{"id":25508120,"date":"2022-02-08T12:28:20","date_gmt":"2022-02-08T06:58:20","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25508120"},"modified":"2022-02-08T12:28:20","modified_gmt":"2022-02-08T06:58:20","slug":"union-budget-important-economic-terms","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/union-budget-important-economic-terms\/","title":{"rendered":"Union Budget- Important Economic Terms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e0dc2d579e4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e0dc2d579e4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/union-budget-important-economic-terms\/#UNION_BUDGET_2022\" >UNION BUDGET 2022<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/union-budget-important-economic-terms\/#THE_5G_ROLL_OUT_PLAN\" >THE 5G ROLL OUT PLAN<\/a><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">According to article 112 of the Indian constitution ,the union budget of\u00a0 a year, also referred to as the annual financial statement, is a statement of estimated receipts and expenditure\u00a0 of the government for that particular year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Indira Gandhi, Nirmala Seetharaman are the only two women to have presented India&#8217;s union budget. A customary &#8216;halwa ceremony&#8217; is performed 10-12 days ahead of the\u00a0 budget every year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Union budgets are classified into two parts one is revenue budget and the other one is capital budget. Revenue budget contains the government&#8217;s revenue receipts and expenditure, while the capital budget comprises the government&#8217;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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/entri.sng.link\/cofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25507812 size-full\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3.png\" alt=\"\" width=\"345\" height=\"345\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3.png 345w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3-300x300.png 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3-150x150.png 150w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3-24x24.png 24w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3-48x48.png 48w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3-96x96.png 96w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner1-1-3-75x75.png 75w\" sizes=\"auto, (max-width: 345px) 100vw, 345px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\"><strong>Budget 2022<\/strong>: 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><strong><a href=\"https:\/\/entri.app\/blog\/union-budget-2022\/\" target=\"_blank\" rel=\"noopener\">Union Budget 2022-23: Date, Importance and Highlights<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"UNION_BUDGET_2022\"><\/span><b>UNION BUDGET 2022<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Finance minister Nirmala Seetharaman presented the union budget 2022-23 in the Lok Sabha on 1<sup>st<\/sup> Feb 2022.<\/span><\/p>\n<h3><b>Key terms of union budget 2022<\/b><\/h3>\n<h4><b>TAX\u00a0<\/b><\/h4>\n<ul>\n<li><span style=\"font-weight: 400\">No change in income tax slabs for 2022-23.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Provision to file an updated return on payment of additional tax.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Tax relief to people with disabilities.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Virtual digital assets come under\u00a0 tax regime to be taxed at 30%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Gift of virtual digital assets proposed in the hands of the recipient.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Tax deduction limit for state government employees contribution to NPS raised to 14% from 10%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Long term capital gains to be subjected to surcharge only at 15% for\u00a0 all assets.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Co-operative societies will have to pay only 15% alternate minimum tax.<\/span><\/li>\n<\/ul>\n<h4><\/h4>\n<h4><b>DIGITAL DEVELOPMENT\u00a0<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">RBI to introduce &#8216;digital currency&#8217; using block chain technology in 2022-23.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">75 digital banking units to be set up across 75 districts.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">E-passport with embedded chip and futuristic technology to be rolled up.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Unique Land Parcel Identification Number for IT-based management of land records.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><b>INFRASTRUCTURE\u00a0<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">PM Gati shakti national master plan at a cost of Rs.20,000 crore.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">National highways network to be expanded by 25,000 kms in 2022-23<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">National master plan on expressways will be formulated in 2022-23.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">400 new generation Vande B<\/span><span style=\"font-weight: 400\">harat trains to be manufactured in the next 3 years.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Metro systems, multi-model connectivity will be facilitated on priority.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">100 Gati shakti cargo terminals in the next 3 years.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/entri.sng.link\/cofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\"><b>Download Entri App To Attempt Free GK Mock Test!<\/b><\/a><\/p>\n<h4><b>HEALTH<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">National digital ecosystem to be rolled up.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">National tele mental health program to be set up to focus on mental health.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">23 tele mental health centres of excellence.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Benefits to women and children through mission shakti, mission vatsalya, Saksham anganwadi and poshan 2.0.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Rs.60,000 crore under <\/span><span style=\"font-weight: 400\">Har Ghar Nal Se Jal<\/span><span style=\"font-weight: 400\"> to cover 3.8 crore households in 2022-23.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><b>AGRICULTURE<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">procurement of wheat, paddy, kharif and rabi crops, benefiting over 1 crore farmers.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Rs. 2.37 lakhs crore towards direct payment for minimum support price.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In agriculture,2022 is the international year of basic sciences for sustainable development. Whereas 2023 is the international year of millets.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Chemical free, natural farming to be promoted across the country.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Using kisan drones for crop assessment and spraying of pesticides<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ken-Betwa river linking project at a cost of Rs. 44,000 crore, to benefit 9.0 lakh hectare of farmer land.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><b>DEFENCE<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">68% capital procurement budget earmarked for domestic procurement.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Defense R &amp; D to be opened up for start ups, private industry and academia. <\/span>25% of the R &amp; D budget to be set aside for this.<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Private industry will be encouraged to take up design and development of military platforms and equipment.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><b>EDUCATION\u00a0<\/b><\/h4>\n<ul>\n<li><span style=\"font-weight: 400\">Digital university to be set up, and to be made in different Indian languages.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">One class, one TV channel with 200 channels to provide supplementary education in all region languages\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"THE_5G_ROLL_OUT_PLAN\"><\/span><b>THE 5G ROLL OUT PLAN<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><b>\u00a0\u00a0\u00a0\u00a0<\/b><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\"><b>Prepare for various Government exams! Download Entri App!<\/b><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/entri.sng.link\/cofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25507785 size-full\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner-1-1-3.png\" alt=\"\" width=\"970\" height=\"250\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner-1-1-3.png 970w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner-1-1-3-300x77.png 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner-1-1-3-768x198.png 768w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/02\/blog-banner-1-1-3-750x193.png 750w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">\u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; According to article 112 of the Indian constitution ,the union budget of\u00a0 a year, also referred to as the annual financial statement, is a statement of estimated receipts and expenditure\u00a0 of the government for that particular year. Indira Gandhi, Nirmala Seetharaman are the only two women to have presented India&#8217;s union budget. A customary [&hellip;]<\/p>\n","protected":false},"author":100,"featured_media":25508525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,164,558],"tags":[],"class_list":["post-25508120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-current-affairs","category-general-knowledge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Union Budget- Important Economic Terms - 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-important-economic-terms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Union Budget- Important Economic Terms - Entri Blog\" \/>\n<meta property=\"og:description\" content=\"&nbsp; According to article 112 of the Indian constitution ,the union budget of\u00a0 a year, also referred to as the annual financial statement, is a statement of estimated receipts and expenditure\u00a0 of the government for that particular year. Indira Gandhi, Nirmala Seetharaman are the only two women to have presented India&#8217;s union budget. 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