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breaking news Key Highlights from Fm Sitharaman’s Budget Speech

2022 Budget Highlights: Union Finance Minister Nirmala Sitharaman on Wednesday presented her fifth Union budget and Narendra Modi government’s 11th budget.

Union Finance Minister Nirmala Sitharaman presented her fifth union budget and Narendra Modi government’s 11th budget on Wednesday. The budget is considered a budget for the middle class. The FM announced giving a strong impetus to growth and job creation as one of the key axes of the national budget. The other two were to facilitate many opportunities for citizens, especially young people, and strengthening macroeconomic stability.

Here are the main highlights of his announcements:

  • Tax exemption up to Rs 7 lakh/year under the new tax regime.
  • No income tax up to Rs 3 lakh/year.
  • Tax withheld at source (TDS): minimum threshold of Rs 10,000 removed
  • New tax regime: the highest surtax rate has been reduced from 37% to 25%.
  • Cigarette tax: 16% tax increase on certain sizes.
  • The budget deficit target for this fiscal year will be 5.9% of GDP.
  • Total gross borrowing in the market is estimated at Rs 15.43 lakh crore.
  • Farm Credit Target: Hike from Rs 18 lakh crore to Rs 20 lakh crore.
  • National Health Mission: Allowance at Rs 36,785 crore vs. Rs 37,160 crore.
  • Smart Cities Mission: Allocation at Rs 16,000 crore vs. Rs 14,100 crore.
  • MGNREGS: Allocation at Rs 60,000 crore vs. Rs 73,000 crore in FY23 BE
  • PM Awas Yojana: Spending at Rs 79,000 crore. Up to 66%.
  • Capital investment expenditure: increase by 33% to reach Rs 10 lakh crore, which will represent 3.3% of GDP.
  • Effective Capex maintained at Rs 13.7 lakh crore, which will represent 4.5% of GDP.
  • Rail expenditure is maintained at Rs 2.40 lakh crore, 9 times higher than FY14.
  • Ease of doing Biz Push: 39,000 reduced compliances. 3,000 legal provisions decriminalised.
  • Infra: the government will set up 50 additional airports, heliports and aerodromes.
  • Artificial intelligence: 3 centers of excellence will be set up in the best institutes
  • Cooperative Mapping: Government to Spend Rs 2,516,000,000 for National Cooperative Database
  • Investment in energy transition: Expenditure of Rs 35,000 crore.

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