Finance minister Nirmala Sitharaman presented the Union Budget on Monday that focused on four pillars of development inclusive development, productivity enhancement, energy transition, and climate action.
Sitharaman had laid down PM Gati Shakti, Inclusive Development, Climate Action, and Energy Transition, as among the four priority areas. The budget is said to be a blueprint of India’s economy at 75 years to a century.
Here are some key takeaways from the Union budget:
Transport:
As the county takes baby steps towards environment-friendly development the budget has proposed to bring out a battery swapping policy to promote the use of Electric Vehicles (EV).
Taxation:
Taxpayers now have an opportunity to rectify errors and file updated returns within two years of the relevant assessment year.
The tax deduction limit for state employees on the National Pension System will be increased from 10 percent to 14 percent.
Additional duty of rupees 2 per litre will be added to Unblended fuel from October 2022.
Digital Currency:
The Reserve Bank of India is set to issue the country’s own digital currency. “Introduction of Central Bank Digital Currency will give a big boost to the digital economy,” said the finance minister said.
In terms of digital currency, A 30 percent tax will be levied over income from any virtual digital assets.
Agriculture:
In terms of Agriculture, the country aims to promote chemical-free farming and introduce drones for crop assessment, spraying of insecticides and nutrients, and facilitating digitization of land records.
Spectrum auctions will be conducted in the year to roll out 5G mobile services by private telecom companies.
Travel:
E-passports with embedded chips and futuristic technology will be rolled out in FY23 to make travel more convenient.
Mental Health:
A national telehealth program will be initiated to improve access to mental health counselling and care services, as an increase in mental health issues has been witnessed by all age groups due to changing environments during the pandemic.
Expenditure:
Total expenditure for FY23 has been estimated at 39.45 trillion rupees.
The budget for the financial assistance to states has been increased by 1 lakh crores in FY23 to assist states in catalyzing overall investments in the economy.
The capital expenditure has been stepped up by 35.4 percent to Rs 7.50 lakh crore to attract more private investment and attract growth.
