Digital ecosystem to be built for skill training. Skilling, reskilling to be done via online training and centers to be built for the same.
Digital University to be set up for quality education
Rs. 250 cr each allocated for skill training knowledge centers.
Big farm push in budget 2022-23. MSP and procurement of crops to increase in FY23.
To pay 2.7 trln rupees as MSP payments to farmers
Procured rabi crops worth 2.37 trln rupees
2022-23 has been announced as International Year of Millets
Government to increase railway network by 2000 km by 2023.
National highway network to be expanded by 25,000 kms during FY 22-23
Focus on public investment to modernize infrastructure over the medium term, leveraging tech platform of Gati Shakti via a multi-modal approach
Digital rupee to be issued using blockchain and other technologies and will be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman
Fintech growing at rapid pace, government encouraging these companies. Government encourages and supports financial digital payments and also promotes the use of payment platforms with user friendly interface and ease of payments.
All post offices to come under banking system, which will enable financial inclusion.
With the aim to take Digital Banking to every citizen. 75 digital banking units in 75 districts of the country will be launched: FM
Required spectrum auctions will be conducted in 2022, to facilitate roll-out of 5G mobile services by private telecom players, says Sitharaman.
100% optical fiber network by 2025. Also, govt push for internet access to be spread across India and not just stay in Urban areas.
Capex and Borrowing
Effective capital expenditure of the Central government is estimated at Rs 10.68 lakh crore in 2022-23, about 4.1% of GDP: FM Nirmala Sitharaman
Capital expenditure stepped up by 35.4%. Effective capital expenditure – 10.68 lakh crore in 2022-23 i.e. 4.1% of GDP.
Total expenditure: 39.45 lakh crore Total Receipts other than borrowing seen at Rs 22.84 lakh crore.
Estimated 6.4% fiscal deficit in FY23
Sovereign green bonds to be issued to mobilise resources as part of govt’s borrowing programme
FM focuses on Growth Boosters. Govt believes that the rise in capex to boost consumption.
Biggest announcements for taxpayers
Taxpayers can file an updated return on payment of taxes within two years from the end of relevant assessment year.
The new provision will ensure voluntary tax filing and reduce litigation, says FM
30% tax on proceeds of virtual/digital assets with no deductions other than cost of acquisition
1% TDS to be levied on payments made on transfer of digital assets
No set off permitted against other income
Health and Education Cess is not eligible expenditure for Income Tax deduction purpose.
No relaxation to tax slabs by Government this year.
Income from Long Term Capital Gains will be taxed at 15%, the Finance Minister said.