2022-02-01 10:27:38
Key Budget Highlights
*Economy*
— Capex target expanded by 35.4 per cent — from Rs 5.54 lakh crore to Rs 7.50 lakh crore. FY23 effective capex seen at Rs 10.7 lakh crore
— India's growth highest among all major economies; we are now in a strong position to withstand challenges
— The goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action
— ECLGS cover expanded by Rs 50,000 to Rs 5 lakh crore
— Top focus of the budget this year are: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action, Financing of investments
— Productivity-linked incentive schemes in 14 sectors have received excellent response; received investment intentions worth Rs 30 lakh crore
— Economic recovery benefitting from public investment and capital spending. This Budget will provide impetus to growth
*Taxes*
— The government will tax income from digital asset transfers at 30%
— No deduction allowed while computing income except cost of acquisition
— Loss cannot be set off from any other income
— Gift of cryptocurrencies to be taxed at receiver's end
— A new provision to allow taxpayers to file an updated return
— Updated return can be filed within 2 years from the end of the relevant assessment year.
— Alternate Minimum Tax for cooperative societies to be cut to 15%
— Proposal will reduce surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore
— Tax deduction limit increased to 14% on employers contribution to NPS account of state govt employees
*Jobs*
— ECLGS extended till March 2023, 60 lakh jobs eyed in next 5 years
— Efforts of central, state governments leading to jobs, entrepreneurial opportunities
— Digital ecosystem for skilling and livelihood to be launched.
— This will aims to skill, reskill, upskill citizens through online training.
— API based skill credentials, payment layers to find relevant jobs and opportunities
*Infra*
— National highway network to be expanded by 25,000 kms during FY 22-23
— Desh stack e-portal to be launched to promote digital infra
— Strategic transfer of ownership of Air India completed now
— 2,000 kms to be brought under Kavach by FY 22-23
— Four multi-modal national parks contracts will be awarded in FY23
— One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced
— PM Gatishakti masterplan for expressways will be formulated in next financial year
— 100 PM Gati Shakti terminals to be set up in next three years
— Focus on public investment to modernise infrastructure over the medium term, leveraging tech platform of Gati Shakti via a multi-modal approach
— PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth
*Housing & urban planning*
— Rs 48, 000 crore is allotted for PM Awas Yojana
— In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas
— 60,000 crore allocated for providing access to tap water to 3.8 crore households
— In 2022-23, 80 lakh households will be identified for the affordable housing scheme
— A high-level committee for urban planners and economists to be formed for recommendations on urban capacity building, planning implementation, and governance.
— 5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs 250 cr
— Modern building by-laws will be introduced
— A high-level panel to be set up for urban planning
— Govt to promote use of public transport in urban areas
*MSMEs & startups*
— Rs 6,000 crore programme to rate MSMEs to be rolled out over 5 years
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