02/02/2022
Union Budget 2022 Highlights
Union Finance Minister Nirmala Sitharaman on February 1 presented her 4th Budget speech by expressing empathy for those who suffered during COVID-19 pandemic. The finance minister said that India's growth estimated to be at 9.2%, highest among all large economies. Meanwhile, PM Modi said that he will be talking about 'people friendly and progressive' Budget at a programme on February 2, at 11 am. Here are top announcements from her Budget proposals and announcements so far:
1. For farmers to adopt to natural farming, comprehensive package for participation of State governments & MSMEs to be introduced.
2. Hospitality services by the small & medium sector are yet to bounce back, therefore, the government has decided to extend the ECGL service for this sector by March 2023 with an increased cover of Rs 50,000
Skilling programs will be reoriented. For skilling, upskilling & reskilling of our youth, Digital DESH e-portal will be launched.
3. One Class One TV Channel' will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for class 1-12.
A digital university will be developed to provide access to students for world-class quality education with ISTE Standards.
4. For mental health counselling, a National Tele Mental Health Program will be launched
Our government is committed towards Atma Nirbhar Bharat in armed forces. 68% of capital procurement budget will be earmarked for domestic industry for 2022-23 up from 58% in 2021-22, the FM said
Rs 19,500 crore marked for PLI for manufacturing of high efficiency module for polysilicon.
5. Financial support will be provided to farmers wanting to take up Agro-Forestry.
6. 5-7% biomass pellets will be co-fired in thermal power plants resulting in carbon dioxide savings of 38 mmt annually.
7. Outlay for capital expenditure increased by 35.4% from previous year to 7.50 lakh crore in 2022-23.
Sovereign Green Bonds to be issued in public sector projects to reduce carbon footprint initiatives in the economy.
8. To further electronics manufacturing, duty concessions given for high growth of electronics items.
9. Customs duty on cut & polished diamonds, gems to be reduced to 5%.
10. Duty concessions on parts of mobile phones.
To levy 7.5% customs duty on select capital goods
Gradually to have customs duty of 7.5% on projects imports
