Union Budget 2022-23

Union Budget 2022-23 Of India

Table of Contents

Union Commerce Minister Piyush Goyal has condemned the attitude of the opposition regarding the Union Budget 2022-23. Said that the opposition needs intelligence to understand the budget. He said that Rahul Gandhi has trouble understanding mathematics anyway, he will see everything with a sum of 0. I believe that Finance Minister Nirmala Sitharaman has shown a new path of development in the country. It is appreciated by all sensible people.

Former Finance Minister and Congress leader P Chidambaram had said that today’s budget speech is the most capitalist speech ever read by an FM. The word ‘poor’ occurs only twice in para 6 and we thank the FM for remembering that there are poor people in this country. Said people will reject this capitalist budget.

Talking to the media in Delhi, he said that I was amazed, shocked that the Finance Minister is outlining a plan for the next 25 years. The government feels that this scenario doesn’t would like any attention and therefore the public may be asked to attend with patience until the ‘Amrit Kaal’ rises. This is a mockery of the people of India.

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What did FM say about tax?

  • Corporate tax reduced. Happened from 18% to 15%.
  • The surcharge on this has also been reduced. Earlier it was 12%, now 7%.
  • The limit for cooperative tax has been increased to Rs 10 crore.
  • You will get two years to rectify the mistake in ITR.
  • Tax exemption in pension.
  • 30 per cent tax on income from cryptocurrency.

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Budget Highlights

Union Budget 2022-23: This is the second Union Budget of the Corona crisis period

In his response to the budget, PM Modi said that this budget has brought new hopes and opportunities for the people. It strengthens the economy; it’s packed with ‘more infrastructure, additional investment, additional growth, and additional jobs’. There is also a new provision for green jobs; The budget ensures the bright future of the youth.

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Union Budget 2022-23 positive and welcome: Nitish Kumar

Bihar Chief Minister Nitish Kumar said on Tuesday that presented by the central government today. He tweeted, “The budget presented by the central government is positive and welcome.” He said, “For the last two years, the economic development of the country has been affected due to the Corona epidemic. To get out of these odd circumstances, many steps have been taken by the Central Government to increase the pace of development of the country through the budget, which is commendable. The decision to build infrastructure on a large scale in the country is also welcome.

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Budget 2022-23: This is the budget of self-reliant India

Union Minister Sarbananda Sonowal has said that the budget is the budget of self-reliant India. This reflects PM Modi’s mantra of ‘Sabka Saath, Sabka Vikas’. It provides a development package of Rs 15,000 crore for the Northeast. I thank PM Modi and congratulate FM Nirmala Sitharaman for this budget.

Budget 2022

No change in income tax slab in Union Budget 2022-23

There was no change in the income tax slab in the Union Budget-2022. It will continue as before, while the Modi government reduced the surcharge on it along with reducing the cooperative tax. In her 90-minute Budget 2022-23 speech in Parliament Finance Minister Nirmala Sitharaman said that employees will be exempted from tax on pension. Where 30 percent tax will have to be paid on the income from cryptocurrency. At the same time, the Reserve Bank of India (RBI) will come up with a new digital currency.

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This Budget 2022-23 is the blueprint of the next 25 years of Amrit Kaal.

In the budget ahead of the assembly elections of five states, Sitharaman said, “This budget is the blueprint of the next 25 years of the Amrit period. 60 lakh new jobs will be created. In the next three years, 400 new generation Vande Bharat trains will be introduced. ‘100 PM Gati Shakti Cargo Terminal’ will be developed in the next 3 years. Also, passports fitted with e-chip will come this year. Post offices i.e. post offices will be equipped with the core banking system. 5G service will come this year and villages will be connected with broadband.”

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MSP of more than 2.25 lakh crore will go to farmers’ account

PM Modi said MSP announced over Rs 2.25 lakh crore will be transferred directly (to farmers); Farmers’ income will be doubled; Budget, credit guarantee for MSMEs, and many new schemes have been announced.

BJP President described the budget 2022-23 as a budget of ‘poor welfare’

BJP President JP Nadda said that the Union Budget 2022-23 is a ‘poor welfare’ budget. It will empower the poor and labourers. This budget is dedicated to the development of infrastructure, rural and hilly areas, and the Northeast. This budget is in line with the government’s policy of social justice and equality.

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Know what became cheap and what became expensive

These things are cheap: A custom duty on clothing, leather goods, mobiles, phone chargers, footwear, gemstones and diamond jewellery, artificial jewellery, chemicals required for petroleum products, and concessional custom duty on steel scrap increased for one year. Custom duty on certain chemicals with methanol.

These things will be expensive: Duty on all imported goods and umbrellas has been increased to 20 percent.

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Union Budget 2022-23

Budget 2022-23: 25,000Km of highway will be constructed

Finance Minister Nirmala Sitharaman on Tuesday said that the length of national highways will be expanded by 25,000 km during the year 2022-23 and the national ‘ropeway’ development program will be implemented through the public-private partnership (PPP) model.

Presenting the budget for the financial year 2022-23 in Parliament, Sitharaman said that the government is committed to the expansion of national highways and a target has been set to add about 25,000 km of highways in the coming financial year. 

He said that contracts would be signed in the next financial year for the setting up of ‘Multi-Modal Logistic Parks’ in PPP mode at four locations. “The Pradhan Mantri Gati Shakti Master Plan for the Expressway will be finalized in 2022-23,” the Finance Minister said.

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Budget 2022-23 to promote modern infrastructure

Union Minister Nitin Gadkari said on Tuesday that the Union Budget 2022-23 presented by Finance Minister Nirmala Sitharaman has been termed as the budget to promote modern infrastructure in the country. He tweeted, “This is a budget to promote modern infrastructure in the country, which will lay the foundation of a new India and improve the lives of 130 crore Indians.”

Gadkari said that in this year’s budget focused on farmers, women, and youth, emphasis has been laid on development through Pradhan Mantri Gati Shakti.

“Chemical-free natural farming will be promoted across the country. Along with this, schemes will be brought under the PPP model, through which digital and hi-tech technology will be provided to the farmers. This will benefit the farmers.”

ECLGS to be extended till March 2023

Union Finance Minister Nirmala Sitharaman has announced to extend the Emergency Credit Facility Guarantee Scheme (ECLGS) till March 2023. Presenting the Union Budget on Tuesday, Sitharaman said that the guarantee cover under this scheme will be increased from Rs 50,000 to Rs 5 lakh crore.

He said that the draft Detailed Project Report (DPR) for the interlinking of five rivers has been finalized. Simultaneously, the implementation of the scheme to connect Ken-Betwa rivers at an estimated cost of Rs 44,605 crore will be carried forward.

Sitharaman said in her budget speech for the financial year 2022-23 that crop estimation, land records, farmer drones for spraying pesticides are expected to accelerate technology in the agriculture sector.

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Nothing in the Budget for youth, farmers and middle class

Former Congress President Rahul Gandhi on Tuesday alleged that there is nothing for the salaried class, middle class, poor, farmers, youth, and small businessmen in the Union Budget 2022-23. He tweeted, “There is nothing in the budget of the Modi government. There is nothing for the middle class, salaried class, poor and deprived sections, youth, farmers, and MSMEs.” Finance Minister Nirmala Sitharaman presented the budget for the financial year 2022-23 in the Lok Sabha on Tuesday.

Union Budget 2022-23 “Auction of 5G spectrum in next financial year”

Finance Minister Nirmala Sitharaman said on Tuesday that spectrum auction for the introduction of 5G mobile services by private companies will be done in the next financial year 2022-23. While presenting the Union budget 2022-23, Sitharaman said that the time period for voluntary withdrawal for companies will be reduced from two years to six months.

In his budget speech, he said that the system of giving guarantee bonds will also be implemented to reduce the indirect cost of the suppliers. He said that about 2,000 km-long rail network will be brought under the indigenous rail safety and capability technology ‘Kavach’. Apart from this, 400 new trains of ‘Vande-Bharat’ class will also be manufactured in the next three years.

Task force will be formed to promote animation, gaming and comic

Finance Minister Nirmala Sitharaman said on Tuesday that a task force will be set up for the promotion of animation, visual effects, gaming, and comics (AVGC) to suggest markets and avenues for global demand. Sitharaman, in her budget speech in the Lok Sabha, also said that states would be encouraged to adopt unique land parcel identification numbers for information technology-based land document management.

He said that the AVGC sector has immense potential to provide employment to the youth, therefore a task force will be formed with all the stakeholders to build the domestic capacity for our market and global demand. He said that Udyam, E-Shram, National Career Service, and Aseem portals would be interlinked and their scope would be expanded.


Union Budget 2022-23

Policy will come to replace batteries at e-vehicles stations

Finance Minister Nirmala Sitharaman in her budget speech on Tuesday proposed to bring a policy to provide replacement facilities at charging stations for electric vehicles. While presenting the Union Budget 2022-23 in Parliament, Sitharaman said that there is a plan to provide the facility of swapping batteries at electric vehicle charging stations. A proper policy will be brought for this.

He said that the government will promote the use of public transport in urban areas. He said that five existing educational institutions would be developed as centers of excellence for urban planning with an investment of Rs 250 crore. Apart from this, modern building construction rules will also be brought.

Union Budget 2022-23 visionary, will change the “scale” of the economy- Shah

Union Home Minister Amit Shah on Tuesday described the Union Budget for the year 2022-23 presented in Parliament as “visionary”. He claims that this will prove to be a change in the “scale” of India’s economy. Appreciating Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the budget, Shah said that this budget will make India “self-reliant” and lay the foundation for a new India of the 100th year of independence.

Shah said in a series of tweets that the “Self-reliant India’s budget” will be helpful in making India the world’s leading economy under the leadership of Prime Minister Narendra Modi by exploiting the opportunities that have arisen in the global economic world after Corona. He said, “Increasing the size of the budget to 39.45 lakh crore, reflects the rapidly growing economy of India even in the Corona era. Reducing the fiscal deficit target from 6.9 percent to 6.4 percent is a big achievement.

The sectors of service, agriculture, and medicine were the backbone of our ancient economy.

Meanwhile, Union Minister Prahlad Patel said that the sectors of service, agriculture, and medicine are the backbone of our ancient economy and they have been redefined in this budget. Solutions have been given in this Union Budget 2022-23 for the new challenges to come.

Budget 2022-23: Post offices will come under core banking

Presenting the Union Budget 2022-23, Union Finance Minister Nirmala Sitharaman said that the government will bring all post office branches into the core banking system network.

Union Budget 2022-23 India: 400 new Vande Bharat trains to come in 3 years

In the budget, the government has announced to run 400 new generations of Vande Bharat trains in the next three years. Finance Minister Nirmala Sitharaman made this announcement while presenting the budget in Parliament on Tuesday.

Committed to cut imports in central sector

Finance Minister Nirmala Sitharaman said on Tuesday that the government is committed to reducing imports and increasing self-reliance in the defense sector. Finance Minister Nirmala Sitharaman said this in the Lok Sabha while presenting the Union Budget 2022-23. He said that 68 percent of the capital for the defense sector would be allocated for the local industry.

He also said that five percent of the Universal Service Obligation Fund (OSO) would be allocated for R&D technology upgradation. Sitharaman said, “The contract for laying optical fiber net under BharatNet in all villages will be awarded on PPP basis.”

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Know the big things at a glance of Union Budget 2022-23 India

  • 60 lakh new jobs will be available
  • 30 lakh additional jobs potential
  • LIC IPO soon
  • 400 Vande Bharat trains will run in 3 years
  • Encouragement to organic farmers
  • Education through “One Class, One Channel”
  • This year 5G service, villages will be connected to broadband
  • Passports with e-chip will be available
  • Post offices to be linked to core banking
  • RBI will bring a digital currency

ATF prices up 8.5%, aircraft fuel prices at record highs

The prices of aircraft fuel ATF have been hiked by a whopping 8.5 percent. Due to this, the prices of ATF have reached a record level across the country. ATF prices have been hiked amid rising in international crude oil prices. Where jet fuel prices have been increased for the third time in a month. At the same time, there has been no increase in petrol and diesel prices for a record 88 days.

According to the price notification of the public sector petroleum companies, the ATF price in the national capital has increased by Rs 6,743.25 per km to Rs 86,038.16 per kg. This is a record level for ATF prices. Earlier, in mid-November 2021, the price of ATF had reached a high of Rs 80,835.04 per kiloliter.

What are the discussions about Union Budget 2022-23

  • Will this be an election budget somewhere?
  • Will there be big announcements for the farmers?
  • Income tax slab will increase or not
  • The health sector budget may increase
  • Will the middle class’s demand of tax-free up to five lakhs be fulfilled (currently up to 2.5 lakhs is free)
  • The standard deduction will be increased from 50 thousand to 75 thousand or not
  • Reduce the price of the cylinder, petrol, and gas

Here are the expectations of the country from Budget 2022-23

  • A clear picture of cryptocurrency taxation.
  • Tax concessions for “work from home” employees.
  • Increase in the limit of section 80C.
  • Increase in the standard deduction for salaried employees.
  • Tax relief on COVID-19 treatment under section 80D or section 80DDB.
  • Reduced applicability of e-invoicing under GST

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