Union Budget 2022 : Highlights : RBI to introduce Digital Rupee
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The Finance Minister Nirmala Sitharaman, presenting the Union Budget 2022, said the country is expected to grow at a rate of 9.27 percent in 2022. Furthermore, the Finance Minister noted in Budget 2021-22 that public investments and capital expenditures increased significantly.
According to the Finance Minister, the Budget outlines a blueprint for India's economy from 75 to 100, citing its four pillars of development - inclusive development, productivity enhancement, energy transition and climate action.
She said this Budget (2022-23) would help the youth, women, farmers, and those from backward classes, and the PM Gati Shakti Master Plan will guide the process.
Budget 2022 highlights include:
In her Budget presentation, Sitharaman announced that the country is expected to grow at 9.27 percent.
Sitharaman announced that the RBI would issue digital rupees using blockchain technology starting in 2022-23 as part of a significant push for digital currencies.
According to the finance minister, the Budget (2022-23) will help the youth, women, farmers, and those from backward classes, and the PM Gati Shakti Master Plan will guide the process. The Finance Minister said that budget 2021-22 also shows a significant increase in public investment.
Any income from the transfer of digital assets will be taxed at 30 per cent plus 1 per cent for the transaction.
The Union Budget is intended to lay the foundation for India's economy over the "Amrit Kal" period (from India 75 to India 100) in the coming 25 years, the Finance Minister said.
Finance Minister reported that GST collections for January 2022 reached Rs 1,40,986 crore - the highest amount since GST was introduced in 2017.
The Finance Minister announced that long-term capital gains would be taxed at 15%.
Nirmala Sitharaman says corporate surcharge will be reduced from 12% to 7%.
In the year 2022-23, the government plans to complete the construction of 80 lakh houses under the PM Awas Yojana in rural and urban areas with an allocation of Rs 48,000 crores.
To help state government employees' social security benefits and enhance their equality with central government employees, the tax deduction limit for both government employees of the centre and of the states will be increased from 10% to 14%, says FM.
Polished diamonds, gemstones cut to 5%, and simply sawn diamonds will not be subject to customs duties. By June of this year, simplified regulations will be in place to facilitate jewellery export through e-commerce.
With regard to agriculture, the FM said that wheat procurement in Rabi season 2021-22 and paddy procurement in Kharif season 2021-22 would cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers, and Rs 2.37 lakh crores will be paid directly to their accounts as MSP.
We laid down four priorities on this parallel track, and she said: PM Gati Shakti, inclusive development, productivity enhancement, investment in sunrise opportunities, energy transition and climate action, and financing investments.
According to Sitharaman, the Production Linked Incentive Scheme for Aatmanirbhar Bharat has been a great success, potentially creating 60 lakh new jobs and increasing 30 lakh crore in production in production the next five years.
To finance start-ups in agricultural and rural enterprises for the farm produce value chain, a blend of capital raised under a co-investment model will be raised through NABARD. The States will be encouraged to review the courses taught in agricultural universities to meet market needs.
She further stated that the North Eastern Council would implement Prime Minister Modi's development initiatives for the North East. This scheme will support livelihood activities for youth and women. It does not replace existing national or state schemes, she explained.