Finance minister Nirmala Sitharaman presented the fourth Budget of the Modi 2.0 government today. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
Budget 2022 Highlights
Agriculture:
Chemical-free Natural Farming will be promoted throughout the country.
Use of ‘Kisan Drones’ will be promoted for crop assessment.
States will be encouraged to revise syllabi of agricultural universities.
Implementation of the Ken-Betwa Link Project, at an estimated cost of 44,605 crore will be taken up.
Education, skill development:
‘One class-one TV channel’ programme of PM eVIDYA will be expanded from 12 to 200 TV channels.
High-quality e-content in all spoken languages will be developed.
750 virtual labs in science & mathematics, & 75 skilling e-labs will be set-up in 2022-23.
Skills:
The National Skill Qualification Framework (NSQF) will be aligned with dynamic industry needs.
Digital Ecosystem for Skilling and Livelihood – the DESH-Stack eportal – will be launched.
Startups will be promoted .
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
Transport:
400 energy efficient trains to be manufactured over next three years
National highways network to be expanded by 25,000km in 2022/23
Highways expansion to cost 200 billion rupees in 2022/23
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.
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.
Health:
An open platform, for the National Digital Health Ecosystem, will be rolled out.
To better access quality mental health counselling and care services, a ‘National Tele Mental Health Programme’ will be launched.
Government will spend Rs 64,180 crore over the next six years to improve healthcare services.
Banking:
Finance Minister Nirmala Sitharaman proposed setting up 75 Digital Banking Units.
1.5 lakh post offices in the coutry will be linked to the core banking system.
Reserve Bank of India will use block-chain and other technology to bring out a digital currency.
Defence:
Govt committed to reducing defence imports.
Defence R&D will be opened up for industry, startups and academia with 25 per cent of defence R&D budget earmarked.
An independent nodal umbrella body will be set up for meeting wide-ranging testing and certification requirements.
(For more updates stay tuned with DNP India)
