Middle, salaried class disappointed again
New Delhi: Belying expectations, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23. The minister also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class. The standard deduction currently stands at Rs 50,000.
Government extends duty exemption on steel scrap
New Delhi: The government on Tuesday proposed to extend the customs duty exemption on steel scrap by one year. The move has been taken to provide relief to the secondary steel producers in the MSME sector, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for the financial year 2022-23. “Customs duty exemption given to steel scrap last year is (being) extended for another year to provide relief to MSME secondary steel producer,” she said.
Record GST collection of Rs 1.40 lakh crore in January
New Delhi: GST collections touched a record of Rs 1.40 lakh crore in January on rapid economic recovery, Finance Minister Nirmala Sitharaman said Tuesday. In her 2022-23 Budget speech, the minister said there has been a remarkable progress made in the Goods and Services Tax (GST) regime, but still a few challenges remain.
Budget is betrayal of salaried, middle classes: Congress
New Delhi: The Congress accused Finance Minister Nirmala Sitharaman and Prime Minister Minister Narendra Modi of betraying the country’s salaried and middle classes by not announcing any relief measures for them in the Union Budget. Congress general secretary and chief spokesperson Randeep Surjewala said Tuesday the salaried and the middle classes have been affected due to pay cuts and high inflation. India’s salaried class and middle class were hoping for relief in times of pandemic, all round pay cuts and back-breaking inflation. FM and PM have again deeply disappointed them in Direct Tax measures,” Surjewala said on Twitter. “This is a betrayal of India’s salaried class and middle class. #Budget2022,” he added.
Rs 48,000 crore alootted for PM Awas Yojana
New Delhi: Finance Minister Nirmala Sitharaman said Tuesday that 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana in the next financial year. “In 2022-23, eighty lakh houses will be completed for identified eligible beneficiaries of PM Awas Yojana in both rural and urban areas. Rs 48,000 crore is allocated for this purpose.”
No change in Income Tax slabs
New Delhi: There was no relief for the middle class as there was no change in income tax slabs during Finance Minister Nirmala Sitharaman’s shortest budget speech in four years. However, a 30 per cent tax has been levied on virtual digital assets. There will be no deduction on expenses except cost of acquisition, loss cannot be set off, said Sitharaman
Concessional Corporate tax to continue
New Delhi: Concessional corporate tax rate of 15 per cent would be available for one more year till March 2024 for newly incorporated manufacturing companies, informed the Finance Minister.
E-passports to be rolled out in 2022-23
New Delhi: Finance Minister Nirmala Sitharaman announced Tuesday that e-passports would be rolled out from next year for more convenience to the public. The e-passports will use embedded chips and futuristic technology, she said. According to oficials, the e-passports will have more security features and will use Radio-Frequency Identification and biometrics.
Financial assistance to states
New Delhi: Rs 1 lakh crore financial assistance will be provided to to states in 2022-23 to catalyse investments. In 2022-23, states will be allowed fiscal deficit of up to four per cent of GSDP
Post offices to be connected to core banking system
New Delhi: All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks, Sitharaman said Tuesday. “In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking ATMs and also provide online transfer of funds between post office accounts and bank accounts,” Sitharaman said.
60 lakh jobs through PLI schemes in next 5 years
New Delhi: The Production-Linked Incentive (PLI) scheme across 14 sectors, including IT hardware manufacturing, has the potential to generate at least 60 lakh new job opportunities, Finance Minister Nirmala Sitharaman said while presenting the budget. She said that PLI schemes have received tremendous response since inception.
5G services rollout in 2022-23
New Delhi: Finance Minister Nirmala Sitharaman said that 5G mobile services in India will rollout within 2022-23. The facilities will be available to all mobile users.
Speed in coverage of vaccination has helped in economic recovery: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday said the speed in the coverage of vaccination has helped in economic recovery. Presenting the Budget for 2022-23, she said the country is in the midst of Omicron wave.
Economic growth expected at 9.2 per cent during current fiscal: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday said the country’s economic growth is expected at 9.2 per cent in the current financial year, on the back of a sharp rebound in the economy. She also said virtuous cycle of investment is expected to revive on account of capex (capital expenditure) and crowd in private investment. “Government focus since 2014 is on poor and marginalised. The government strives to provide necessary ecosystem to middle class,” Sitharaman said in her Budget speech 2022-23.
This Budget will continue to provide impetus to growth: FM
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said that this year’s Budget would continue to provide impetus to growth. The economic recovery is benefitting from public investments and capital spending, she said in her Budget 2022-23 speech. She added that inclusive development, productivity enhancement, energy transition and climate action are four pillars of development. Sitharaman noted that the PM Gati Shakti master plan is based on seven engines of growth.
Govt to pay Rs 2.37 lakh crore for procurement of wheat, paddy under MSP
New Delhi: Finance Minister Nirmala Sitharaman Tuesday said the government will pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations. The fiscal 2022-23 has been announced as International Year of Millets, the finance minister said while presenting the Union Budget for 2022-23.
National Highways to be expanded by 25,000 km in 2022-23: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday said the national highways will be expanded by 25,000 km during 2022-23 and the ropeway development plan will be taken up in the public-private partnership (PPP) mode. Sitharaman announced this while presenting the 2022-23 Budget in Parliament. She also said multimodal logistic parks will also be set up in 2022-23.
National Highways to be expanded by 25,000 km in 2022-23: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday said the national highways will be expanded by 25,000 km during 2022-23 and the ropeway development plan will be taken up in the public-private partnership (PPP) mode. Sitharaman announced this while presenting the 2022-23 Budget in Parliament. She also said multimodal logistic parks will also be set up in 2022-23.
400 new Vande Bharat trains to be introduced: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday proposed to introduce 400 new Vande Bharat trains and said contracts for multi-modal parks at four locations will be awarded next fiscal.
She also said that a rationalised scheme to increase domestic oilseed production will be brought in to cut down imports. “One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced,” Sitharaman said in her Budget 2022-23 speech. She added that 100 PM Gati Shakti terminals would be set up in the next three years.
ECLGS scheme to be extended till Mar 2023: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday proposed to further extend the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023, with an expanded guarantee cover of Rs 5 lakh crore. She also said the draft DPRs (detailed project report) for five river links have been finalised and the implementation of Ken-Betwa rivers linking with an estimated cost of Rs 44,605 crore will be taken up. In her Budget Speech 2022-23, Sitharaman said Kisan drones for crop assessment, land records and spraying of insecticides are expected to drive a wave of technology in the agriculture sector. “ECLGS scheme to be extended till March 2023 and guarantee cover expanded by Rs 50,000 to Rs 5 lakh crore,”
Digital university to be set up to provide education: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday proposed to set up a digital university to provide education that will be built on a hub and spoke model. She also said that the 1-Class-1-TV channel will be implemented to provide supplementary education to children to make up for the loss of formal education due to the COVID pandemic. Sitharamn noted that hospitality services by the small and medium sectors are yet to bounce back. Recognising the importance of ‘Nari Shakti’, she said three schemes were launched to provide integrated development for women and children.
Natural farming will be promoted along Ganga river corridor: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday said natural farming will be promoted along the Ganga river corridor. In her Budget Speech 2022-23, she also informed that two lakh anganwadis will be upgraded for improving child health. A national tele mental health programme will also be launched for mental health counselling, she added. Sitharaman also said that under the PM Awas Yojana, 80 lakh affordable houses will be completed at Rs 44,000 crore in 2022-23.
All 1.5 lakh post offices in India to be connected to core banking system: FM
New Delhi: All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks, Finance Minister Nirmala Sitharaman announced Tuesday. “In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking ATMs and also provide online transfer of funds between post office accounts and bank accounts,” Sitharaman said. He added that this will be helpful especially for farmers and senior citizens in the rural areas enabling interoperability and financial inclusion. Currently, post offices provide savings account services and payments bank services through the India Post Payments Bank.
New scheme for North East to be launched: FM
New Delhi: Finance Minister Nirmala Sitharaman Tuesday proposed to launch a new scheme PM Development Initiative for North East, to promote the growth of the region. She also said that villages on the northern border of India will be covered under a new vibrant village programme to enhance development. As much as 95 per cent of 112 aspirational districts have made significant progress in health and infrastructure, the finance minister said in her Budget Speech 2022-23. She added that projects in the National Infrastructure Pipeline which pertain to seven engines will be aligned with PM Gati Shakti Framework. All post offices, she said, will be linked with Core Banking Solution to push financial inclusion.
FM proposes battery swapping policy for EV charging stations
New Delhi: Finance Minister Nirmala Sitharaman Tuesday proposed the formulation of a battery swapping policy for EV charging stations. She also announced the introduction of modern building by-laws. The minister said the government would also promote the use of public transport in urban areas. The finance minister added that to promote ease of doing business, as many as 75,000 compliances have been eliminated and 1,486 union laws have been repealed. Further, she announced that five existing academic institutions for urban planning will be designated as ‘Centre for Excellence’ with an endowment fund of Rs 250 crore. A completely paperless e-bill system will also be launched by the ministries for procurement, Sitharaman stated.