Finance minister Nirmala Sitharaman presented the fourth Budget of the Modi 2.0 government today
Finance minister Nirmala Sitharaman presented the fourth Budget of the Modi 2.0 government today. The Economic Survey stated that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent in the 2022-23 fiscal. Check out this space for Budget 2022 live updates:.
Budget 2022 Highlights
- Divestment target for FY23 seen at Rs 65,000 crore
- FM announces ‘Crypto tax’ of 30%, keeps income tax slabs untouched
- Fiscal Deficit target set at 6.4% for FY23
- Digital rupee using blockchain to be launched in 2023, issued by RBI
- India to launch sovereign green bonds to reduce carbon dependence
- Govt to boost capex to Rs 7.5 lakh crore in FY23
- ECLGS to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore
- Required spectrum auction to be conducted in 2022 for the rollout of 5G services by private telecom providers
- Amendments for the Bankruptcy Code to enhance efficiency of resolution process
- National Ropeways Development Programme to be taken up in PPP mode
- An open platform for the National Digital Health Ecosystem will be rolled out
- Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform
- Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers
- India’s growth estimated to be at 9.2%, highest among all large economies; we are now in a strong position to withstand challenges, says FM
- PLI schemes in 14 sectors with potential to create 60 lakh new jobs, and additional new production of Rs 30 lakh crore
Focus areas of Budget 2022
- PM Gati Shakti
- Inclusive Development
- Productivity Enhancement
- Sunrise Opportunities
- Energy Transition
- Climate Action
- Financing of investments
Digital Banking and Fintech focus, if coupled with measures for ease of doing business, should help give the much needed thrust to already growing start-ups in the sector. Trust-based governance is the planned theme during Amrit Kal of next 25 years – from India at 75 to India at 100.
“A welcome announcement by FM in Budget for hospitality sector is the extension of ECLGS till March 2023. The Government guarantee cover under ECLGS enhancement to Rs 5 lakh crores with focus on the hospitality sector is a repeated need that was expressed by the sector and responded positively to by the government.
The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development.
I invite you all to share your ideas and suggestions for this year’s Budget on MyGov. https://t.co/zVCL06TdLn
— Narendra Modi (@narendramodi) January 8, 2020