and Specified Electronic Components

PLI Scheme for Mobile Manufacturing & Specified Electronic Components is tremendously boosting the electronics manufacturing landscape and establishing India at the global level in electronics sector. (2/3)

Announcement- For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions for an Aatma Nirbhar Bha rat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.971akh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress so Far: 

  • The proposal for accepting applications under Second Round of the Scheme approved by the Competent Authority.
  • The target segment for the purpose of this round are Specified Electronic Components.
  • Incentives of 4% to 6% shall be extended on incremental sales (over base year i.e., 2019-20) of goods manufactured in India and covered under the target segment, to eligible companies, for a period of 4 years.
  • Second Round of PLI Scheme applicable from 01.04.2021.

PLI Scheme makes India now the 2nd largest mobile manufacture.

  • Shift from import to export-led growth
  • New investments & increased tax revenues
  • Production of mobile devices & components worth over 1111 trillion
  • 60% of the total production will be exported
  • +12 lakh jobs will be created
  • Domestic value addition for mobile phones from 15­-20% to 35-40%

PLI Impact

India is now world’s 2nd largest mobile manufacturer

  • 200 Manufacturing units in 2021 (from 2 units in 2014)
  • Production of mobile handsets reached 30 Crore (2021) from 6 Crore (2014)
  • Mobile handsets produced worth reached 2,20,000 crore (2020-21) from 19,000 crore (2014-15)
  • MEE Export of as mobile phones from India grew by a massive 250 per cent in April-June 2021-22.

45. Production Linked Incentive (PLI) Scheme for IT Hardware Products

PLI Scheme for IT Hardware Products would promote higher domestic value addition in electronics manufacturing and will contribute significantly to achieving a $1 trillion digital economy and a $5 trillion gross domestic product (GDP) by 2025.

Announcement- For a USD 5 trillion economy, our  manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions for an AatmaNirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore, over 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.”

Progress So Far: 

  • Approved by the cabinet on 24. Feb 2021, with an outlay of Rs.7,350 Crore to be provided over 4 years for manufacturing these products in India.
  • To provide impetus to domestic manufacturing & attract large investments in the value chain of IT
  • Production worth Rs.3.26 Lakh Crore and exports worth Rs.2.4.5 Lakh Crore estimated in 4 years.
  • Additional investments of Rs. 2,700 Crore
  • Will create 1.80 Lakh jobs in 4 years.
  • Eligible companies to be incentivized 4% to 1% on net incremental sales of goods manufactured in India.

46. Production Linked Incentive (PLI)  Scheme for White Goods (Air Conditioners and LED Lights)

PLI Scheme for White Goods approved by the Cabinet in April 2021, is designed to create a complete component ecosystem in India and make India an integral part of the global supply chains.

Announcement- Fora USD 5 trillion economy, our manufacturing sector must grow in double digits on a sustained basis. Our manufacturing companies need to become an integral pan of global supply chains, possess core competence and cutting-edge technology. To achieve all the above, PLI schemes have been announced r or 13 sectors to create manufacturing global champions foran AatmaNirbharBha rat. The government committed nearly 11.97 lakh crore, over 5 years starting FY21- 22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.

Progress So Far: 

  • Approved by the cabinet on 7 April 2021, with a total outlay of Rs.6238 Crore.
  • 42 Companies Selected under the Scheme.
  • 26 Companies to invest Rs. 3, 98 crore for Air Conditioner Components.
  • 16 Companies to invest Rs.716 crore for LED Component Manufacturing.
  • Investments of around Rs. 4,614 crore envisaged creating additional direct employment of about 44 thousand persons.
  • Expected net incremental production of more than 81 thousand crore.

(Last Updated on 15.01.2022 at 5.35 PM)

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Telegram

taxguru on telegram TELEGRAM GROUP LINK

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

January 2022
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31