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PM Modi commends the Union Budget for 2022, describing it as “people-friendly & progressive”

The fourth Budget of the Modi 2.0 government was presented today by Finance Minister Nirmala Sitharaman. The Economic Survey, which stated that the government has fiscal space to do more to help the economy, which is expected to grow at a solid 8-8.5 percent in the fiscal year 2022-23.

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Budget Highlights

  • FM announces ‘Crypto tax’ of 30%, keeps income tax slabs untouched
  • Vocal for Local Budget
  • Drone as a Service Will Be a Key Driver of Growth
  • Digital rupee using blockchain to be launched in 2023, issued by RBI
  • India to launch sovereign green bonds to reduce carbon dependence
  • Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers
  • India’s growth is estimated to be at 9.2%, the highest among all large economies
  • PLI schemes in 14 sectors with the potential to create 60 lakh new jobs
  • Rs.20,000 crores to be allocated for PM Gati Shakti Master Plan for Expressway
  • Rs 40,000 crore allocated for PM Awas Yojana (Rural and Urban)
  • PM Gati Shakti master plan for expressways; Will expand highways by 25,000 km in FY23
  • 400 new generation Vande Bharat trains will be developed during the next three years
  • Rs 1,500 crore allocated for new scheme ‘PM Development Initiative for North East’
  • One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels.
  • Additional allocation of Rs 19,500 cr for PLI for manufacturing of high-efficiency modules.
  • 68% of the capital procurement budget for domestic defense space
  • An open platform for the National Digital Health Ecosystem will be rolled out
  • Corporate surcharge to be reduced from 12% to 7%, said FM
  • Additional allocation of Rs 19,500 cr for manufacturing solar modules
  • Spectrum auction for 5G rollout to be conducted in FY23
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