{"id":25506808,"date":"2022-02-01T22:13:58","date_gmt":"2022-02-01T16:43:58","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25506808"},"modified":"2022-02-01T22:13:58","modified_gmt":"2022-02-01T16:43:58","slug":"union-budget-2022","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/union-budget-2022\/","title":{"rendered":"Union Budget 2022-23: Date, Importance and Highlights"},"content":{"rendered":"<p>Finance Minister Nirmala Sitharaman presented the Union Budget 2022 on 1<sup>st<\/sup> Feb 2022 in the second year of the COVID-19 pandemic.\u00a0She said that, they\u00a0strive to provide necessary ecosystem for middle class\u00a0and that this\u00a0Budget hopes to lay the foundation for Amrit Kal from India at 75 to \u00a0100. This was the sixth Budget session\u00a0that was\u00a0conducted\u00a0since the outbreak of the pandemic in January 2020. The authority\u00a0has decided to keep the\u00a0income tax block\u00a0unchanged. Among the\u00a0important announcements is the\u00a030% tax on transfer of digital assets. A new digital rupee using block chain technology will also be introduced by the \u00a0RBI, this fiscal. The Union Budget 2022 also comes in a month when assembly elections will take place\u00a0in five states.<\/p>\n<p style=\"text-align: center\"><strong><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\">Prepare for various Government exams! Download Entri App!<\/a><\/strong><\/p>\n<h2><strong>Union Budget 2022 &#8211; Highlights<\/strong><\/h2>\n<p>Some of the important points of Union Budget 2022 are discussed below.<\/p>\n<h3><strong><b>D<\/b><\/strong><strong><b>eficit<\/b><\/strong><strong><b>\/E<\/b><\/strong><strong><b>xpenditure Budget 2022<\/b><\/strong><\/h3>\n<ul>\n<li>Proposes fiscal shortfall of 4.5% of GDP by 2025\/26.<\/li>\n<li>Projects fiscal shortfall of 6.4% of GDP in 2022\/23.<\/li>\n<li>Revised fiscal shortage for 2021\/22 at 6.9% of GDP.<\/li>\n<li>Total expenditure expected for 2022\/23 is\u00a0 39.45 trillion<\/li>\n<li>States will be allowed 4% financial deficit to GDP in<\/li>\n<li>Interest free loans over and above normal borrowing allocated to states for 50 years.<\/li>\n<li>financial assistance scheme to states for capital investment expenditure to be 1 trillion rupees in 2022\/23.<\/li>\n<\/ul>\n<h3><strong><b>T<\/b><\/strong><strong><b>axation Budget 2022<\/b><\/strong><\/h3>\n<ul>\n<li>Import duty on some fixed chemicals are being<\/li>\n<li>Customs duty relief on steel scrap to be stretched for another year for small- and medium-sized businesses.<\/li>\n<li>Customs duty on flat products, stainless steel, \u00a0high steel bars to be<\/li>\n<li>Pure\u00a0fuel to get additional duty of 2 rupees per litre from October 2022.<\/li>\n<\/ul>\n<h3><strong><b>F<\/b><\/strong><strong><b>inance Budget 2022<\/b><\/strong><\/h3>\n<ul>\n<li>Emergency credit line guarantee scheme for small and medium sized dealings to be extended to March 2023.<\/li>\n<li>Energy changes and climate transition will be a major government priority.<\/li>\n<li>Public issue of Life Insurance Corporation expected shortly.<\/li>\n<li>Initiatives from previous year&#8217;s budget have been provided appropriate allocations in this budget\u2019.<\/li>\n<li>Distinct Economic Zones Act to be replaced with new<\/li>\n<li>To reform bankruptcy code to speed up resolution process<\/li>\n<li>Looking forward to lower winding up of companies to 6 months from current 2 years.<\/li>\n<li>Long term capital gain surcharge to be rounded off at 15%.<\/li>\n<\/ul>\n<h3><strong><b>D<\/b><\/strong><strong><b>igital <\/b><\/strong><strong><b>C<\/b><\/strong><strong><b>urrency<\/b><\/strong><strong><b>\u00a0Budget 2022<\/b><\/strong><\/h3>\n<ul>\n<li>To initiate digital rupee using block chain technology<\/li>\n<li>To start scheme for taxation of virtual or digital<\/li>\n<li>Losses from sale of virtual digital assets cannot be cancelled\u00a0against other income.<\/li>\n<li>virtual digital properties to be taxed at 30%.<\/li>\n<\/ul>\n<h3><b>Defense\u00a0Budget 2022<\/b><\/h3>\n<ul>\n<li>Govt pledged to reduce defense imports.<\/li>\n<\/ul>\n<h3><strong><b>Infrastructure<\/b><\/strong><strong><b>\u00a0Budget 2022<\/b><\/strong><\/h3>\n<ul>\n<li>5G spectrum bidding to be conducted in 2022.<\/li>\n<li>Design-led manufacturing scheme for 5G will be a unit of production-linked scheme.<\/li>\n<li>To give contracts to lay optical fibre in countryside areas, completion expected in 2025.<\/li>\n<li>480 billion rupees kept aside for low cost housing in 2022\/23.<\/li>\n<li>To allocate additional 195 billion rupees for manufacturing-linked incentives towards solar equipment<\/li>\n<\/ul>\n<p style=\"text-align: center\"><strong><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\">Prepare for various Government exams! Download Entri App!<\/a><\/strong><\/p>\n<h3><strong><b>Agriculture<\/b><\/strong><strong><b>\u00a0Budget 2022<\/b><\/strong><\/h3>\n<ul>\n<li>Domestic scheme introduced to lower dependence on oil seed imports..<\/li>\n<li>Fund with blended capital collected under co-investment model to finance agriculture startups.<\/li>\n<li>Railways to grow infrastructure for small farmers in 2022\/23<\/li>\n<\/ul>\n<h3><strong><b>Transport<\/b><\/strong><strong><b>\u00a0Budge<\/b><\/strong><strong><b>t 2022<\/b><\/strong><\/h3>\n<ul>\n<li>400 energy efficient trains to be introduced\u00a0over next three years.<\/li>\n<li>National highways network to be extended by 25,000 km in 2022\/23.<\/li>\n<li>Highways extension project will cost 200 billion rupees in financial year 2022\/23.<\/li>\n<li>India budget: to bring out battery swapping policy<\/li>\n<\/ul>\n<p><a href=\"https:\/\/entri.sng.link\/Bcofz\/od54\/6blp\" target=\"_blank\" rel=\"noopener\"><u>Entri<\/u><\/a>\u00a0app provides you with best practice questions for the complete preparation of various competitive\u00a0exams. For the complete preparation, download the\u00a0<a href=\"https:\/\/www.entri.app\/?referrer=singular_click_id=23102a6b-0576-40a5-bb27-83d7c09edad6\" target=\"_blank\" rel=\"noopener\"><u>Entri<\/u><\/a>\u00a0app and start preparing.<\/p>\n<p>Our R&amp;D team provides the best material and books for the complete preparation of all government exams. We provide PDFs of the previous year&#8217;s question papers with solutions and detailed analysis. All you need to do is download the Entri app and start practicing.<\/p>\n<p style=\"text-align: center\"><strong><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\">Prepare for various Government exams! Download Entri App!<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Nirmala Sitharaman presented the Union Budget 2022 on 1st Feb 2022 in the second year of the COVID-19 pandemic.\u00a0She said that, they\u00a0strive to provide necessary ecosystem for middle class\u00a0and that this\u00a0Budget hopes to lay the foundation for Amrit Kal from India at 75 to \u00a0100. This was the sixth Budget session\u00a0that was\u00a0conducted\u00a0since the [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":25506820,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,164,558,818],"tags":[],"class_list":["post-25506808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-current-affairs","category-general-knowledge","category-weekly-current-affairs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Union Budget 2022-23: Date, Importance and Highlights - Entri Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/union-budget-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Union Budget 2022-23: Date, Importance and Highlights - Entri Blog\" \/>\n<meta property=\"og:description\" content=\"Finance Minister Nirmala Sitharaman presented the Union Budget 2022 on 1st Feb 2022 in the second year of the COVID-19 pandemic.\u00a0She said that, they\u00a0strive to provide necessary ecosystem for middle class\u00a0and that this\u00a0Budget hopes to lay the foundation for Amrit Kal from India at 75 to \u00a0100. 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