Recently our finance minister Nirmala Sitharaman has presented the union budget of 2022. What will be it’s impact on middle class and poor people?? Highlights of the new budget.
The union budget of 2022 is announced by our respectable finance minister on 1st February 2022. The Budget speech was given by the FM from 11 a.m. to 1 p.m.T his year the budget mainly focuses on six majority pillars.Those main six pillars are-
- Health and Wellbeing
- Physical and Financial Capital and Infrastructure
- Inclusive Development for Aspirational India
- Reinvigorating Human Capital
- Innovation and R&D
- Minimum Government Maximum Governance
The overall capital expenditure of union budget for FY 2021-22 is Rs.5.54 lakh crore.
Fiscal deficit stands at 9.5% of the GDP, and is estimated to be 6.8% in 2021-22.
Highlights of the union budget.
1.Health-
The Indian healthcare system has been dealing with its biggest challenge.
Primary, secondary and tertiary healthcare centre will be established under “Bharat Swastya Yojna”.
2.Education-
About 100 sanik school to be established and 750 tribal eklavya school will be made.
Skill building and research and development will be two other important aspect of education.Central university to be built in Leh and higher school to be set up.
3.Agriculture-
Special supervision will be given to pulses and nutri cereals.16.3 million farmers benefited from 120.8 million tonnes of paddy and wheat.
oilseed cultivation to reduce import dependency and for promotion of millet production with emphasis on exports.
4.Economy-
India’s GDP growth at 9.27%, the highest among the world’s major economies.
Under the PM Gati Shakti initiative for multi-modal connectivity, the government’s allocation of ₹20,000 crores will play a key role in the development of efficient logistics in the country.
5.Infrastructure-
In Kerala, West Bengal, Assam and Tamil Nadu highways and roads are to be made.
Electronic trains are announced to be made till 2030. Along with it metro train will start in 27 states.
Industries to be set up for production of hydrogen from scratch and recycling of wastes to be done.
In Jammu and Kashmir gas pipeline are announced to be set up.
6.Tax-
The taxpayer now get to file an updated tax return in 3 years from the end of relevant year of finance on payment of “additional income tax”.
Virtual assets will be charged and digital currency will came into existence along with the “atam nirbhar Bharat”
7.Employment-
The capital required for loans through stand-up India has been reduced to 15℅from 25℅ for SCs, STs, and womens.
8.Digital Banking-
Digital banking units will be setup in 75 districts
The Union Budget 2022-23 also gave a broad idea of India’s GDP and stability during the time of COVID-19.
The union budget provided Rs. 35,000 crore for COVID-19 vaccine in BE 2021-22.To avert 50,000 child deaths annually the Made-in-India Pneumococcal vaccine are to be bought.
The union budget 2022 has also proposed amendment to Apprenticeship Act for enhancement of opportunities for youth.
It also increases the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards.
Thanks for reading till here!!