Budget in One Page (2022-23)

The first part of the budget 2022 highlighted the promotion of PM Gati Shakti which is a masterplan to develop the infrastructure, logistics and communication of the country. A peculiar observation from the budget was the constant inclusion of sustainability in every sector. The budget 2022 speech was thus found highlighting the inseparable relationship between development and environment going forward.

FM Sitharaman said that India has entered its Amrit Kaal that is the period upto India’s 100^th Independence Day. The government finds it important to address the mental health effects of the Pandemic on the people and hence has planned to launch the ‘National Tele Mental Health Programme’. Quality mental health counselling and services will be provided. Sustainable and technology driven education will include upgradation of two lakh Anganwadis. The basic human need of water is being provided by the Government through Har ghar nal se jal scheme. 3.8 crore new water connections will be provided during this year under it. The second basic need of housing has been allocated 48 thousand crore rupees under PM Awas yojana in urban as well as rural areas.

The incredible North-East India will get a devine scheme by the name PM-DevINE meaning  Prime Ministers Development Initiative for the North East region. Aspirational Districts program has witnessed less development of certain blocks and hence a focussed block level implementation program will be launched. A vibrant villages program will be launched to make this smallest unit a self sufficient one. The border and north eastern villages will be covered under this. Financial inclusion will be promoted through interoperability between Post office savings account and the savings accounts in Banks.

To further ensure Ease of Doing Business, 25,000 compliances were reduced and 1486 Union Laws were repealed. Centralized Processing Centre-Green (CPC-Green) will be launched for Green Clearances through four approvals through single form. Technology development in Passport system will be seen through introduction of E-passport with embedded chip. A high-level committee of reputed urban planners, urban economists and institutions will be formed to make recommendations on urban sector policies, capacity building, planning, implementation and governance. To enhance support to the states for laws coming under their purview, modernization of building byelaws, Town Planning Schemes (TPS) will be implemented. Urbanisation will be supported by use of clean energy, battery swapping policy, involvement of private sector in sustainable services.

The registration of Deeds and Documents will be done through National Generic Document Registration System (NGDRS). Entry and Exit system for the Company should both be easier, hence a Centre for Processing Accelerated Corporate Exit (C-PACE) will be established. The animation, visual effects, gaming, and comic (AVGC) sector promotion task force will be set-up. 2022 will see auction of 5G spectrum for providing high speed internet services to the nation.

Allocation of 19,500 crores has been earmarked for the Solar Power generation along with high efficiency modules in the country. Agro and Private forestry will be developed. Sovereign Green Bonds will be issued for mobilizing resources for green infrastructure. An International Arbitration Centre will be set up in the GIFT City. GIFT city is a land between the commercial capital of the State, Ahmedabad, and the Administrative Capital of the State, Gandhinagar. Fifty-year interest free loans over and above the normal borrowings allowed to the states will be provided. The FM stated while quoting a verse from Mahabharat made it clear that it was the duty of the king to collect taxes for the welfare of the populace. A scheme for updated return will be introduced to promote voluntary compliance of missed returns. Alternate minimum tax and surcharge for Co-operative societies will be reduced to enhance their income. Virtual digital assets will be taxed at 30%. The GST collection has reached a peak from its launch at a collection of Rs. One Lakh Forty Thousand Nine Hundred and Eighty-Six Crores. The government underlines this budget 2022 to promote sustainable growth for India @ 100.