Union Budget 2022: Key takeaways from FM Sitharaman's presentation

Finance Minister Nirmala Sitharaman today presented the Union Budget for 2022-23, with the intent of increasing the economy, giving chances to businesses and generating jobs. Healthcare, MSMEs, Infrastructure, were also present in the list of things. At 1 Hour, 30 Minutes, this was Finance Minister Nirmala Sitharaman’s shortest speech so far.

Key takeaways from the Budget Speech:

1) While giving her presentation, Finance Minister said that India’s growth is reckoned to be at 9.27 per cent in FY23, "We are in the midst of the third Covid-19 wave, we are in a strong position to withstand challenges," FM said.

2) "This Budget lays a futuristic 'amrit kal' for women, youth and marginalised communities, big public investment for infrastructure guided by PM Gati Shakti, productivity enhancement, energy transition and climate action and financing of investments,’’said FM.

3) FM Sitharaman stated that initiatives of the last year's Budget have seen significant progress and financial outlays. Strengthening of the healthcare sector and speedy vaccination drive have been enabled by the whole nation.

4) The Union Budget 2022 will concentrate on macroeconomic growth, will promote fintech and technology-based development. "The Budget is committed to strengthening the abilities of the poor to stand challenges and will lay the foundation for economic growth over the next 25 years, FM said.

5) She also stated that the govt's focus has been set on the empowerment of citizens by providing housing, cooking gas and water and ensuring inclusive policies. "Our government strives to provide the necessary ecosystem to the middle classes".

6) The FM enumerated four key issue of the govt, PM Gati Shakti, inclusive development, energy transition and climate action and financing of investments. "The Centre PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth. The National Highway network will be extended by 25,000 kms in 2022-23. PM Gati Shakti masterplan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency.

7) The Finance Minister extended the credit-linked guarantee scheme till March next year. "The scopes of portals meant to support MSMEs will be widened, with efforts to further formalise the economy. Emergency credit line gave support to more than 1 lakh MSMEs. The hospitality sector firms are yet to recoup pre-pandemic level of business. The ECLGS will be extended till March 2023 and its guarantee cover will be increased by Rs 50,000 crore to a total cover of Rs 5 lakh crore".

8) 400 new generation Vande Bharat trains with improve efficiency will be brought in over the next 3 years, while 100 PM Gati Shakti Cargo terminals will be made during the next 3 years and innovative ways will be put into effect for construction of metro system, she added.

9) Acknowledging the significance of Nari Shakti, during the 'amrit kal', the Centre has upgraded the schemes of Women and Child Development Ministry.

10) The govt aims to put out a digital DESH e-portal for reskilling youth. "Skilling programmes will be reoriented. For skilling, upskilling and reskilling of our youth, Digital DESH e-portal will be launched. "'One Class One TV Channel' will be expanded rom 12 to 200 TV Channels to provide supplementary education in regional languages for classes 1-12.

11) The centre would promote the use of 'Kisan Drones' in agriculture as part of the Budget for 2022-23. These drones, she said, would be used for analyzing crops, digitising land records, and spraying pesticides, insecticides.

12) FM stated that e-passports, using embedded chips and futuristic technology, will be launched in 2022-23.

13) Defence R&D to be opened to startups and academia and private industry would be backed to take up design of military infrastructure in discussion with DRDO.

14) The Special Economic Zones or SEZ Act will be replaced with new legislation for the development of enterprise and hubs.

15) The Digital Rupee using blockchain will be provided by the RBI in this fiscal year. "Introduction of a digital currency will give a big boost to currency," FM said.

16) In the Union Budget 2022, FM Sitharaman suggested to augment capital expenditure outlay by 35.4 per cent to Rs 7.50 lakh crore in FY23.

17) In the tax corner, the finance minister stated that taxpayers can now file updated returns in 2 years.

18) The income from cryptocurrencies, NFTs, other virtual assets to be taxed at 30 per cent.

19) Tax deduction limit will be minimized for central govt employees from 18 to 15 per cent in their contribution to NPAs.

20) Co-operative surcharge will be brought down from 12 to 7 per cent.

Also Read: Union Budget 2022: Major announcements on Jobs, MSMEs and startups from FM