Updated on 03:50 P.M. 01/02-2022.
⦿ Budget 2022 Updates
Budget, Nirmala Sitharaman, India Budgets Updates.
⦿ Digital India E-passports using embedded chips and futuristic tech will be rolled out
Today Finance Minister Nirmala Sitharaman announced in Budget 2022 session that E-Passport would be rolled out from next year. The E-passport going to use embedded chips and futuristic Technology, Finance Minister said.
As per Per Officials claims, E-Passports will have more security features and will use Radio-Frequency Identification and biometrics.
And The passport jacket will have an electronic chip with security-related data encoded on it, and it will be in line with international rules as per Reports.
⦿ Infrastructure : “PM Gati Shakti” to lead 7 engines of growth
PM Gati Shakti National Master Plan for Multi-Modal Connectivity, launched in October 2021, is an initiative aimed at coordinated planning and execution of infrastructure projects. The objective is to bring down logistics costs.
“PM Gati Shakti will encompass the seven engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people and goods.”
⦿ Infrastructure : Plans for Metro systems at appropriate scale
Nirmala Sitharaman, the Centre will facilitate multi-modal connectivity between mass transport and railway stations on priority. She said the metro systems design including civil structures will be reoriented and standardized for Indian conditions and needs. The minister said the purpose of this project would be to improve connectivity and convenience for commuters and promote tourism.
⦿ Railways : 400 new Vande Bharat trains to be introduced
“To promote a shift to the use of public transport in urban areas…special mobility zones with zero fossil fuel policy will be introduced…Considering space constraints in urban areas, a ‘Battery Swapping Policy’ will be brought in, said FM Nirmala Sitharaman.
Also announced the manufacturing of 400 new generation Vande Bharat trains with better energy efficiency and passenger riding experience in next three years.
⦿ Education: TV channel for Class 1 to give supplementary education amid Covid
Nirmala Sithraman said Government is going to start a new T.V. Channel for Class 1st Students to give Supplementary Education to them amid COVID.
As per Times Now News Report : Under PM eVIDYA, the initiative of One Class One TV Channel would be promoted more. Currently, there are about 12 channels working for imparting education to students of classes 1 to 12. However, under the new Union Budget 2022, this would be expanded to 200 TV Channels.
This expansion under the would enable states to provide supplementary education to students, since there would be better resources. Further, the main idea is to enable states to provide education in regional languages for classes 1 to 12.
⦿ Agri/Farmers : Rs 2.37 lakh crore for buying crops under minimum support price
“1,208 lakh MT of wheat and paddy is from 163 lakh farmers. 2.37 lakh crores will be the direct payment of Minimum Support (MSP) value to their accounts.”
Finance Minister Nirmala Sitharaman
“Chemical free, natural farming will be promoted throughout the country, beginning with 5-km-wide corridors along the river Ganga,” Nirmala Sitharaman said.
“For farmers to adopt natural farming, a comprehensive package for participation of state governments and MSMEs to be introduced,” she said.
⦿ Revenue/Expenditure : Rs 20,000 crore to be mobilised with innovative ways of financing
“PM Gati Shakti will encompass the seven engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people and goods through Rs 20,000 crore financed by the government to speed up this project.”
Nirmala Sitharaman, Finance Minister
⦿ Revenue/Expenditure : Capital expenditure raised by 35% to Rs 7.50 lakh crore
Nirmala Sithraman Said, Capital expenditure raised by 35% to Rs 7.50 lakh crore.
⦿ Social Welfare : Rs 60,000 crore for tap water connections in 3.8 homes
Rs 60,000 cr allocated to provide tap water connections to households: FM
⦿ Social Welfare : Transliteration of land records
Nirmala Sitharaman said, Transliteration of land records in 8 languages will be rolled out
⦿ Defense : 68% capital for defence purchases will be for domestic sector
Around 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbhar Bharat and reduce dependence on imports of defence equipment, Nirmala Sitharaman said in her Budget speech
⦿ Banking/Insurance : 75 digital banking units in 75 districts by scheduled commercial banks
“Taking forward this agenda, and to mark 75 years of Independence, it’s proposed to set up 75 digital banking units in 75 districts of the country by scheduled commercial banks. The financial support for digital payment ecosystem – announced in the previous budget – will continue in 2022-23 as well,” she said.
⦿ Banking/Insurance : Digital rupee using blockchain to be issued by RBI
“The introduction of central bank digital currency will give a big boost to the digital economy. Digital currency will also be a more cheaper and efficient currency management system,” Ms Sitharaman said today.
“It is therefore proposed to introduce digital rupee – using blockchain and other technologies – to be issued by the Reserve Bank of India, starting 2022-23,” she underlined.
The move is seen as a big push for the government’s “Digital India” programme.
⦿ Start-ups : “Drone Shakti” programme for start-ups on drone technology
As part of the initiatives to promote digital infrastructure, a desh stack e-portal will be launched, she noted in her presentation of the Union Budget for 2022-23. Moreover, startups will be promoted for Drone Shakti, she said.
⦿ Start-ups : Defense research to be opened up for start-ups
“Private industry will be encouraged to take up design and development of military platforms and equipment. 68% of the R&D budget in defence has been earmarked for Make In India,” said Sitharaman.
⦿ Start-ups : Start-ups’ incorporation period extended till March 31, 2023, to claim tax incentives
During her presentation of the Union Budget 2022-23, she also informed that the Centre has decided to extend the period of incorporation by one year up to March 31, 2023, for startups to avail tax incentives.
⦿ Tax : To correct errors by taxpayers, file updated returns within 2 years
“To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year,” announced FM Nirmala Sitharaman in her Budget 2022 speech
⦿ Tax : Tax rate for cooperative societies reduced to 15%
Tax rate for co-operative societies cut to 15% from 18% Union Budget 2022: Finance minister Nirmala Sitharaman reduced the minimum alternate tax (MAT) paid by co-operative societies to 15 percent from 18 percent on Tuesday while presenting Union Budget 2022
⦿ Tax : 30% tax on digital asset transfer
Taxation of virtual digital asset: Any income from transfer of digital asset will be taxed at 30%, announced Finance Minister Nirmala Sitharaman on Tuesday. “I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%.
⦿ Tax : Surcharge on long-term capital gains capped at 15%
Surcharge on long-term capital gains capped at 15%, down from up to 37% earlier. Surcharge on long-term capital gains on transfer of any assets capped at 15%. … This rate could go up to 37% for other assets, Sitharaman said, which has now been capped at 15%
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