Budget 2022: LIC IPO, Digital Currency & Other Highlights From FM Sitharaman's Speech
Budget 2022 Highlights: FM Sitharaman also said that India is set to clock growth rate of 9.2 per cent, which could be the highest in the world in the current fiscal.
Budget 2022 Highlights: Finance Minister Nirmala Sitharaman on Tuesday presented her fourth Union Budget in the Parliament for 2022-23 fiscal. In her 90-minute long Budget speech, the Finance Minister made a series of announcements including introduction of digital currency by Reserve Bank of India (RBI), change in income tax policy to reduction in corporate tax and more.
FM Sitharaman also said that India is set to clock growth rate of 9.2 per cent, which could be the highest in the world in the current fiscal.
While announcing the Budget, FM Sitharman also said that the government has all empathy to Covid victims and during the pandemic the country has developed robust health infrastructure. The government is set to empower the poor and will extend helping hand to prudent private investment, she added.
Nirmala Sitharaman's Budget Speech | Key Highlights
1. Starting her fourth Budget speech, FM Sitharaman said that the current Budget will benefit youth, women, farmers, and the Scheduled Caste and Scheduled Tribes. She also pointed out that the Budget is guided by PM Gati Shakti master plan and shares a blueprint of next 25 years.
2. In one of her early announcements, FM Sitharaman said that the initial public offering (IPO) of LIC is expected shortly. She also said that 400 new generation ‘Vande Bharat’ trains with better efficiency and facilities for passengers will be brought in the next three years.
3. Sitharaman also said that about 2,000 km of rail network will be brought under the indigenous world-class technology KAWACH. She also said that 400 new 'Vande Bharat' trains will be manufactured in the next three years.
4. "Budget 2022 lays parallel track of a futuristic and inclusive blueprint for Amrit Kaal. Big public investment for modern infra readying for India at 100, guided by PM Gati Shakti. The PM Gati Shakti is driven by seven engines -- roads, railways, airports, ports, mass transport, waterways and logistics infra," the Finance Minister said.
5. Sitharaman, during her Budget speech, also announced that national highway network will be expanded by 25,000 km in 2022-23 and Rs 20,000 crore to be mobilised to complement public resources.
6. For the North East, FM Sithraman said that PM development initiatives will be implemented for the North Eastern Council, which will enable livelihood activities for youth and women. She also classified this scheme is not a substitute for the existing Centre or state schemes.
7. The issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens. Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023 and the guaranteed cover will be expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore.
8. FM Sitharaman also announced that Indian digital rupee will be issued using blockchain and other technologies by the Reserve Bank of India in 2022-23. Additionally, both Centre and state government employees' tax deduction limit will be increased from 10 per cent to 14 per cent.
9. While presenting the Budget, Sitharaman did not announce any change in income tax slabs for personal income category. However, taxpayers can now file an updated return within 2 years from the relevant assessment year.
10. Last, but not the least, FM Sitharaman also informed Parliament that the gross goods and services tax (GST) collections for the month of January 2022 are Rs 1,40,986 crores - the highest since the inception of GST.
Budget 2022 Full Pdf:
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