Finance Minister Nirmala Sitharaman ji has presented the Union Budget 2022 in the lower house of the parliament on 1st of February 2022. Budget 2022 highlights article representing the sector wise impact.
The key pillars of this Indian government budget were Health & Well-being, Infrastructure, Inclusive development, financing investments, productivity, climate action and PM Gati Shakti plan.
In this article, we have listed the major highlights from the Budget 2022 Speech.
Also check our latest article on Union budget 2023
Budget 2022 highlights India
Following are some of the prominent sectors budget analysis which have received new updates and budget key points:
1. Taxation & Finance
- A GST collection of whooping Rs, 1, 38,294 Crore in the month of January 2022.
- Issuance of green bonds to promote green infrastructure.
- 350+ exemptions on import duty on some agri products, chemicals, drugs etc. to be phased out.
- Updated ITR can be filed within 2 years from the relevant assessment year.
- Tax reliefs provided to persons with disabilities
- Surcharge for ‘Cooperative Societies’ reduced to 7%. (For cooperatives with income between 1 to 10 Crore).
- Excise duty of Rs. 2/lit on unblended fuel with an objective to encourage fuel blending.
- Custom Duty on cut & polished diamonds brought down to 5%.
- Custom duty exemption on steel scrap continued for this year.
- Anti-dumping on ‘Stainless Steel’ is now revoked.
2. Health care & Sanitation Budget 2022 India
- National Digital Health Ecosystem announced.
- National Tele Mental health Program to be rolled out to help individuals to cope up with mental health issues.
- Women and child upliftment through triple programs ‘Mission Shakti’, ‘Mission Vatsalya’, ‘Saksham Anganwadi & Poshan 2.0’.
- Allocation of Rs. 60, 000 Crore for ‘Har Ghar, Nal Se Jal’ program that shall benefit around 3.8 Crore households.
Related article:
GST on Healthcare Services – GST Applicability, Taxability and Exemption Limit for Services
3. What Education Sector says about Budget 2022 ?
- One class, One TV channel shall be expanded from 12 to 200 TV channels for Class 1 to 12. They will support the backward class students in the supplementary education and the students who have lost touch with the formal education due to pandemic.
- 2 lakh Anganwadis are to be upgraded to improve child health.
- Digital University to be setup for online education facilities.
- Skilling courses to be offered by the select ITIs in every state.
In our latest article thoroughly explain impact of on education sector
4. Digital Transformation
- RBI to introduce ‘Digital Rupee’ using Blockchain Technology in FY 2022-23.
- Exchange of virtual digital assets to be taxed at 30%.
- 75 digital banking units to be established in 75 districts to encourage ‘Digital Banking’.
- An online billing system will be launched to reduce delay in online payment. To be used by all the Union Ministries.
5. Budget 2022 Highlights : Agriculture sector
- Chemical-free and natural farming in India to be promoted.
- NABARD to facilitate funds with blended capital to finance the agri-business startups.
- Rs. 2.37 lakh Crore allocated for payments under MSP.
- Procuring of Wheat, Paddy, Kharif & Rabi crops shall benefit 1 Crore+ farmers.
- Use of Kisan Drones for Crop Assessment.
- Minimum Support Price (MSP) will be transferred directly to the bank accounts of the farmers.
- Ken-Betwa river linking project of cost Rs, 44,000 Crore shall benefit 9 lakh hectare of farmland.
6. MSMEs
- 'Ease of living’, the next phase of Ease of doing business to be launched.
- Emergency Credit Line Guarantee (ECLG) is announced till March’23. This will help the MSMEs to revive after the pandemic shock.
- ECLG will improve lending to the MSMEs.
7. Budget 2022 : Government Focus on Infrastructure
- National Highway Network Expansion of about 25,000 Km in 2022-23.
- 60 Km new ropeway projects under ‘Parwat Mala project’
- 100 Gati Shakti cargo terminals.
- 400 Vande Bharat trains with higher efficiency in the next three years.
- Four multi-nodal National Parks contracts in FY 2022-23.
- PM Gati Shakti program to be extended for Expressways in the next FY.
In conclusion
In this quick glance article, we have highlighted the prominent announcements made in the Union Budget 2022-23.
We are shortly coming out with a detailed analysis for each sector and their receivables.
Stay tuned!
Until the next time……