Key highlights of Union Budget 2022

Finance Minister Nirmala Sitharaman presented Union Budget 2022 today - her fourth budget in as many years. In the wake of the recent COVID-19 Omicron wave of infections, the Finance Minister expressed her condolences and solidarity to the suffering patients and families. She also expressed confidence that the nation will gain strength from the speedy vaccination drive undertaken.

Here are some of the major takeaways of this year’s Union Budget:

Also Read: Highlights Of Union Budget 2021-22

• India’s growth is estimated at an impressive 9.27%, which can go on to be the highest among all leading economies in the world.
• The FM outlined the focus area of the budget, which includes four pillars - PM Gati Shakti scheme, productivity enhancement, climate action, and financing of investments. The next 25 years are identified as ‘Amrit Kal’, marking India’s journey to becoming a 100-year-old nation. Inclusive development, transition in energy usage, and sunrise opportunities will be among the other key focus areas.
• Production Linked Incentive Scheme in 14 sectors under the Make in India initiative has the potential of creating over 60 lakh new employment opportunities and generating new production of Rs 30 lakh crore.
• The FM informed the house about the completion of Air India’s strategic transfer. The IPO of Life Insurance Corporation (LIC) is being finalised, along with other entities that are lined up for the IPO route.

Also Read: 6 Key Takeaways For Working Women From Union Budget 2021-22

• National Highways will see an extension of 25,000 km in 2022-23. Rs 20,000 crore will be earmarked to finance multi-modal interstate connectivity under the PM Gati Shakti. 
• PM Gati Shakti will initiate the construction of 100 cargo terminals in the next few years. 400 upgraded Vande Bharat trains will also be rolled out during the next three years.
• Rs 2.37 crore across 163 lakh farmers will be covered under MSP. Start-ups in agriculture and rural farm produce value chain will be financed by NABARD.
• ECLGS service has been extended with an increased guarantee cover of Rs 50,000 crore to Rs 5 lakh crore. 
• Digital DESH e-portal will be launched to reorient the skilling programs among youth. 
• Supplementary education in regional languages will be facilitated through the ‘One Class One TV’ channel. The digital university is being developed to impart world-class education.
• A national digital health ecosystem is being developed, which will also cover a national tele-mental health program to address the increase in mental health issues due to the pandemic.
• 5G telecom services will be rolled out by private players after an auction of the 5G spectrum in 2022.

Also Read: Union Budget 2021-22: List Of Schemes Announced By The FM

• Solar power capacity to be increased by 280 GW by 2030. This will be pushed through PLI for the manufacturing of high-efficiency PV solar modules.
• A digital rupee will be issued by RBI using blockchain technology in 2022-23.
• Cooperative societies with income of up to Rs 10 crore have been granted a surcharge reduction of 5% from the existing 12%.
• 80 lakh houses will be completed under the PM Awas Yojana in 2022-23, which will be allocated to identified beneficiaries.
• The Capex outlay in 2022-23 will see an increase of 35.4% to reach Rs 7.5 lakh crore during the year. This will form 2.9% of the country's GDP.
• The FM proposed the issuance of Sovereign Green Bonds to generate governments borrowings.
• Profit on sales of digital assets was brought under Income Tax, with a 30% tax levied. No set off benefits or deductions (other than the cost of acquisition) is available on the tax calculation of these assets. Digital assets include Non-fungible tokens and Cryptocurrencies. A 1% TDS is also made applicable on digital asset transactions. 

No changes in income tax slabs have been made. However, several new changes in the tax regime have been proposed.