LIVE UPDATES ON THE FEDERAL BUDGET FOR 2022 | On February 1, Union Finance Minister Nirmala Sitharaman delivered her fourth Budget statement, expressing sympathy for those who were affected by the COVID-19 outbreak. India’s growth is expected to reach 9.2 percent, the highest among all large economies, according to the finance minister. Meanwhile, Prime Minister Modi has said that on February 2, at 11 a.m., he will speak about the ‘people-friendly and progressive’ Budget. Here are the most important announcements so far from her Budget plans and announcements.
A comprehensive package with the cooperation of state governments and MSMEs would be presented to encourage farmers to switch to natural farming.
Because the small and medium sector’s hospitality services have yet to recover, the government has decided to extend the ECGL service to this sector until March 2023, with an increased cover of Rs 50,000.Programs for learning will be redirected.
The Digital DESH e-portal will be launched for the skilling, upskilling, and reskilling of our youth.
The number of ‘One Class One TV Channels’ will be extended from 12 to 200 to provide extra instruction in regional languages for students in grades 1 through 12.
Students will have access to a digital university that will provide world-class quality education in accordance with ISTE Standards.
A National Telemental Health Program will be developed for mental health counselling.In the armed forces, our government is committed to Atma Nirbhar Bharat.
Domestic industry would receive 68 percent of the capital procurement budget in 2022-23, up from 58 percent in 2021-22, according to the FM.PLI has been allocated Rs 19,500 crore for the production of high-efficiency polysilicon modules.
Farmers interested in pursuing a career in agroforestry will be given financial assistance.Co-firing of 5-7 percent biomass pellets in thermal power plants will result in a carbon dioxide reduction of 38 mmt per year.
Capital expenditures climbed by 35.4 percent to 7.50 lakh crore in 2022-23, compared to the previous year.Sovereign Green Bonds will be issued in public sector projects to help lower the economy’s carbon footprint.
Duty exemptions have been granted for high-growth electronics items in order to promote electronics production.
The tariff on cut and polished diamonds and stones will be decreased to 5%.Parts of mobile phones are exempt from duty.
Select capital items will be subject to a 7.5 percent customs tax.Imports of projects will gradually be subject to a 7.5 percent customs duty.
The Union Budget is India’s yearly financial report. It covers the revenue and spending of the Indian government at the end of a fiscal year, which spans from April 1 to March 31. The Union Budget is the most comprehensive overview of the government’s finances, aggregating earnings from all sources and expenses incurred in all operations. It includes both the revenue and capital budgets. It also includes forecasts for the coming fiscal year. Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022 today, February 1st, in keeping with recent tradition.