Indian Union Budget 2022 highlights and overview

The annual budget for the year 2022-2023 is here and we don’t want you to miss the key points that were coined in this year’s budget.
This budget has made Crypto Currency a hot topic in India. So, let’s talk about the Union Budget 2022 highlights and its important key points.

Union Budget 2022

Indian Union Budget 2022 highlights:

On 1 February 2022, Union Finance Minister Nirmala Sitharaman presented the annual budget 2022 in the parliament. She estimated India’s total expenditure at Rs39.45 lakh crores and projected fiscal deficit at 6.4% of GDP for FY23. India’s growth is estimated to be at 9.2% which is higher than any other economy. Here are the top takeaways from the or Union budget 2022 highlights:-

Education –

‘One class One TV Channel’ will be increased from 12 to 200 TV channels in order to impart education in regional languages for class 1 to 12.Not only this a digital university will be formed to provide access to superior education. This would be according to the ISTE standards. A lot of skill and training programs to be introduced for the youth. This will be under the Digital DESH e-portal initiative  to skill, up-skill and re-skill of the youth. The education sector gets Rs 37383 crores in this union budget of 2022.

Health –

We all have understood the importance of both physical and mental heath during the pandemic. In the budget there are quite a few takeaways from the health sector. For mental health consulting and counselling. The government proposed National Tele Mental Health program. The health sector gets Rs 86606 crores in union budget 2022.

Agriculture-

Natural farming methods are a chemical-free traditional method of farming. Because of its traditional method it gives proper boost the the crops. This is mainly because organic fertilizers are not added to the soil during this process of farming. So to encourage natural farming methods, a new introduction of special packages for participation of State Governments. Also government will provide financial support to farmers who wants to take up Agro- forestry. The overall allocation for the sector is Rs 123960.75 crores for the year 2022. A new project is implemented that costs almost Rs 44,605 crores. It would benefit 9 lakh farmers with  irrigation facilities, 62 lakhs people with drinking water. Also it would generate around 103 MW hydro power and 27MW solar power which is a huge boost.

Environment-

To increase manufacturing high efficiency module of poly-silicon this particular matter got a total of Rs 19500 crores . Sovereign Green Bonds to be issued in the public sector to reduce carbon footprints. Also to boost manufacture of electrical items, duty concessions given. 6-7% biomass pellets are built in thermal power plants for carbon dioxide savings of about 38 mmt every year.

Defence-

The Finance Minister in her budget speech empathized the importance of self reliance for India in its domestic defence sector. She underlined the importance of strengthening research and development in this area.  This budget is a strong push towards the development of indigenous weapons. So it speaks volumes about the Atmanirbharta with 68% capital procurement for domestic industry. Rs. 5,25,166 crores is allocated to the defence sector.

Customs duty-

A reduction made in the custom’s duty of cut and polished gems to 5%. Also customs duty on selected capital goods are 7.5%. Eventually the project imports may have 7.5% custom duty on them.

Total spending of the government will be 4.6% more than the previous year. Expansion of national highways, manufacture of new generation Vande Bharat trains, infrastructural growth of India is going to provide a lot of employment facility in turn boost the economy. Now let us take a look into what’s cheaper-

  1. Clothes
  2. Frozen squids and mussels
  3. Chemicals for petroleum products
  4. Cellular mobile camera lens and mobile charger
  5. Methyl alcohol
  6. Cocoa beans
  7. Acetic acid
  8. Steel scrap
  9. Polished diamonds
  10. Now let us take a look at the items whose prices increased
  11. Umbrella
  12. Imitation jewellery
  13. Earphones, headphones, loudspeakers
  14. Solar cells and modules
  15. X-ray machines

Focus areas of budget 2022

  1. PM GATI SHAKTI – Prime Minister Narendra Modi launched PM GATI SHAKTI – National Master Plan for Multimodal Connectivity in October 2021. This digital platform is mainly for bringing in 16 ministries together including railways and roadways for an integrated planning and coordinated incorporation of infrastructural projects.
  2. CLIMATE ACTION-  In the budget climate was one of the most highlighted  issues. The finance minister made enormous reference to clean energy. Along with this she mentioned ‘mindful utilisation rather than mindless consumption’.
  3. PRODUCTIVITY ENCOURAGEMENT- The union budget 2022 has enhanced productivity in order to generate more employment opportunities.
  4.  FINANCING OF INVESTMENTS-  The government has reformed the FDI policy, because of which doing business is convinient. Also it has enhanced the FDI flow into the country. The ‘effective capital expenditure’ of the government is about 10.68 lakh crores.

Digital currency

We all knew something was there about crypto, but nobody knew what it is going to be. Finally Indian Government has made it very clear about crypto currency or Digital currency that:

The Reserve Bank of India is all set to launch its first ever digital currency on 1 April 2022. India moves closer to fully adopting cryptocurrencies after a longer hesitation on its stance. The country is now moving a step forward towards the digital asset. Along with this we all saw a major move on cryptocurrencies. The country from now on will tax the income from the transfer of virtual assests at 30%.  This particular decision has generated a lot of reactions from the current investors as well as the non-investors.

For the detailed union budget 2022-2023. Please, visit the official website of the Indian Government https://www.indiabudget.gov.in/: or Click here

Do you want to learn about  Passion- CLICK HERE

Or Learn about Financial freedom- CLICK HERE

Okay, may be Learn about  Mental Health- CLICK HERE

Or, Learn about life- CLICK HERE

Learn about  Entrepreneurship- CLICK HERE

Learn about Career- CLICK HERE

Also Follow us on instagram for value addition: FOLLOW US

Tell us in the comments what do you think of the budget 2022? How do you see the bold move of India towards the digital currency?And most importantly what do you think about the tax imposition on cryptocurrency?

Leave a Comment