Saturday, October 1, 2022

Biggest takeaways from FM Nirmala Sitharaman’s Union Budget 2022-23 speech

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Nirmala Sitharaman, the Finance Minister, submitted the Union Budget 2022-223 in Parliament today. The new budget focuses on accelerating the economy, expanding business possibilities, and generating six million new employment. Agriculture, healthcare, MSMEs, and infrastructure are all significant in the minister’s plan. The finance minister delivered a paperless budget, as she had done the previous year, reading her announcements from a tablet.

The budget of the Finance Minister is ambitious, providing not only a path for development but also a clear commitment to change. The following are the key takeaways from today’s speech:

  1. The overall spending of the country is anticipated to be Rs 39.45 lakh crore, while the total earnings are estimated to be Rs 22.84 lakh crore. The budget deficit for FY23 is expected to be 6.4 percent of GDP.
  2. The income from the transfer of any virtual digital asset is taxed at a rate of 30%. TDS of 1% on payments made for transfers over a certain amount.
  3. E-passports will be implemented in 2022-23, according to FM Sitharaman, employing integrated chips and cutting-edge technology.
  4. The tax deduction ceiling for central government workers contributing to NPAs would be cut from 18 percent to 15 percent.
  5. The RBI will begin issuing digital rupees in 2022-23, utilising blockchain and other technologies. The finance minister stated, “This will give the economy a tremendous lift.”
  6. To make living and conducting business easier, a system called ‘One Nation, One Registration’ will be implemented.
  7. Natural farming without chemicals will be encouraged across the country. The amount of farm procurement in FY23 is expected to be Rs 2.37 trillion. Kisan Drones will be advocated for crop evaluation and land record digitalization.
  8. Nirmala Sitharaman proposed a National Tele-Mental Health Program when presenting the Union Budget 2022, citing the mounting mental health concerns caused by the Covid-19 outbreak.
  9. The domestic defence sector will receive 68 percent of the capital procurement budget. In partnership with the DRDO, private domestic industry will be encouraged to manufacture.
  10. The government has announced that Rs 48,000 crore will be allocated to the PM Awas Yojana, with 60,000 households in rural and urban regions being designated as beneficiaries.
  11. In a push to the EV infrastructure, FM Sitharaman said that a battery swapping regulation will be released, as well as interoperability standards will be formed. The private sector will be encouraged to develop sustainable and creative business models for battery and energy as a service, hence increasing EV ecosystem efficiency.
  12. The finance minister stated that 400 new generation Vande Bharat trains with improved efficiency will be introduced over the next three years, while 100 PM Gati Shakti Cargo terminals will be developed over the next three years, and innovative methods for building metro systems will be incorporated.
  13. The deployment of 5G teleservices would be completed by 2023.

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