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Budget Updates – 2022

Update on Budget 2022 –

  • FM Housing projects allotted Rs 48,000 crore for FY23 under the PM Housing scheme. Rs 60,000 Cr allocated to cover 3.8 crore households for tap-water.
  • ⦁ Chemical-free natural farming is to be promoted throughout the country. FY22 farm procurement value to be ₹2.37 lakh crore. To implement the scheme to lower dependence on oilseed imports.
  • ⦁ Rs 1,500 Cr to be allotted for development initiatives for northeast in FY23.
  • ⦁ Required spectrum auction for 5G rollout to be conducted in FY22-23. Contracts for laying optical fibers via PPP mode will be awarded in FY23.
  • ⦁ 68% of capital procurement budget to be earmarked for domestic Defence Industry. To set up an umbrella body for Defence Equipment Certification.
  • ⦁ Additional allocation of Rs 19,500 crore for PLI in solar Photovoltaic module manufacturing, says FM.
  • ⦁ Capital goods stocks FY23 Capex target at Rs 7.50 lakh crore from Rs. 5.5 lakh crore in FY22.
  • ⦁ BUDGET 2022: CRYPTO: INDIA FIN MIN SAYS TO LAUNCH CENTRAL BANK DIGITAL RUPEE CURRENCY.
  • ⦁ 68% of defense Capex to be kept for domestic cos. Defense R&D will be opened up for industry startups, says FM.
  • ⦁ Slab raised from 10% to 14% for contribution to NPS by employers.
  • ⦁ Crypto transactions are to be taxed at 30% without any deductions.
  • ⦁ LTCG surcharge capped at 15% for unlisted assets (earlier it was graded) – this is enormous for HNIs.
  • ⦁ Customs duty on Steel Scrap extended by one year.
  • ⦁ Duty On Unpolished diamonds Is Reduced To 5% Duty Reduced on Selective Chemicals specially used in Petchem Customs Duty On Umbrellas Increased To 20% Customs Duty On Steel Scrap Extended For 1 Year.
  • ⦁ Customs duty on methanol and acetic acid reduced Positive for Balaji amines, alkylamine (methanol is a raw material) Negative for Acetic acid producer- GNFC.
Category: Indian Economy

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