Question

Pictograph on budget 2022 and mention its key highlights

Answer 1

Answer:

Budget 2022 Key Hightlights: Focus of Budget on providing basic amenities to poor, middle class, 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.

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Answer 2

UNION BUDGET 2022

Finance minister Nirmala Sitharaman presented union budget 2022 - 23 in parliament on February 1.

KEY HIGHLIGHTS OF BUDGET 2022

• Tax on digital assest - digital assest like crypto currency and many other which are aslo known as virtual digital assest to be taxed at 30%.

• E - Passports for Indians - Indians will be issued e- passport starting from this year which contains a small silicon chip embided at the backside of the passport which will contain the necessary information.

• India to intoduce digital rupee - In 2022-23 RBI is supposed to improvise the Indian rupees to it's digital avatar,"Powered by block chain". Although 30 % tax has been imposed to any income from the transfer of digital assests, there will be no tax on digital rupee.

• Digital education - The government is ready to provide students world class education.For which there is a plan to develop digital University.

• No hike in income tax - No change in personal income tax slabs. Hence an individual taxpayer will continue to be charged on the same tax rates.

• 5G Technology in 2023 - The government has taken steps to upgrade technology to 5G in the upcoming year.

• Mega connectivity push - Finance minister allocated 20000 crore on "GATI SHAKTI" plan. It will facilitate faster cargo movement, transfer of goods and improve the network in logistics. This is the biggest spending in the budget will be on waterways, railway, roads and logistics infrastructure.

• Big investment in infrastructure - According to the budget it is planned to spend 100 billion dollar on infrastructure that is 35.4% more than 2021. Through this infrastructure projects of all kinds can benefit from this. In simple more expenditure on construction may genrarte more employment.

• Boost for make in India in defence - the allocation is 5.25 lakh which is 5 % more than previous year, where the more budget of 68% goes to Indian manufacturers and 25% is for reaserch and development.

Barring these initiatives union budget 2023 was neutral for most sectors, the overall setup of the budget is positive.