The government of India said goodbye to the old British-era tradition by going paperless with the presentation of the new 2022-2023 union budget. Before announcing the final drafted budget, the Press Information Bureau shared details about the new Union Budget app, available on Google and Apple play stores for free. Apart from making details about the new union budget available on the new digital platform, the Union Budget app also broadcasted Finance Minister Nirmala Sitharaman speech as she presented the 10th budget of the Modi government on Tuesday, February 1.

While FM Sitharaman opted for a tablet instead of the traditional ‘Bati-Khata’ this year too, the Union Cabinet approved the Budget after Sitharaman’s meeting with Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh and others.

Sitharaman, who presented her fourth Union Budget today (tax proposals and financial statements for 2022-2023), started her speech by expressing empathy to those, who suffered during the pandemic. While the country is expected to grow at 9.27% in the coming year, according to Finance Minister Sitharaman, here are all the key takeaways from the new budget:

India expected to grow at 9.27% in the coming year
We are now in a strong position to withstand challenges, says FM Sitharaman

Focus areas of the Budget
PM Gati Shakti
Inclusive Development
Productivity Enhancement
Sunrise Opportunities
Energy Transition
Climate Action
Financing of investments

Allocating Rs 20,000 crore to the Gati Shakti plan
The PM Gati Shakti program will help the economy and provide more jobs and opportunities for the youth. Plus, it’ll focus on the economic transformation that would reiterate focus on public investment.

“Moving forward on this parallel track, we lay the following four priorities — PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition, climate action and financing of investments,” says FM Nirmala Sitharaman.

PLI Scheme (60 lakh new jobs)
FM Sitharaman also highlighted the response that the Production Linked Incentive Scheme received. And she even talked about its potential to create 60 lakh new jobs and additional production of 30 lakh crore during the next five years.

Fund to set up to finance rural start-ups
A fund with blended capital raised under the co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain will be set up: Nirmala Sitharaman.

Boost for Railways
400 new Vande Bharat trains with better energy efficiency and passenger riding experience to be manufactured in the next three years.

e-passports to roll out soon
Sitharaman also revealed the government’s plan to introduce e-passports in 2022-2023 to improve convenience for the citizens in overseas travel.

ECLGS scheme extended till March 2023

Rs 48, 000 crore allotted to PM Awas Yojana

Replacing Special Economic Zones Act
Special Economic Zones Act will be replaced with new legislation for the development of enterprises and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports: Sitharaman

5G services to roll out by 2023
FM Sitharaman also stated that the required spectrum auction will be conducted in 2022 for the rollout of 5G mobile services by private telecom providers.

Introduction of digital rupee
RBI is expected to roll out a new digital rupee that would use blockchain and other technologies from 2022-2023.

Tax deduction limit to be increased
During her speech, FM Sitharaman also talked about increasing tax deduction limits (from 10% to 14%) for centre and state government employees. This move will bring both state and centre government employees at par.

Virtual digital assets will be taxed
Income from transfer of digital assets to be charged 30% tax, plus 1% tax on transaction: Sitharaman

Long Term Capital Gains will be taxed at 15%

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