Nirmala Sitharaman, the finance minister, delivered the Union Budget 2022-23 in Parliament on Tuesday. The government has proposed expanding highways by 25,000 kilometres across the country, allocating Rs 60,000 crore to the Nal see Jal scheme, five river link projects across various states. The finance minister also announced a 5G spectrum auction in 2022, proposed setting up 75 digital banking units in 75 districts, announced a national mental health program, which has been exacerbated by the Covid-19 pandemic and taxed virtual currencies such as cryptocurrency and non-fungible tokens. Here are the latest details from Nirmala Sitharaman's Budget speech, as well as an explanation and commentary.
Changes in the Tax Slabs:
The basic tax slabs, as well as the minimum taxable income, remain unchanged. Nonetheless, the government proposes a 30% tax on gains derived from the transfer of any virtual digital asset. This essentially means that capital gains earned from the sale of cryptos will now be taxed at a rate of 30%. Furthermore, any capital loss incurred by selling crypto cannot be offset against any other revenue. The government also intends to allow taxpayers to file an amended return if they "have made omissions or errors in estimating their income for tax payment." Within two years of the conclusion of the relevant assessment year, this revised return can be filed.
Allocation of Hydro and Solar projects:
As she delivered the Budget, Finance Minister Nirmala Sitharaman announced a Rs 1,400 crore allocation for hydro and solar projects. Tata Power was up 3%, NHPC was up 5%, Jaiprakash Power Ventures was up 1.1 per cent, and NTPC was up 1%. In her address, Sitharaman stated, "Rs 1,400 crore will be allocated for 123 MW hydro and 27 MW solar projects in FY23." Adani Green, Tata Power, Adani Power, BHEL, Siemens, and NTPC all surged 1-4 per cent, lifting the BSE Power index 1.5 per cent.
The finance minister declared during her presentation of the Union Budget 2022 that Rs 1,500 crore will be allocated for development efforts in the northeast. This year's budget focuses on accelerating the economy, expanding business possibilities, and creating six million new employees. The government has suggested extending the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023, with a Rs 5 lakh crore increase in the guarantee cover. The draught DPRs (detailed project reports) for five river linkages have been finalized, according to Sitharaman, and the implementation of the Ken-Betwa rivers linking, estimated to cost Rs 44,605 crore, would begin. Kisan drones for crop evaluation, land records, and insecticide spraying, Sitharaman stated in her Budget 2022 speech, are projected to drive a surge of technology in the agriculture sector. "The ECLGS plan would be prolonged until March 2023," she added, adding that the guarantee cover will be increased by Rs 50,000 to Rs 5 lakh crore.
Technological advancements in Farming Sector:
In her Union Budget Speech for the 2018 fiscal year, Finance Minister Nirmala Sitharaman declared that Kisan drones will be deployed to push a wave of technology in the agriculture and farming sectors. Crop assessments, land records, and insecticide spraying will all be done with these drones. On February 1, Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year beginning April 2022 and ending March 2023 in Parliament. This is Sitharaman's fourth budget, and the third she has given while India is still dealing with the effects of the COVID-19 pandemic.
She also proposed a slew of other policies and changes to address India's long-standing agrarian crisis. The Ken Betwa Linking project, for example, will provide irrigation for 9.0 lakh hectares of farmland, drinking water for 62 lakh people, 103 MW of hydropower, and 27 MW of solar power generation. The FM also stated that money will be made available through NABARD to finance agriculture and rural enterprise startups that are related to the farm product value chain. FPOs will be supported by startups, which will give technology to farmers.
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