Union Budget 2022 Highlights: Everything You Need To Know

Finance minister Nirmala Sitharaman presented the fourth budget of Modi 2.0 today, on 1st February 2022. She started her speech at 11:00 am in the Parliament. Our country’s economic growth is to be at 9.2 % in the coming year. And It will be the highest of all economies, Sitharam said in her address.

The budget comes when five Indian States will conduct elections this month. So Let’s look at some of the highlights of the Union Budget.

Economy Sector

• There is no change in income tax rates this year.
• The Emergency Credit Line Guarantee Scheme (ECLGs) extended to March 2023. Additionally, people can avail total coverage of Rs 5 lakh crore.
• The Government has set the divestment target for FY23 at Rs 65,000 crore.
• Blockchain Technology will power the recently announced Digital Rupees.

Also Read: Why Chandigarh Is Regarded as the Best City in India?

Taxes

• Customs duty on diamonds and gemstones reduced to 5%. Nevertheless, simply sawn diamonds will be excluded.
• Gross GST collections for January 2022 are Rs 1,40,986 crore, hence the highest since the tax’s inception.
• Decrease in Import duty on certain chemicals.
• The Government will revoke customs duty on stainless steel and high steel bars.
• Later from October 2022, unblended fuel will get an excise duty of Rs 2 per liter. 
• Surcharge on long-term capital gains capped at 15 percent.
• 1% TDS will be applicable on the transfer of virtual assets above a threshold value. 
• Additionally, it will be taxed if a receiver receives gifts as cryptocurrencies.
• 30% tax will be applicable on virtual assets income.
  
  
  

Housing And Urban Planning

• PM Awas Yojana has Rs 48 000 crores now.
• The Government will identify 80 lakh households for the affordable housing scheme, both rural and urban areas.
• Subsequently, 60,000 crores were allocated to the ‘Jal Jeevan Mission’ to provide tap water to 3.8 crore households.

Education

• AICTE will take the lead in improving urban planning courses.
• We will be setting up a digital university.
• The Government will expand the ‘One class, one TV channel’ program of PM eVIDYA 12 to 200 TV channels. 
• ITIs will start courses on reoriented skilling.

Railways

• The Government announced the manufacture of four hundred new generation Vande Bharat trains in three years.

Travel

• E-passports will come into play. Additionally, the E-passport will come out with an embedded chip.
  
  
  

Climate

• For coal, classification will set up four pilot projects.
• The Government allocated Rs 19,500 crores under the Production Linked Incentive (PLI) scheme. Thus, by 2030, domestic manufacturing can achieve the target of 280 GW.

Women And Children

• The Government will additionally upgrade the 2 lakh Anganwadis with better facilities.
• Schemes focusing on Nari Shakti, for instance, Mission Shakti, Poshan 2.0, will be revamped.

Telecom

• Subsequently, the Government will conduct 5G Spectrum auctions in 2022 to roll out services.
• BharatNet project under PPP in 2022-23 will give contracts for laying optical fibers in villages.