Union Budget- Important Economic Terms

According to article 112 of the Indian constitution ,the union budget of  a year, also referred to as the annual financial statement, is a statement of estimated receipts and expenditure  of the government for that particular year.

Indira Gandhi, Nirmala Seetharaman are the only two women to have presented India’s union budget. A customary ‘halwa ceremony’ is performed 10-12 days ahead of the  budget every year.

Union budgets are classified into two parts one is revenue budget and the other one is capital budget. Revenue budget contains the government’s revenue receipts and expenditure, while the capital budget comprises the government’s capital receipts and payment. The union budget for 2017-18 presented a noticeable shift in more ways than one. Since 1947,there have been a total of 73 annual budgets,14 interim budgets and four special budgets, or mini-budgets.

Budget 2022: The focus of the union budget is on providing basic amenities to the poor, middle class and youth, says PM; Taxpayers can now update I-T returns within 2 years; India likely to grow at 9.27%; Gati Shakti masterplan to make world-class infra; PLI scheme to create at least 60 lakh new jobs in 5 years.

Union Budget 2022-23: Date, Importance and Highlights

UNION BUDGET 2022

Finance minister Nirmala Seetharaman presented the union budget 2022-23 in the Lok Sabha on 1^st Feb 2022.

Key terms of union budget 2022

TAX 

• No change in income tax slabs for 2022-23.
• Provision to file an updated return on payment of additional tax.
• Tax relief to people with disabilities.
• Virtual digital assets come under  tax regime to be taxed at 30%.
• Gift of virtual digital assets proposed in the hands of the recipient.
• Tax deduction limit for state government employees contribution to NPS raised to 14% from 10%.
• Long term capital gains to be subjected to surcharge only at 15% for  all assets.
• Co-operative societies will have to pay only 15% alternate minimum tax.

DIGITAL DEVELOPMENT 

• RBI to introduce ‘digital currency’ using block chain technology in 2022-23.
• 75 digital banking units to be set up across 75 districts.
• E-passport with embedded chip and futuristic technology to be rolled up.
• Unique Land Parcel Identification Number for IT-based management of land records.

INFRASTRUCTURE 

• PM Gati shakti national master plan at a cost of Rs.20,000 crore.
• National highways network to be expanded by 25,000 kms in 2022-23
• National master plan on expressways will be formulated in 2022-23.
• 400 new generation Vande Bharat trains to be manufactured in the next 3 years.
• Metro systems, multi-model connectivity will be facilitated on priority.
• 100 Gati shakti cargo terminals in the next 3 years.

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HEALTH

• National digital ecosystem to be rolled up.
• National tele mental health program to be set up to focus on mental health.
• 23 tele mental health centres of excellence.
• Benefits to women and children through mission shakti, mission vatsalya, Saksham anganwadi and poshan 2.0.
• Rs.60,000 crore under Har Ghar Nal Se Jal to cover 3.8 crore households in 2022-23.

AGRICULTURE

• procurement of wheat, paddy, kharif and rabi crops, benefiting over 1 crore farmers.
• Rs. 2.37 lakhs crore towards direct payment for minimum support price.
• In agriculture,2022 is the international year of basic sciences for sustainable development. Whereas 2023 is the international year of millets.
• Chemical free, natural farming to be promoted across the country.
• Using kisan drones for crop assessment and spraying of pesticides
• Ken-Betwa river linking project at a cost of Rs. 44,000 crore, to benefit 9.0 lakh hectare of farmer land.

DEFENCE

• 68% capital procurement budget earmarked for domestic procurement.
• Defense R & D to be opened up for start ups, private industry and academia. 25% of the R & D budget to be set aside for this.
• Private industry will be encouraged to take up design and development of military platforms and equipment.

EDUCATION 

• Digital university to be set up, and to be made in different Indian languages.

• One class, one TV channel with 200 channels to provide supplementary education in all region languages 

THE 5G ROLL OUT PLAN

    Telecommunication in general and 5G technology in particular can enable growth an offer job opportunities required spectrum auctions will be conducted in 2022 to facilitate roll out of 5G mobile services within 2022-23 by private telecom providers a scheme for design lead manufacturing will be launched to build a strong ecosystem for 5G as part of the production linked incentive scheme.

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