Important updates from Union Budget 2022: Budget highlights presented by Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presented Union Budget 2022 today, Here are highlights of Budget with Important updates.

Finance Minister Nirmala Sitharaman presented the Union Budget 2022 in Parliament today, which is the fourth budget of the Modi government 2.0. Presenting the budget, the FM said, the Indian economy is in a position to meet the challenges arising out of the pandemic. There have been some notable announcements, changes and a bit of disappointment for the middle class people who were expecting a change in income tax slabs.

Here are 66 important updates from today’s budget:

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  1. To facilitate domestic manufacturing of 280 GW of installed solar capacity by 2030, an additional allocation of Rs 19,500 cr for PLI will be made: Finance Minister Nirmala Sitharaman
  2. GST has been remarkable as a showcase of federalism. Some challenges remain. We will overcome them in the coming year: Finance Minister Nirmala Sitharaman
  3. Introducing new updated return where people can file updated return within 2 years of the filed ITR: Finance Minister Nirmala Sitharaman
  4. Customs duty exemption to steel scrap extended for another year: Finance Minister Nirmala Sitharaman
  5. 5 existing academic institutions to be designated ‘Centres of Excellence’, each to get endowment fund of Rs 250cr: Finance Minister Nirmala Sitharaman
  6. Surcharge and cess will not be allowed as business expenditure: Finance Minister Nirmala Sitharaman
  7. Effective Capital Expenditure of Centre estimated at Rs 10.68L cr in 2022-23, about 4.1 pc of GDP: Finance Minister Nirmala Sitharaman
  8. ‘Battery Swapping Policy’ to be brought out and interoperability standards to be formulated: Finance Minister Nirmala Sitharaman
  9. Income Tax slabs remain unchanged for individuals
  10. Tax deduction reduced for central govt employees from 18 to 15pc for NPAs: Finance Minister Nirmala Sitharaman
  11. 50 year interest free loans are more than the normal borrowings to states. This will be used for PM Gati Shakti and other capital investment: Finance Minister Nirmala Sitharaman
  12. Rs 1L cr allocated to assist states in catalyzing overall investment in economy: Finance Minister Nirmala Sitharaman
  13. Unblended fuel to attract tax of Rs 2/l from Oct: Finance Minister Nirmala Sitharaman
  14. 5-7 pc biomass pellets will provide extra income to farmers, give job opportunity to locals and help avoid stubble burning in agricultural fields: Finance Minister Nirmala Sitharaman
  15. Expert committee will be set up to suggest measures for scaling up venture capital and private equity, which was at Rs 5.5L cr: Finance Minister Nirmala Sitharaman
  16. 30% tax on sale of Digital assets: Finance Minister Nirmala Sitharaman
  17. 30% tax on income from Crypto: Finance Minister Nirmala Sitharaman
  18. 5-7 pc biomass pellets will be used in thermal power plants resulting in CO2 saving of 38 MMT annually: Finance Minister Nirmala Sitharaman
  19. Design-led manufacturing will be launched to build a strong 5G ecosystem as part of PLI scheme: Finance Minister Nirmala Sitharaman
  20. Rs 1,40,986 cr Jan GST collection highest since inception: Finance Minister Nirmala Sitharaman
  21. As part of govt’s overall borrowing, sovereign green bonds will be issued for reducing carbon footprint: Finance Minister Nirmala Sitharaman
  22. Defence R&D will be opened for pvt industry, startups and academia with 25 pc of Defence R&D Budget earmarked: Finance Minister Nirmala Sitharaman
  23. Rs 60K cr allocated for ‘Har Ghar Nal Se Jal’ to cover 3.8cr households in 2022-23: Finance Minister Nirmala Sitharaman
  24. Guarantee cover to be expanded by Rs 50K cr to a total cover of Rs 5L cr. Additional amount earmarked for hospitality, related sectors: Finance Minister Nirmala Sitharaman
  25. Emergency Credit Line Guarantee (ECLG) scheme for MSMEs extended till March ’23: Finance Minister Nirmala Sitharaman
  26. King must make arrangements for welfare of populace by abandoning laxity, collecting taxes: Finance Minister Nirmala Sitharaman quotes Mahabharata’s Shanti Parva adhyaya for Part B of Budget
  27. Revised fiscal deficit estimated at 6.9pc of GDP: Finance Minister Nirmala Sitharaman
  28. In Defence, pvt entities will design and develop alongside DRDO in SPV model: Finance Minister Nirmala Sitharaman
  29. Outlay for capex in Union Budget stepped up by 35.4pc from Rs 5.54L cr to Rs 7.50L cr in 2022-23: Finance Minister Nirmala Sitharaman
  30. 100 PM Gati Shakti Cargo terminals to be developed in next 3 years: Finance Minister Nirmala Sitharaman
  31. Digital Rupee using blockchain tech to be issued by RBI starting 2022-23: Finance Minister Nirmala Sitharaman
  32. Bharat Net optical fibre project to be completed in 2025: Finance Minister Nirmala Sitharaman
  33. 5G rollout by private telcos in 2022-23 and online e-bill facility for all government supplies: Finance Minister Nirmala Sitharaman
  34. National Ropeways Development Programme under PPP will boost tourism. 8 ropeway projects for 60 km to be awarded in 2022-23: Finance Minister Nirmala Sitharaman
  35. Special SEZ Act will enable states to become partners: Finance Minister Nirmala Sitharaman
  36. Rationalised scheme to raise domestic production of oil seeds will reduce import dependence: Finance Minister Nirmala Sitharaman
  37. Panel of reputed urban-planners, -economists, institutions will be formed for paradigm change in urban planning: Finance Minister Nirmala Sitharaman
  38. An ABGC task force for gaming and comics will be set up to build domestic capacity and to meet the global demand: Finance Minister Nirmala Sitharaman
  39. Govt is dedicated to reduce imports and promote Atmanirbharta in equipment for armed forces: Finance Minister Nirmala Sitharaman
  40. 68pc budget for procurement will be earmarked for domestic industry in 2022-23: Finance Minister Nirmala Sitharaman
  41. NABARD to finance startups to support FPOs, provide tech to farmers: Finance Minister Nirmala Sitharaman
  42. FM announces Gati Shakti Master Plan for E-ways
  43. Scope for single window clearance ‘Parivesh’ will be expanded. Tracking will be done through CPC Green: Finance Minister Nirmala Sitharaman
  44. Accelerated Corporate Exit, CPace will process re-engineering and speed up voluntary winding up, from 2 years to less than 6 months: Finance Minister Nirmala Sitharaman
  45. For urban capacity building, support will be provided to states: Finance Minister Nirmala Sitharaman
  46. Rs 48,000 cr allotted for 80L houses to be completed in 2022-23: Finance Minister Nirmala Sitharaman
  47. 75 digital banking units in 75 districts of the country will be launched: Finance Minister Nirmala Sitharaman
  48. PM Development fund for NE with initial Rs 1,500cr planned: Finance Minister Nirmala Sitharaman
  49. Ken Betwa River Link Project will be taken up, plans for 5 others in pipeline: Finance Minister Nirmala Sitharaman
  50. 400 newGen Vande Bharat trains will be introduced in next 3 years: Finance Minister Nirmala Sitharaman
  51. Use of Kisan Drones for crop assessments, land records, spraying insecticides is expected to drive a wave of technology in agri and farming sector: Finance Minister Nirmala Sitharaman
  52. Innovative financing models would be developed for metro rail: Finance Minister Nirmala Sitharaman
  53. Skilling programmes in partnership with industry is being done: Finance Minister Nirmala Sitharaman
  54. Drawing up national skill qualification framework in tandem with industry needs: Finance Minister Nirmala Sitharaman
  55. A digital university will be set up: Finance Minister Nirmala Sitharaman
  56. National Tele Mental Health Plan will be launched: Finance Minister Nirmala Sitharaman
  57. One Class One TV channel will be go up to 200 to provide supplementary education in regional languages: Finance Minister Nirmala Sitharaman
  58. Gati Shakti Master Plan for e-ways will expand highways by 25K km in FY23. Urban Railway transport to be connected: Finance Minister Nirmala Sitharaman
  59. National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities: Finance Minister Nirmala Sitharaman
  60. Skilling programmes in partnership with industry is being done: Finance Minister Nirmala Sitharaman
  61. Innovative financing models would be developed for metro rail: Finance Minister Nirmala Sitharaman
  62. Use of Kisan Drones for crop assessments, land records, spraying insecticides is expected to drive a wave of technology in agri and farming sector: Finance Minister Nirmala Sitharaman
  63. 400 newGen Vande Bharat trains will be introduced in next 3 years: Finance Minister Nirmala Sitharaman
  64. Ken Betwa River Link Project will be taken up, plans for 5 others in pipeline: Finance Minister Nirmala Sitharaman
  65. National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities: Finance Minister Nirmala Sitharaman
  66. PLI in 14 sec got excellent response with potential to create 60L new jobs and additional production of Rs 30L cr in next 5 years: Finance Minister Nirmala Sitharaman
  67. Public issue of LIC is expected shortly: Finance Minister Nirmala Sitharaman

With inputs from UNI