INDIAN BUDGET 2022-23. Finance Minister Nirmala Sitharaman presided over the 4th Union Budget of India on 1st February in Parliament. She concluded her speech within 19 minutes, this is a record-breaking speech by her considering the last three budget declarations given by her where each lasts for at least an hour, this is the first time she used just 19 minutes to declare the budget.
Budget is an estimation of Income and Expenses to be incurred by the Union Government. Income comes from the people in many ways. Tax paid by the working people is an income for the government. GST paid while purchasing products is an income for the government. Expenses made by the government include infrastructure development and other sources for the development of the nation and people.
In 2047, which means, in 25 more years it will be 100 years since India gained independence. Accordingly, to the evolvement of the nation planning is needed.
Let’s focus on key highlights of the INDIAN BUDGET 2022:
URBAN PLANNING COMMITTEE: INDIAN BUDGET 2022-23
In another 25 years, 50 percent of the population will be functioning in metropolitan cities like Chennai, Bangalore, Hyderabad, Mumbai, Delhi, and so on and hence these cities will be in crisis. A group called the Urban Planning Committee will work to prevent a crisis and they will explore how to prevent a crisis twenty-five years from now.
TAXATION ON CRYPTOCURRENCY: INDIAN BUDGET
There are some cryptocurrencies like Ethereum, Tether, Bitcoin, and so on. If you buy cryptocurrency you will have to pay 30 percent tax and pay one percent transaction tax. It has been tabled in the Union Budget that India will issue cryptocurrency before the end of this financial year.
HIGHWAYS: INDIAN BUDGET
About 25,000 km of highways are to be laid within India in the next financial year.
E-VEHICLE: INDIAN BUDGET
Demerits of EVs are charging time and charging stations which take up a lot of space. To cover the difficulties, E-Vehicle Battery Swap Technology will be introduced. While traveling there will be battery-swapping stations. Instead of charging we can just swap the drained battery with a new fully charged battery on the go. Another demerit in EVs is it costs about Rs.15 lakh to buy an electronic vehicle but it cannot be bought by a middle-class family.
MODERNISATION IN AGRICULTURE: INDIAN BUDGET
To boost agriculture drone system is going to be introduced. The drone can be used for seed sowing and pesticides. For that, some amount is going to be utilized.
5G: INDIAN BUDGET
India is set to launch 5G in India within this year. The auction for spectrum allocation will be announced soon. Top companies like Airtel, Jio, and others will be working on it.
JOINING OF RIVERS: INDIAN BUDGET
The work of joining rivers is announced. The rivers which have surplus water will be joined. It includes the Daman Ganga Pinjar, Par Tapi Narmada, Krishna Godavari, Krishna Pennar, and Cauvery. For linking these rivers Rs. 1,400 crores in 2022-23 is allocated.
VANDE BHARAT: INDIAN BUDGET
New 400 Vande Bharat trains to be introduced between cities like Bangalore to Mysore and so on to improve intercity connectivity.
E-PASSPORT: INDIAN BUDGET
E-Passport has an electronic chip with an eye iris and fingerprint. Cheating is complicated.
CORPORATE SURCHARGE: INDIAN BUDGET
Corporate Surcharge has been reduced from 12% to 7%. Big companies in India will benefit.
The budget is an estimation of Income and Expenses to be incurred by the Union Government. Income comes from the people in many ways. Tax paid by the working people is an income for the government. GST paid while purchasing products is an income for the government. Expenses made by the government include infrastructure development and other sources for the development of the nation and people.