The general budget for the year 2022-23 has been launched;
Finance Minister Nirmala Sitharaman presented the Union Budget 2022 on February 1 in the Parliament House. Much different from the expectations, there is nothing for the general public in this budget…. except “of the word development”. There are some things on which the government has now clarified its stand while presenting this strict budget; the Finance Minister has relied on the verse of Mahabharata “The king should collect taxes without any laxity and according to religion”.
These words clearly show that the government is not in the mood for any concession on digital currency, although there are some things in which the government has not made any changes and that “tax slabs”, and the Finance Minister has decided to do so, on the suggestion to the Prime Minister is considered important behind. The Finance Minister said that the tax burden was not imposed only on the behest of the Prime Minister.
In this article, we will talk about
- Key Features of Budget
- Benefits of Budget
- Women got Attention
- Full emphasis on self-reliance in the budget
- What will you get in the name of development?
Table Content
Key Features
5 special things of the budget that tell you the essence of the budget and with the help of these reasons, you will be able to know which items have been given special attention while making the budget,
Apart from this, what is there in this budget which From this you will know what is in store for you in the budget 2022-23. India’s economy has been struggling for a long time, in such a situation, to bring the economy back on track with this budget, during the budget; Finance Minister has tried to fulfill this responsibility by chanting the mantra of “Gati Shakti”. Let us tell you that the country has elections in many states. In such a situation, this budget can prove to be a trump card for the central government. The government has also decided to make the coming days pleasant by investing in development schemes and avoiding populist steps.
- This development-boosting budget – We all know how much time it takes for development in the country. During this budget, the central government has considered the country’s development as its first duty. Perhaps this is the reason why the Finance Minister while presenting the budget “Gati Shakti”. “The higher the pace of development, the sooner we can stand as a better nation. In order to accelerate the pace of development, the Central Government has proposed an increase of 35.4% in the budget of capital expenditure for the development of the country as compared to the previous year. This amount is Rs 7.5 lakh Crore, which is 2.9% of the total GDP of the country, this figure is enough to tell that in the coming years, we will see the country progress and especially the money is going to be spent on infrastructure. Apart from this, startups will be promoted in the country and the economy will get a boost by money coming into the market.
- The common man is feeling cheated – The general public has a lot of expectations from the Union Budget 2022, but after seeing the budget this time, it did not seem that the government has taken care of the common people during the budget; there is nothing in this budget for the general public. The government has also not made any change in the tax slab, due to which the general public is not happy or disappointed with a budget. If seen in a real sense, both this budget and the general public have been indirect to each other earlier. The government has not kept the general public in mind in the budget and now the general public does not want to remember this budget….. This budget is joyless for the general public.
- Government’s stand on Crypto is Clear – In India, there has been an uproar about digital currency in the past, and many times it has also come to a stop to digital currency. Since then, one thing has been clear the Indian government is not very enthusiastic about digital currency. We also get proof of this from the budget; however, one notable thing is that the government has made its stand clear on crypto. Under the new budget, 30% tax will have to be paid on the earnings from crypto; the direct tax will have to be paid. Till yesterday, the tax on the earnings from crypto was somewhat different, but now the central government has decided after the increasing popularity of crypto and because of the virtual digital assets.
- Emphasis on Digitization – In the last few years, there has been a lot of discussion in India about 5G, and the government has tried to give a new dimension to digitalization in Union Budget 2022, with this digitization, the government has made digital services related to farmers, the first digital currency, digital university, and coming with services like e-passport. The Finance Minister also told about 5G and optical fiber that 5G service would be started soon; fiber net will reach the villages. Everyone is waiting for the arrival of 5G, and it will be a new experience for the people. According to the budget for the year 2022, 5G service will spread across the country in the financial year 2022-23.
- No changes in Tax slab – This time, the government was not considering any change in the tax slab as necessary. Usually, the general public is desperate to know the tax slab after the budget comes, but although the general public was in the hope that the government would provide some concession in tax.
Income tax rates for the financial year 2022-23.
| Tax Slab( Annual Income) | New System | Old System | ||
| Slab | Tax | Under 60 Years | 60 to 80 Years | More than 80 Years |
| Up to 2.5 Lakh | NA | NA | NA | NA |
| 2.5 – 3 Lakh | 5%( 87 A tax rebate) | 5% | NA | NA |
| 3 – 5 Lakh | 5%( 87 A tax rebate) | 5% | 5% | NA |
| 5 – 7.5 Lakh | 10% | 20% | 20% | 20% |
| 7.5 – 10 Lakh | 15% | 20% | 20% | 20% |
| 10 – 12.5 Lakh | 20% | 30% | 30% | 30% |
| 12.5 – 15 Lakh | 25% | 30% | 30% | 30% |
| More than 15 Lakh | 30% | 30% | 30% | 30% |
Benefits of Union Budget 2022
In giving gifts, the Indian government is not behind anyone. The government has started many new schemes by adding the word “development” to the budget, and recent figures have been added under some old projects. The government has fully taken care of every basic need of the general public and will reach them indirectly. If people ask the question about the budget, what is it for us? So maybe the answer is new schemes and some significant allocations, whose benefit will be indirect to the general public, together with more trains in the coming years. Let us know in detail…
Also Read:- Budget 2021 Highlights, Summary & Data.
Pradhan Mantri Awas Yojana – Pradhan Mantri Awas Yojana is one of those schemes which has proved to be helpful to the public in getting their housing for a long time and under the budget 2022, the central government has announced an allocation of Rs 48,000 crore to build 80 lakh affordable houses. Pradhan Mantri Awas Yojana is one of the most ambitious schemes of Indian Prime Minister Modi.
Har Ghar Nal Se Jal – This is also one of the old schemes of the government and till now 8.7 crore houses have got water under this scheme, in the budget 2022 also Rs 60,000 crore has been allocated for this scheme and this target It has been ensured that by the year 2024, water facility will be provided in every house. The government has kept every basic need for which the common person keeps fighting.
Pradhan Mantri Gati Shakti Yojana – Under this scheme, the central government will allocate Rs 1 lakh crore, and it will get interest-free loans for up to 50 years. This loan will be given to all those sectors where work will be done under “Pradhan Mantri Gati Shakti”, the main goal of this loan will be to create more and more jobs in the country and the Prime Minister said about this scheme on 15 August 2021 itself. The central party is giving the name of this scheme as the master plan. Under this plan, a large amount of expenditure is to be made on developing roads, railways, and ports.
- 400 Vande Bharat Train – Under the Pradhan Mantri Gati Shakti Yojana, everything in the country will be given speed. In the coming 3 years, 400 more Vande Bharat will be seen running on the country’s railway tracks and will make your journey easier.
- 25 thousand KM Highway – New projects are being added to build a highway, 16 projects are under consideration in Himachal Pradesh and now ropeway and cable car way will be constructed under new highway as well as mountain range projects.
Women Got Attention in Union Budget 2022
The budget is about schemes that is focusing on women and small children, while presenting the budget, however the Finance Minister said that “Women power now realizing as the leader of the country’s bright future and development led by women”. . Therefore, realizing the importance of women power, the central government has started three schemes some time back, Mission Poshan 2.0, Mission Vatsalya and Mission Shakti. Apart from this, Rs 3,184 Crore has been allocated for women under Mission Shakti (Mission for Security and Empowerment for Women) in the budget this year.
Full emphasis on self-reliance in the Union Budget 2022
The Prime Minister had sounded the bugle of self-reliant India long ago moreover we got to see another example of self-reliance in the budget. Rs 5.25 lakh Crore has been allocated for the defense sector in the budget, but this money will be used in a reserved manner. For the purchase of military equipment, 68% of the total budget has been reserved for domestic industries, which means that now the army will use only homemade things.
Besides, 25% of the research and development work for military equipment and systems has been reserved for private companies and startups. The government has given away to spend all the expenses of military service, which can play a supporting role in a self-reliant India. It is notifying form a nodal agency for testing and certification of products of indigenous companies.
What will you get in the name of development?
- Digital education and universities will receive the credit
- Going abroad will be easier with an e-passport.
- More than 3000 Crores gift to the Ministry of AYUSH
- One can take health counseling for mental health
- 5 lakh post offices in the country will be connected with the bank.
- The focus is to link rivers
- Farmers will get the crop price under MSP directly in the account.
