India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies. The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s strong resilience. This was stated by Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman while presenting the Union Budget in Parliament today.
PM GatiShkati National Master Plan
Multimodal Logistics Parks
Ken Betwa project
· Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS).
· Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.
· High-quality e-content will be developed for delivery through Digital Teachers.
· Digital University for world-class quality universal education with personalised learning experience to be established.
· ‘National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched.
Har Ghar, Nal Se Jal
Housing for All
Prime Minister’s Development Initiative for North-East Region (PM-DevINE)
Vibrant Villages Programme
Land Records Management
Accelerated Corporate Exit
AVGC Promotion Task Force
AtmaNirbharta in Defence:
· Defence R&D to be opened up for industry, startups and academia with 25% of defence R&D budget earmarked.
· Independent nodal umbrella body to be set up for meeting testing and certification requirements.
Energy Transition and Climate Action:
· Five to seven per cent biomass pellets to be co-fired in thermal power plants:
· Four pilot projects to be set up for coal gasification and conversion of coal into chemicals for the industry
· Financial support to farmers belonging to Scheduled Castes and Scheduled Tribes, who want to take up agro-forestry.
Public Capital Investment:
· Outlay for capital expenditure stepped up sharply by 35.4% to Rs. 7.50 lakh crore in 2022-23 from Rs. 5.54 lakh crore in the current year.
· Outlay in 2022-23 to be 2.9% of GDP.
· Venture Capital and Private Equity invested more than Rs. 5.5 lakh crore last year facilitating one of the largest start-up and growth ecosystem. Measures to be taken to help scale up this investment.
· Blended funds to be promoted for sunrise sectors.
· Sovereign Green Bonds to be issued for mobilizing resources for green infrastructure.
Providing Greater Fiscal Space to States
· Allocation of Rs. 1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest free loans, over and above normal borrowings
· Revised Estimates 2021-22: Rs. 37.70 lakh crore
· Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore
· Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh crore
· Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)
Fiscal deficit in 2022-23 estimated at 6.4% of GDP
To take forward the policy of stable and predictable tax regime:
Introducing new ‘Updated return’
Tax relief to persons with disability
Parity in National Pension Scheme Contribution
Incentives for Start-ups
Incentives under concessional tax regime
Scheme for taxation of virtual digital assets
Tax incentives to IFSC
Rationalization of Surcharge
Health and Education Cess
Deterrence against tax-evasion
Rationalizing TDS Provisions
Remarkable progress in GST
Special Economic Zones
Customs Reforms and duty rate changes
Project imports and capital goods
Review of customs exemptions and tariff simplification
Sector specific proposals
Gems and Jewellery
Tariff measure to encourage blending of fuel
Benefits passed on to agents as business promotion strategy taxable in hands of agents.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.