3. • Finance minister NIRMALA SITHARAMAN replace the age –old
briefcase which used to carry the budget speech to the parliament with
a Hindustani ‘’bahi khata’
• She is also the first female finance minister to present the maximum
budgets (4th time )
• Date of budget speech – 1 feb 2022
4. ANNOUNCEMENTS
• Start-Ups will be promoted to facilitate Drone Shakti in all states, required process for
skilling will be started.
• PM development initiatives for North East to be implemented to fund infrastructure
and social developmental projects.
• FM: Public issue of LIC is expected shortly.
• Ease of Doing business 2.0 and Ease of Living will be launched
• Over 25k compliances and 1486 union laws were repealed for minimum government
and maximum governance Single window portal for all green clearances and helped
reduce the time required for approval.
• . The scope of this portal will be expanded.
• IRDAI has given the framework for issue of surety bonds by insurance companies
• Additional credit for MSME of Rs 2 lakh crore
5. DEFICIT/EXPENDITURE
• Proposes fiscal deficit of 4.5% of GDP by 2025/26
• Projects fiscal deficit of 6.4% of GDP in 2022/23
• Revised fiscal deficit for 2021/22 at 6.9% of GDP
• Total expenditure In 2022/23 seen at 39.45 trillion rupees
• States will be allowed 4% fiscal deficit to GDP in FY23
• 50 year interest free loans over and above normal borrowing allocated to states
6. INFRASTRUCTURE
• 5G spectrum auctions to be conducted in 2022
• Scheme for design-led manufacturing for 5G will be part of production-linked scheme
• To award contracts to lay optical fibre in rural areas, completion in 2025
• 480 billion rupees set aside for affordable housing in 2022/23
• To allocate additional 195 billion rupees for production-linked incentives towards
solar equipment manufacturing
• Rs 60,000 crore allocated to cover 3.8 crore households for tap water.
• 100% of 1.5 lakh Post Offices to come on core banking system to enable inter-
operability and financial inclusion
• It is proposed to set up 75 digital banking units in 75 districts by scheduled
commercial banks
• To enable affordable broadband services, 5% of annual collections under universal
service obligations to provide R&D and commercialisation of communication facilities.
7. TAXATION
• Import duty on certain chemicals are being reduced
• Customs duty exemption on steel scrap to be extended for another year
for small- and medium-sized businesses
• Customs duty on stainless steel, flat products, high steel bars to be
revoked
• Unblended fuel to get additional duty of 2 rupees per litre from October
2022
• No change in personal income tax slab
8. AGRICULTURE SECTOR
• 2.37 lakh crore direct payment of MSP value to163 lakh farmer to their
account
• Chemical free natural farming on a 5km wide corridor along river Ganga will
be promoted
• States will be asked to revive agriculture universities
• Start-Up funding arrangement for agriculture tech start up
• Use of kisan drone to aid farmers
• Delivery of digital and hi-tech services to farmers in PPP mode.
• Funds with blended capital to finance agriculture start –up (NABARD)
• Domestic scheme introduced to reduce dependence on oilseed imports
• Implementation of ken –betwa link project (45606 crore ) benefits to 9.1 lakh
hactar farm land and providing drinking water to 62 lakh people
9. DIGITAL CURRENCY
• To launch digital rupee using blockchain technology starting 2022/23
• To launch scheme for taxation of virtual digital assets
• Losses from sale of virtual digital assets cannot be offset against other income
• Income from virtual digital assets to be taxed at 30%
•Virtual digital assets
• It is proposed that transfer of any virtual digital asset shall be taxed at 30%.Further,
loss cannot be set off against any other income
• Gifting of virtual assets will be taxed at the hands of the recipient.
• TDS of 1% too for virtual digital asset
10. KEY ALLOCATION FROM UNION
BUDGET 2022
• MINISTRY OF COMMUNICATIONS 1.05 lakh cr
• MINISTRY OF CHEMICALS ANDFERTILISERS 1.08 lakh cr
• MINISTRY OF AGRICULTURE ANDFARMERS' WELFARE 1.33 lakh
cr
•
• MINISTRY OF RURAL DEVELOPMENT 1.38 lakh cr
• MINISTRY OF RAILWAYS 1.40 lakh
cr
• MINISTRY OF HOME AFFAIRSMINISTRY OF ROAD TRANSPORT ANDHIGHWAYS 1.99
lakhcr
• MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION 2.18 lakh cr
11. EDUCATION SECTOR
• 'One class, one TV channel' program of PM eVIDYA will be expanded
from 12 to 200 TV channels.
• This will enable all states to provide supplementary education in regional
languages for classes 1 to 12’
• Digital University to be developed and launched with an aim to provide access
to world class quality education to the students
• Skilling programs will be reoriented. For skilling, upskilling & reskilling of our
youth, Digital DESH e-portal will be launched
• Quality e content to be made through various means. teachers to be trained to
use better e teaching outcomes