New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday presented the fourth Budget of the Modi 2.0 government and informed that India's growth is estimated to be at 9.27 percent.
Presenting the budget she said that the stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
''We are in a strong position to withstand challenges due to higher vaccinations,'' she added.
Further she also asserted that the speed of our vaccination campaign has helped greatly.
''We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that 'Sabka Prayaas', we'll continue with strong growth,'' she added.
The Minister said that during Amrit Kaal, our government aims to achieve the vision for India@100 set out by the Prime Minister in his Independence Day Address.
While commenting on the PM Gati Shakti, she added that it will encompass the 7 engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people & goods through Rs 20,000 crore financed by the government to speed up this project.
She also apprised that Production link Production-Linked Incentive (PLI) Scheme in 14 Sectors has received excellent response, adding, '' 'Make In India' can create 6 million new jobs.
Reserve Bank of India (RBI) to roll out the digital currency by 2023
Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023.
Capital expenditure is being stepped up to Rs 7.5 lakh crore.
FY23 capex seen at 2.9% of GDP
FY23 effective capex seen at Rs 10.7 lakh crore
Amendments for the Bankruptcy Code
IBC amendments to enhance efficiency of resolution process
facilitate cross-border insolvency resolution
To speed up voluntary winding up of companies
ECLGS scheme extended till March 2023
In a bid to benefit business growth for MSME-focused banks and NBFCs
Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers
Rationalised and comprehensive scheme to be implanted to reduce reliance on oil seed imports
For India's farmers
Chemical-free natural farming to be promoted in India
Use of Kisan drones will be promoted for crop assessment, digitization of land records, spraying of insect pesticides
Rs 2.37 lakh crore worth
Surcharge on cooperative societies
Reduce of surcharge of cooperative societies from 12% to 7% for those having income below 1 crore: FM
Tax benefits for startups
Existing tax benefits for Startups which were offered redemption of taxes for 3 consecutive years to be extended by 1 more year: FM
Simplified tax system
We have further simplified tax system. Introducing new updated return where people can file updated return within 2 years of the filed IT Return: FM
Revised estimate of capital expenditure is Rs. 6.3 lakh crore: FM
Atma Nirbhar Bharat
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: FM
Fiscal Deficit target set at 6.4% for FY23
FY23 total expenditure seen at Rs 39.45 lakh crore.
Total Receipts other than borrowing seen at Rs 22.84 lakh crore.
Tax on digital currency
There will be a charge of 30 per cent tax on the income from the transfer of virtual digital assets: FM
Also read: Budget 2022 Will Be 14 Percent Bigger Than Last Time: Reports