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Key takeaways from Finance Minister Nirmala Sitharamans Budget speech
* 100 PM Gati Shakti terminals to be set up in next three years
* Desh stack e-portal to be launched to promote digital infra
* Govt to pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations
* Implementation of Ken-Betwa rivers linking with an estimated cost of Rs 44,605 cr to be taken up
* Draft DPRs for 5 river links have been finalized
* Kisan Drones for crop assessment, land records, spraying of insecticides expected to drive a wave of technology in agri sector
* Rs 6,000 crore program to rate MSMEs to be rolled out over 5 years
* Startups will be promoted for Drone Shakti
* 1-Class-1-TV Channel to be implemented to provide supplementary education to children to make up for the loss of formal education due to Covid.
* Hospitality services by small and medium sector yet to bounce back
* Digital university to be set up to provide education; to be built on the hub and spoke model
* Economic recovery benefitting from public investment and capital spending
* PM Gati Shakti for road transport masterplan to be finalized in 2022-23
* 2022-23 has been announced as the International Year of Millets
* Railways will develop new products for small farmers and MSMEs
* Contracts for multi-modal parks at 4 locations to be awarded next fiscal
* ECLGS scheme to be extended till March 2023 and guarantee cover expanded by Rs 50,000 to Rs 5 lakh cr
* 2,000 km of the rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation
* 400 new generation Vande Bharat trains with better Energy Efficiency and passenger riding experience to be manufactured in next three years
* Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023
* The guaranteed cover will be expanded by Rs 50,000 crores to a total cover of Rs 5 lakh crores
* Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens
* The pandemic has accentuated mental health problems in people of all ages.
* To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched
* This will include a network of 23 tele mental health centers of excellence with Nimhans being the nodal center and IIIT Bangalore providing technology support
* PM development initiatives for North East will be implemented for the North Eastern Council. This will enable livelihood activities for youth and women. This scheme is not a substitute for the existing Centre or State schemes.
* 95 percent of 112 aspirational districts have made significant progress in health, infra
* 80 lakh affordable houses will be completed at Rs 44,000 cr under PM Awas Yojna in 2022-23
* A new scheme called PM Development Initiative for North East to be launched
* Villages on the northern border of India will be covered under a new vibrant village program to enhance the development
* 75 digital banks in 75 districts will be set up by scheduled commercial banks to encourage digital payments
* Projects in National Infrastructure Pipeline which pertain to 7 engines will be aligned with PM Gati Shakti Framework
* All post offices to be linked with Core Banking Solution to push financial inclusion
* Next phase of ease of doing business, ease of living to be launched
* Data exchange among all-mode operators to be brought in on unified logistics interface platform to enable efficient movement of goods
* A high-level panel to be set up for urban planning
* E-passport with embedded chip will be rolled out
* Modern building by-laws will be introduced
* 75,000 compliances have been eliminated and 1,486 union laws repealed to make it easier for businesses
* Battery swapping policy to allow EV charging stations for automobiles will be framed
* A completely paperless, e-bill system will be launched by ministries for procurement
* 5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs 250 cr
* Voluntary exit for corporates to be cut down to 6 months from 2 years
* 2,000 km of rail network to be brought under indigenous technology KAWACH for safety and capacity augmentation
* To reduce indirect costs for suppliers, surety bonds will be acceptable
* Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms
* 68 percent of capital for defense sector to be earmarked for local industry
* Govt committed to reduce import and promote self-reliance in the defense sector
* Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode
* Risks of climate change are strongest externalities for the world
* Low carbon development strategy opens up employment opportunity
* Rs 19,500 cr additional allocation for PLI for manufacturing high efficiency solar modules has been made
* 4 pilot projects for coal gasification are to be set up
* Financial support will be provided to farmers to take up agro-forestry
* Outlay for capital expenditure stepped up 35.4 pc to Rs 7.5 lakh crore in FY23
* Economy has shown resilience to come out of pandemic, we need to sustain the level of growth
* Effective capital expenditure will be Rs 10.68 lakh crore, or 4.1 pc of GDP, in 2022-23
* Public investment must take lead to pump prime private investment and support demand
* World-class university to be allowed in GIFT IFSC free from domestic regulation
* Sovereign green bonds to be issued to mobilise resources as part of govts borrowing programme
* International arbitration centre will be set up in GIFT city to provide faster dispute resolution
* Data centre and energy storage system to be given infrastructure status; move to provide easy financing
* PE/VC invested Rs 5.5 lakh crore in startup, expert committee will be set up to suggest measures to help attract investment
* Measures will be taken to step up private capital in infra sector
* Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23,
* Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyse investments
* In 2022-23, states will be allowed fiscal deficit of up to 4 pc of GSDP
* Fiscal deficit at 6.9 per cent of GDP in 2021-22, 6.4 per cent in 2022-23
* Total expenditure in FY23 estimated at Rs 39.45 lakh cr; total resources mobilisation to be Rs 22.84 lakh cr other than borrowing:
* Govt vows a stable and predictable tax regime
* New provision to allow taxpayers to file an updated return within 2 years from the end of the relevant assessment year
* Alternate minimum tax to be reduced to 15% for cooperative societies
* Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees
* Tax incentives for startups to be incorporated until March 31, 2023
* Reduce of surcharge of cooperative societies from 12% to 7% for those having income below 1 crore
* Virtual digital assets to be taxed at 30% and 1 % TDS on transfer of virtual digital assets
* GST payed a remarkable reform in Indias GDP
* GST revenues are buoyant despite the pandemic, gross GST collection for month of January are over Rs. 1.4 lakh crore. The highest since the inception of GST
* Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax & GST
* Faceless customs have done exceptional work against all odds and been an enabler in PLI & Ease of Doing Business
* To further electronics manufacturing, duty concessions given for high growth of electronics items
* Customs duty on cut polished diamonds, gems to be reduced to 5%
* No change in the Income Tax Bracket for tax-paying individuals.
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