Union Budget 2022: From 5G rollout by 2023 to issuance of e-passports, highlights from Nirmala Sitharaman’s speech

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022 in the second year of the COVID-19 pandemic. Presenting her fourth budget, Finance Minister Nirmala Sitharaman said that this year’s Budget would continue to provide impetus to growth. She added that inclusive development, productivity enhancement, energy transition and climate action are four pillars of development. Here are the highlights from the Budget 2022-2023.

• This Union Budget seeks to lay foundation and give blueprint of economy over ‘Amrit Kal’ of next 25 years - from India at 75 to India at 100
• 400 new generation Vande Bharat trains with better efficiency to be brought in during the next three years; 100 PM Gati Shakti Cargo terminals to be developed during next three years
• Rs 2.37 lakh crore worth MSP will be directly paid to farmers
• 75 digital banking units will be set up in 75 districts to promote online payments
• Implementation of Ken-Betwa rivers linking with estimated cost of Rs 44,605 crore to be taken up
• E-passports using embedded chips and futuristic tech will be rolled out
• One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19
• PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. National Highway network to be expanded by 25,000 km in 2022-23. Rs. 20,000 crores to be mobilised to complement public resources
• To better the access to quality mental health counselling and care services, a National Tele Mental Health program will be launched. This will include a network of 23 tele mental health centres of excellence with Nimhans being the nodal centre and IIT-Bangalore providing technology support
• Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, the guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores
• Spectrum auctions this year to enable 5G roll out by 2023
• 68 percent of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58 per cent last fiscal
• Implementation of Ken Betwa Linking project at estimated cost of Rs 44,605 crore to be taken up with irrigation benefits to 9.0 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower
• Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023
• Rs 48,000 crore allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23
• Tax for cooperative societies has been reduced to 15 per cent
• To provide an opportunity to correct an error, taxpayers can now file an updated return within two years from the relevant assessment year
• Customs duty on cut and polished diamonds, gems to be reduced to 5 per cent
• Income from Long Term Capital Gains will be taxed at 15 per cent
• No change in income tax rates this year

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