If you were not able to watch the budget because of your office work or some online class then don’t worry we have got you all covered. I am here to tell you all about the budget in a short and understandable manner, just like the title of this news.
So let’s start with Deficit
- Fiscal deficit is expected to be 4.5% of GDP by FY 2025-26
- Fiscal deficit is expected to be 6.4% of GDP in FY 2022-23
- States will be allowed 4% fiscal deficit of GDP in FY 2023
But what about Expenditure?
- Capital expenditure is going to be 7.5 lakh crores.
- Total expenditure is expected to be 39.45 trillion rupees in FY 2022-23.
- Financial assistance to states for capital investments is expected to be 1 trillion rupees in FY 2022-23.
Here the Railway budget goes this way:
- 400 energy efficient trains to be manufactured in the next 3 years.
- National Highways to be expanded by 25000 KM in FY23.
- Highway expansion expenditure to be 200 billion rupees in FY 2022-23.
- Battery swapping policy.
The most important sector and backbone of the Indian Economy, Agriculture:
- Domestic schemes for reducing oilseed imports.
- Infrastructure development for farmers by Railways.
- Financing agriculture startups.
Here comes the update from Defence sector:
- Nothing much but you can expect the attempts to reduce defence imports.
If you are a youth then I am sure you must be waiting for this eagerly, here comes Digital Currency:
- RBI to launch digital currency in FY 2022-23
- New scheme for taxation for virtual digital assets
- Losses from sale of digital assets cannot be offset against other income
- 30% tax on income from virtual digital assets, Oops!
Here you go with the Finance:
- Credit schemes for small and medium scale businesses extended to March 2023
- LIC IPO to be out soon
- Long term capital gain surcharge at 15%
- Lowering the Winding up of companies to 6 months from 2 years
- Replacement for Special Economic Zones Act
- Amendment of bankruptcy code for quick resolution process
- Sufficient allocation to previous year’s initiatives.
Here comes the Bulldozer of Infrastructure:
- Auction of 5G spectrum
- Optical fiber in rural areas by 2025
- Affordable housing by keeping aside 480 billion rupees
- 195 billion rupees for solar equipment manufacturing
And at last, Taxation:
- Import duties to be reduced on chemicals
- Extension of custom duty exemption on steel scrap for small and medium scale businesses
- Revoking of custom duty on stainless steel and steel bars
- Additional duty of 2 rupees for unblended fuel from October 2022
That’s all brief for Budget 2022. Now I want to know your thoughts on budget 2022 in the comments section.
