12:33 PM – Customs duty on polished diamonds, gemstones to be reduced to 5%. To facilitate the export of jewellery through e-commerce, simplified regulations will be in place by June 2022.
12:32 PM – Duty concessions will be introduced to promote electronics manufacturing, including wearable and hearable devices.
12:27 PM – The gross Goods & Services Tax (GST) collections for January 2022 stood at Rs 1,40,986 crores. This is the highest GST collection since the inception of GST in 2010.
12:26 PM – The surcharge on long-term capital gains (LTCG) will be capped at 15%.
12:25 PM – Existing tax benefits for startups to be extended by 1 more year. Earlier, startups were offered redemption of taxes for 3 consecutive years.
12:20 PM – The government will tax income from digital asset (cryptos) transfers at 30%.
Meanwhile, gifts of cryptocurrencies will be taxed at the receiver’s end. 1% Tax Deducted at Source (TDS) will be levied on payments made on the transfer of digital assets.
12:18 PM – Changes in taxation:
- Alternate Minimum Tax (AMT) for cooperative societies to be cut to 15%. [AMT is a minimum tax that is leviable alternative to normal tax. Rate of AMT is currently 18.5%]. The proposal will reduce surcharge on cooperative societies from 12% to 7% for those whose income is between Rs 1 crore and Rs 10 crore.
- Tax deduction limit increased from 10% to 14% on employers contribution to National Pension Scheme (NPS) account of state govt employees.
- There is no change in personal income tax slabs.
12:11 PM – A new provision to allow taxpayers to file an updated return will be established. Updated returns can be filed within two years from the end of the relevant assessment year. This new provision will ensure voluntary tax filing and reduce litigation.
12:09 PM – India’s fiscal deficit target set at 6.4% for FY23
- Total expenditure for FY23 seen at Rs 39.45 lakh crore.
- Total Receipts other than borrowing seen at Rs 22.84 lakh crore.
[Fiscal Deficit is the difference between the total revenue and total expenditure of the government.]
12:06 PM – Digital Rupee to be launched by Reserve Bank of India (RBI) in FY23
A digital rupee using blockchain and other technology will be issued by the RBI. It is expected to lead to a more efficient and cheaper currency management system.
12:05 PM – Capital expenditure (capex) target for FY 2022-23 at Rs 7.5 lakh crore (up 35.4% YoY).
- FY23 capex seen at 2.9% of India’s gross domestic product (GDP).
- FY23 effective capex seen at Rs 10.7 lakh crore (about 4.1% of GDP).
12:03 PM – An additional allocation of Rs 19,500 crore for manufacturing solar modules.
To facilitate domestic manufacturing of 280 gigawatts (GW) of installed solar capacity by 2030, there will be an additional allocation of Rs 19,500 crore towards PLI for manufacturing high-efficiency solar modules.
12:02 PM – Centre to launch Sovereign Green Bonds
- Funds will be used for projects that will help reduce carbon emission in the economy.
- Sovereign Green Bonds will be part of government’s borrowing programme in FY23.
- Proceeds from the issue of Sovereign Green Bonds will be deployed in public sector projects.
11:59 AM – Ken Betwa linking project to cost ~Rs 44,605 crore
The Ken Betwa Linking Project will be implemented at an estimated cost of Rs 44,605 crore. The project aims to provide irrigation benefits to 9 lakh hectare farmland, drinking water to 62 lakh people, 103 megawatts (MW) hydropower, and 27 MW solar power generation.
11:56 AM – An animation, gaming task force to be set up
The animation, visual effects, gaming, and comics (AVGC) sector offer immense potential to employ youth. An AVGC promotion task force will be set up to recommend ways to realise this potential and build domestic capacity for serving the Indian market and global demand.
11:54 AM – The contracts for laying optical fibre cables in villages will be awarded under the BharatNet project under the public-private partnership (PPP) model in FY 2022-23
11:51 AM – Boost for the Defence Sector:
- ~25% of the total defense R&D budget will be earmarked for opening up defence research & development (R&D) for private industry, startups and academia.
- Private industries will be encouraged to take up the design and development of military platforms and equipment in collaboration with DRDO and other organizations through special purpose vehicle (SPV) model.
- 68% of capital procurement budget in defence will be allocated for domestic industry in 2022-23.
11:50 AM – Telecom spectrum auction will be conducted in 2022 for the rollout of 5G mobile services by private telecom providers.
A PLI scheme for design-led manufacturing will be launched for the 5G ecosystem to enable affordable broadband and mobile communication in rural and remote areas.
11:46 AM – Amendments will be introduced for the Insolvency & Bankruptcy Code (IBC)
- IBC amendments will enhance efficiency of resolution process.
- It will now facilitate cross-border insolvency resolution and speed up voluntary winding up of companies.
11:44 AM – An amount of Rs 48,000 crore will be allocated for PM Awas Yojana
- In the upcoming financial year (FY23), 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana (affordable housing scheme). Nearly 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural and urban areas.
- Rs 60,000 crore will be allotted for providing access to tap water to 3.8 crore households.
11:47 AM – A National Tele Mental Health program will be launched to improve access to quality mental health counseling and care services. It will include a network of 23 tele mental health centres of excellence, with NIMHANS being the nodal centre and IIIT Bangalore providing tech support.
11:38 AM – Boost for the education sector:
- States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget & organic farming.
- “One Class, One TV Channel” program of PM eVIDYA will be expanded from 12 to 200 channels.
- All states will provide supplementary education in regional languages for classes 1 to 12.
11:36 AM – 100% of 1.5 lakh post offices will come on the core banking system. This move will enable financial inclusion and access to accounts through net banking, mobile banking, and ATMs. It will also provide online transfer of funds between post office accounts and bank accounts.
This will be helpful especially for farmers and senior citizens in rural areas.
11:31 AM – Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform.
This will allow efficient movement of goods, reduce logistics cost and time. It will also help assist Just-In-Time inventory management and eliminate time-consuming documentation.
11:29 AM – The Centre’s digital push:
- Digital ecosystem for skilling citizens will be launched.
- An open platform for the National Digital Health ecosystem will be rolled out.
11:27 AM – Boost for the agricultural sector:
- Chemical-free natural farming will be promoted across India.
- ‘Kisan drones’ will be promoted for crop assessment, digitization of land records, and spraying of insect pesticides.
- Rs 2.37 lakh crore worth of Minimum Support Price (MSP) will be provided as direct payments to wheat and paddy farmers.
11:24 AM – Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023. The guaranteed cover is extended by another Rs 50,000 crore.
- Total cover under scheme is now Rs 5 lakh crore.
- Additional amount has been earmarked for India’s hospitality sector.
This move will benefit business growth for banks and NBFCs that focus on micro, small & medium enterprises (MSMEs).
11:22 AM – Boost for Railways under Gati Shakti masterplan:
- 400 new-generation Vande Bharat trains will be developed and manufactured in next three years.
- “One station, one product” concept will be popularised to help local businesses.
- India plans to establish 100 cargo terminals in 3 years.
11:17 AM – PM Gati Shakti will pull forward the economy and lead to more job opportunities.
- It will encompass the seven engines of economic transformation.
- PM Gatishakti masterplan for expressways will be formulated in next financial year (FY23).
- The National Highway network will be expanded by 25,000 kms in 2022-23.
- Four multi-modal national parks contracts will be awarded in FY23.
The PM Gati Shakti— National Master Plan for Multi-modal Connectivity is a digital platform to bring 16 Ministries (including Railways and Roadways) together for integrated planning and coordinated implementation of infrastructure connectivity projects.
Here are the 7 engines of PM Gati Shakti:
- Roads
- Railways
- Airports
- Ports
- Mass transport
- Waterways
- Logistics infra
11:13 AM – Production Linked Incentive (PLI) schemes in 14 sectors have been largely successful. It has the potential to create 60 lakh new jobs, and additional new production of Rs 30 lakh crore.
11:12 AM – The 7 Focus areas of Budget 2022-23:
- PM Gati Shakti
- Inclusive Development
- Productivity Enhancement
- Sunrise Opportunities
- Energy Transition
- Climate Action
- Financing of investments
11:11 AM – Strategic transfer of ownership of Air India has been completed: FM. Air India was taken over by the Tata Group on January 27, 2022.
11:07 AM – “India’s growth estimated to be at 9.2%, highest among all large economies. We are now in a strong position to withstand challenges”, says FM.
Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2022-23 in Parliament at 11 am.
