The document summarizes key points from Finance Minister Nirmala Sitharaman's Union Budget 2022 speech, including maintaining current income tax slabs but imposing a 30% tax on transactions of virtual digital assets. It also outlines the government's four key budget priorities of PM Gati Shakti, inclusive development, optimizing productivity, and financial investment. Additionally, it mentions a 35% increase in capital expenditure allocation, the planned introduction of a digital rupee by the Reserve Bank of India in 2022-23, and the Economic Survey's projection of 8-8.5% GDP growth for FY2023 and 9.2% growth for the current FY2022.
2. Budget 2022: Decoding FM’s Speech for
Govt Job Exams
FM Nirmala Sitharaman presented Union Budget 2022 in Parliament. While keeping the Income
Tax Slabs unchanged, FM announced a major change in taxation as far as virtual digital assets
are concerned. Union Finance Minister Nirmala Sitharaman proposed a 30 per cent tax on
income from transactions in such assets.
Furthermore, FM Also proposed Gati Shakti Programme which will boost infrastructure and
create more jobs.
On education sector, FM has announced launch of a new Digital University as well as expansion
of PM eVIDYA with addition of new TV channels for supplementary education.
FM Nirmala Sitharaman in term Budget Speech, termed Union Budget 2022 as the foundation
for Amirt Kal of Next 25 Years.
She said “The Union Budget seeks to lay foundation and give blueprint of the economy over
‘Amrit Kal’ of next 25 years – from India@75 to India@100.”
At the onset of her Budget Presentation, FM outlined the 4 Key Priorities that the Government
was trying to address through Budget 2022. These are:
PM Gati Shakti
Inclusive Development
Optimize Productivity
Financial Investment
www.indopraba.blogspot.com
3. Income Tax Budget 2022: No change in
Income Tax slabs, 30 percent tax on virtual
asset transfer
Union Finance Minister Nirmala Sitharaman proposed
permission to allow individuals to file an updated Income
Tax Return within two years of the relevant assessment year
under Union Budget 2022-23 on February 1, 2022.
The announcement aims to provide an opportunity to the
individuals who have made errors while filing the return to
correct their errors within 2 years.
The Finance Minister did not announce any change in the
income tax slabs, in a huge disappointment for many of the
salaried individuals.
The income tax slabs and rates will remain same as before.
The salaried individuals were expecting an upward revision
in the basic tax exemption limit.
www.indopraba.blogspot.com
4. Capex Budget 2022: Capital Expenditure Hike
by 30%
Union Finance Minister Nirmala Sitharaman announced a 35 per
cent increase in the outlay for capital expenditure in Financial
Year 2022-23 in her Union Budget 2022 speech on February 2,
2022.
The capital expenditure will be increased from Rs 5.5 lakh crore in
Budget 2021-22 to Rs 7.5 lakh crore in Union Budget 2022-23.
FM Sitharaman announced that the effective capital expenditure
will be Rs 10.68 lakh crore or 4.1 percent of GDP in 2022-2
The Finance Minister noted that the public capital expenditure
has been raised to pump prime the investment cycle and support
demand, thereby boosting India's economic recovery from the
COVID-19 pandemic.
www.indopraba.blogspot.com
5. Crypto Budget 2022 Highlights: Digital
Rupee to be Issued
Finance Minister Nirmala Sitharaman announced the government's intent
to introduce a digital rupee in her Union Budget 2022-23 speech on
February 1, 2022.
The Finance Minister announced that the digital currency or digital rupee
will be introduced by the central bank of India using block chain and
other technologies.
The RBI Digital Currency will be issued starting from 2022-23 fiscal year.
FM Sitharaman stated that the introduction of the central bank digital
currency will give a huge boost to the economy.
The RBI Digital Currency will be the same as the liquid cash we hold in
our wallets and banks, except it would be in a digital form.
The digital rupee introduced by the RBI will be held in a digital wallet,
under the supervision of the central ban.
www.indopraba.blogspot.com
6. Economic Survey 2022: 8-8.5% GDP growth
projected for FY23, 9.2 percent for ongoing
FY22
Union Finance Minister Nirmala Sitharaman tabled the Economic
Survey 2021-22 and the Statistical Appendix in the Lok Sabha on
January 31, 2022.
The Economic Survey 2022 projects India's GDP to grow at 8-
8.5% in the Fiscal Year 2022-23.
The GDP growth for the ongoing financial year 2021-22 has
been estimated to be 9.2 percent.
The Economic Survey 2022 was presented by Principal
Economic Adviser Sanjeev Sanyal and new Chief Economic
Advisor (CEA) Dr V Anantha Nageswaran during a press
briefing.
The new Chief Economic Advisor informed that this year's
Economic Survey has been compiled by Principal Economic
Adviser Sanjeev Sanyal and his team of advisors.
www.indopraba.blogspot.com