Author name: admin

Prime Minister Narendra Modi on Wednesday (February 2, 2022) addressed Bharatiya Janata Party (BJP) workers across the country virtually. PM Modi’s address comes a day after the Union Budget is tabled in Parliament by Union Finance Minister Nirmala Sitharaman. During the address, PM Modi said, “Union Finance Minister Nirmala Sitharaman comprehensively explained the Budget in a timely manner given its vastness. I will also try to focus on important aspects of the Budget, today.” The focus of the Union Budget is on providing basic amenities to the poor, middle class and youth, Prime Minister said. “This Budget focuses on the poor, middle class and youth and aims to provide them basic necessities. Our Govt is working on the saturation of basic facilities,” PM Modi said. In his address on ‘Aatmanirbhar Arthvyavastha’ at a BJP event, he said that post-Covid, the possibility of a new world order is emerging and the initial indicators of it are already visible. “There is a possibility of a new world order post-COVID pandemic. Today, the world’s perspective of looking at India has changed a lot. Now, the world wants to see a stronger India,” PM Modi. “With the world’s changed perspective towards India, it is imperative for us to take the country forward at a rapid pace by strengthening our economy,” the prime minister added. Additionally, PM Modi also stated that the budget has several steps to take India on the road towards modernization. “In the last 7 years, the decisions taken are continuously enlarging the Indian economy. 7-8 years ago, India’s GDP was Rs 1.10 lakh cr. Today, our GDP is nearly Rs 2.3 lakh crore. In 2013-14, India’s exports stood at Rs 2.85 lakh crore. Today, it has achieved Rs 4.7 lakh crore,” PM Modi explained. The prime minister also revealed that the government is focused on modernizing Indian agriculture. “The budget also focused on modernizing Indian agriculture with a focus on organic farming. This will make farming more lucrative. Kisan drones and other machinery will be made available to the farmers at reasonable prices,” said PM Modi. “The budget also focused on the development of villages at the border. NCC Centres will be brought in at schools situated at the border,” PM added. Source: ANI

Union Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 in Parliament. Following are the key highlights of the annual budget: Total expenditure in 2022-23 estimated at Rs 39.45 lakh crore. Total receipts other than borrowings in 2022-23 estimated at Rs 22.84 lakh crore Fiscal deficit in the current financial year is estimated to rise to 6.9 per cent of GDP against 6.8 per cent in Budget Estimates. For 2022-23 financial year the fiscal deficit is pegged at 6.4 per cent of GDP. A target set to reduce fiscal deficit to 4.5 per cent of GDP by 2025-26. Allocation of Rs 1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest-free loans, over and above normal borrowings In 2022-23, States will be allowed a fiscal deficit of 4 per cent of GSDP, of which 0.5 per cent will be tied to power sector reforms. On the Direct Tax side, the budget allows taxpayers to file updated income tax return within 2 years for correcting errors. It also provides tax relief to persons with disability. Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent. Surcharge on cooperative societies reduced from 12 per cent to 7 per cent for those having a total income of more than Rs 1 crore and up to Rs 10 crore. Tax relief to persons with disability: Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardian attaining the age of 60 years. Parity in National Pension Scheme Contribution: Tax deduction limit increased from 10 per cent to 14 per cent on employer’s contribution to the NPS account of State Government employees. Gems and Jewellery: Customs duty on cut and polished diamonds and gemstones being reduced to 5 per cent; Nil customs duty to simply sawn diamond – To give a boost to the Gems and Jewellery sector. A simplified regulatory framework to be implemented by June this year – To facilitate export of jewellery through e-commerce. Tariff measure to encourage blending of fuel: Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from October 1, 2022. – to encourage blending of fuel. A Digital University will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats. The Government proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23 for more efficient and cheaper currency management system. Indian economy is projected to grow at 9.2 per cent in 2021-22. This will be the highest among all large economies in the world. Productivity Linked Incentive (PLI) scheme in 14 sectors to create 60 lakh jobs. PLI schemes have the potential to create an additional production of Rs 30 lakh crore. Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities: PM GatiShakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action and Financing of investments. The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure. The scope of PM GatiShakti National Master Plan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency. National Highways Network to be expanded by 25000 kms in 2022-23. Rs 20000 crore to be mobilised for National Highways Network expansion in 2022-23. Contracts to be awarded through PPP mode in 2022-23 for implementation of Multimodal Logistics Parks at four locations. Railways: 2000 kms of railway network to be brought under Kavach, the indigenous world class technology and capacity augmentation in 2022-23. 400 new generation Vande Bharat Trains to be manufactured during the next three years. 100 PM GatiShakti Cargo terminals for multimodal logistics to be developed during the next three years. One Station One Product concept to help local businesses & supply chains. Agriculture: Rs 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy. Chemical-free Natural farming to be promoted throughout the county. Initial focus is on farmer’s lands in 5 kms wide corridors along river Ganga. NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise. ‘Kisan Drones’ for crop assessment, digitisation of land records, spraying of insecticides and nutrients. Ken Betwa project: 1400 crore outlay for implementation of the Ken – Betwa link project. 9.08 lakh hectares of farmers’ lands to receive irrigation benefits by Ken-Betwa link project. MSMEs: Udyam, e-shram, NCS and ASEEM portals to be interlinked. 130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS). ECLGS to be extended up to March 2023. Guarantee cover under ECLGS to be expanded by Rs 50000 crore to total cover of Rs 5 Lakh crore. Rs 2 lakh Crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE). Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 crore to be rolled out. Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training. Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS). Health: An open platform for National Digital Health Ecosystem to be rolled out. ‘National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched. A network of 23 tele-mental health centres of excellence will be set up, with NIMHANS being the nodal centre and International Institute of Information Technology-Bangalore (IIITB) providing technology support. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal. Housing for All: Rs 48,000 crore allocated for completion of 80 lakh houses in

Budget Session 2022 Latest News: President Ram Nath Kovind lauded the country’s efforts against the novel COVID-19 spread. In addition, while presiding on the parliamentary Budget Session, he said, “India’s capability to fight COVID-19 was evident in its vaccination program. In less than a year, we made a record of administering over 150 crore doses of vaccine. Today, we’re one of the leading nations in the world when it comes to the number of doses given.” The country’s Prime Minister Narendra Modi also addressed the parliamentary budget sessions and welcomed all legislators to the session saying that it is the right opportunity to showcase India’s economic growth to the world. He said, “In today’s global situation, there are a lot of opportunities for India. This session instils confidence in the world regarding the country’s economic progress, vaccination program, and Made in India vaccines.” The Budget Session is set to conclude on April 8, 2022 while the first part of the session will run till February 11, 2022. There’ll be a break from February 12 to March 13 as the standing committee examines the budgetary allocations. Source: The news has been published by The Indian Express with a few inputs from the ArdorComm News Network Team.