Among other things, Sitharaman proposed this in the tax-free Rs 39.45 lakh crore “Atam Nirbhar Bharat Ka Budget- 2022" that she presented in the Parliament in New Delhi today. Parvat Mala project include ropeways, roads, railways, airports, ports, mass transport, waterways, logistics and infrastructure, she said.
She also announced Kisan drone, Digital eco-system for health, Pucca houses for poor, Internet connectivity and infrastructure in border villages to halt migration, making life easier for the people living in the mountain states of Himachal, Jammu and Kashmir, Ladakh, Uttarakhand and Northeast.
She said the optical fibre network will be laid out in all villages by 2025 and the government targeted to pay ₹2.37 lakh crore MSP directly to the bank accounts of the farmers this year in the country.
Finance Minister(FM) has proposed to create 60 lakh jobs including green jobs in different four major priority sectors in India over the five years. She also announced the policy and required legislative changes to promote agro-forestry and private forestry in the country. The food subsidy in financial year 2023 is set at Rs 2.07 lakh crore while the defence spending is at Rs 3.85 lakh crore.
Sitharaman said the 5G mobile services would be rolled out within 2022 and there will be online e-billing facility for all government procurements. She also announced the digital currency by RBI to be introduced soon. She allocated Rs 60,000 crore for Jal Shakti mission in a bid to provide "Har Ghar ko Jal".
In a major push for the on-line education Finance Minister announced the Digital University and over 200 channels, covering multiple regional languages under “One Class Room, One Channel” scheme.
She proposed 1% TDS on payment made in relation to transfer of virtual digital assets. A gift of virtual digital asset is also proposed to be taxed in the hands of the recipients.
She said the record Rs 1.38 lakh crore gross GST revenue is collected in January, 2022. GST recorded Rs 1.30 lakh crore revenue for the fourth time showing green signs of economic recovery in the country. She says she expects that GDP will grow at the rate of 9.2% in the coming year and it is projected to grow by 8 to 8.5% in 2022-23.
Talking about states, Sitharaman announced allocation of Rs 9 lakh crore to assist states in catalysing overall investment in the economy.
The grant- in-aids for the states is estimated at Rs 10.68 lakh crore in 2022-23, which is 4.1 per cent of GDP, she said. These 50 years interest-free loans are over and above normal borrowings are allowed to the states, she said.
Finance Minister said that RBI would issue the digital rupee-based on blockchain technology in 2022-23, but she did not clarify on the fate of crypto currency. She said the contracts for multi- model Parks at four locations in India will be awarded in the next fiscal.
Finance minister said recovery of the economy is reflective of country’s results. Total spending in 2022-33 is estimated to be Rs 39.45 lakh crore and the revised fiscal deficit is estimated at 6.9% of GDP in 2021-22, 6.4% in 2022- 23, she said.
She announced the launch of national mental health programme and rolled out a platform for national digital health ecosystem that will strengthen health system and create green jobs in the country. Spelling out priorities, FM declared the budget focuses on growth and an all-inclusive welfare, promoting technology- enabled development, energy transition and climate action. “PM Gati shakti inclusive development, productivity enhancement and investment sunrise opportunities, energy transition and climate action, financing of investment are top priorities”, she said.
She stated that the tax deduction limit has been increased to 14% on employers contribution to NPS account of the state government employees. She sought to lay the foundation for steering the economy over “Amrit Kal of next 25 years from India at 75 to India at 100 to continue to build on the vision of budget-2022”.
The outlay for the capital expenditure in 2022- 23 is being revised by 35.4% from ₹5.45 lakh crore to Rs7.50 lakh crore in 2022-2023, she said.
She made no change in income tax slabs of 2021. The income slab of 2.5 lakh will pay no tax and those between 2.5 lakh to ₹5 lakh will play 5% tax. Between Rs 5 lakh to Rs 7.5 lakh will pay 10% and between Rs 7.5 lakh to Rs 10 lakh 15% and between Rs 10 lakh to Rs 12.5 lakhs will pay 20% tax and between 12.5 lakhs to ₹15 lakh will pay 25% tax. Those above Rs 15 lakh will pay 30% tax.
Major Ministry-wise Allocations:
Communications: Rs 105 406.82; Chemicals and fertilizers: 107 715.38, Agriculture and Farmers welfare: Rs 132 513.62, Rural development: Rs 138 203.63, Rs 140634.34
PM on Budget-2022:
Commenting on the budget Prime Minister Narender Modi said the Parvat Mala scheme will make life easier and more secure for the people in Himalayan states. “The farmers in Indo-Gangetic plains will get new opportunities under the Namami Gange project as the budget is giving impetus to nature farming in the states along the river to make the plains chemical-free, would start new agri and food processing startups that will increase farmers’ income and modernise and make agriculture profitable”.
“The farmers will get Rs 2.25 lakh crore directly into their bank accounts through MSP. The public credit guarantee has been increased. Rs 7.5 lakh crore public investment will benefit MSMEs and will open green jobs and investment opportunities for secure future of the country’s youth. Now on, 68 per cent of defence procurement will be made from domestic markets that will benefit MSMEs in a big way”.
CONGRESS on Budget:
Congress leader and AIIC general secretary Rahul Gandhi termed budget as “zero sum budget”, saying, nothing for salaried class, nothing for middle class, nothing for the poor and deprived, youth, farmers, MSMEs”.
CM Meghalaya, Conrad Sangma:
Commenting on the budget Conrad Sangma, chief minister of Meghalaya said, “Northeast is grateful to Prime Minister, Narender Modi and FM Nirmala Sitharaman for pronouncing the PM’s development initiative in the budget session 2022 which will fund infrastructure and social development projects in Northeast in the spirit of PM Gati shakti increasing the livelihood opportunities for youth and women”.
