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Budget 2022: Key Takeaways

  • Posted By Amritesh
  • On February 8th, 2022
  • Comments: 80 responses

Budget 2022 was presented on 01st February, 2022 (Tuesday) by the honorable Finance Minister. Even though the budget did not bring any relief to the salaried citizens of the country. However, the Budget has focused on economic reforms. The Budget has projected a favorable growth environment for the corporates as well as job creation for the young population. The major announcement came in fintech space. The launch of digital currency with the aid of blockchain technology will be an interesting development in the next Financial Year. Focus of the Budget 2022 is on economic acceleration, infrastructural development and digitization. The long-term growth has been given priority in the current budget.

Budget 2022: Key Takeaways

#The GDP growth estimated for the FY 2022 is 9.2% which is the highest among the leading economies of the world. The GDP expansion for FY 2023 is projected at 8%-8.5%.

#Fiscal deficit is pegged at 6.9% in FY 2022 in comparison to 9.3% in 2021; the estimation is put at 6.4% in FY 2023. Target is set to bring the fiscal deficit below 4.5% by FY 2026.

#Impetus on growth of Fintech and Digital Economy to expand the reach of services and benefits.

Investment in Cryptocurrency: Bitcoins & Altcoins

#Core Banking Services (CBS) to start in Post Offices. About 1.5 lac Post Offices to be integrated with CBS to make banking facility available even at remotest of locations.

#Schedule Commercial Banks to introduce 75 new digital banking setups in the 75 districts across the country.

#Government prepares RBI to launch Digital Rupee using blockchain technology along with other technology in Financial Year 2022-23.

#Gains from Virtual Digital Assets to be taxed at 30% with deduction allowed only for the acquisition. Set Off and Carry Forward of losses not available on transactions related to Virtual Digital Assets. Tax Deducted at Source (TDS) to be levied at 1% on transfer of virtual digital assets.

#Production Linked Incentive (PLI) Schemes in 14 key sectors to support Aatmanirbhar Bharat and create 6 million new jobs in the next 5 years, additional allocation of Rs 19500 crore for PLI in solar PV module manufacturing.

#Insolvency and Bankruptcy Code (IBC) amended to enhance resolution process, including cross border insolvency. Establish mechanism to reduce the process of voluntary winding up of companies to six months.

#Prime Minister Gati Shakti master plan to imbibe 7 engine model; roads, railways, airport, ports, mass transport, waterways and logistics, for multi modal connectivity. Target of constructing 25,000 kms of National Highway in the FY 2022-23.

#Public Private Partnership (PPP) mode contracts for “multi-modal logistics” park at 4 locations to be awarded in FY 2022-23.

#Emergency Credit Line Guarantee Scheme (ECGLS) to be extended up to March, 2023. The scheme has touched 13 million MSMEs till date and cover has been extended by another Rs 50,000 crore.

#Digital Health Ecosystem portal to be rolled out. It will be unique database which will be facilitate access to comprehensive health facilities.

Health Insurance: Tax Benefits

#National tele-mental health programme to be launched.

#E-passports issuance to be introduced in the Financial Year 2022-23.

#Defence’s 68% of the budget reserved for procurement from the domestic industry.

#80 lacs household to be identified in FY 2022-23 for affordable household scheme under “PM Awas Yojana”, Rs 48000 crores allocated for the same.

#Special Economic Zone (SEZ) Act will give way to a new legislation enabling States partnership in development of enterprise and service hubs, focus on optimal utilization of resources and being competitive.

#Concessional duty on import of capital goods to be phased out in favour of domestic capital goods sector.

#New Provision introduced to allow taxpayers to include omitted income and update the past returns along with additional payments. The return may be updated within two years from the last date of relevant assessment year.

#Tax Incentive for startups extended by one more year. Startups incorporated under Section 80-IAC will enjoy the tax benefits up to 31st March, 2023.

#Corporate Surcharge slashed to 7% from existing 12% in FY 2022-23.

#Alternate Minimum Tax (AMT) for Co-operative Societies reduced from existing 18.5% to 15%.

#Under National Pension Scheme (NPS), State Government employees brought at par with Central Government Employees as employers’ contribution to NPS Tier-1 increased from 10% to 14% along with tax deductions on such contribution.

National Pension Scheme (NPS): Retirement Benefit Plan

#Surcharge on long term capital gains arising on transfer of capital asset capped at 15%.

#Special Economic Zone (SEZ) Act will give way to a new legislation enabling States partnership in development of enterprise and service hubs, focus on optimal utilization of resources and being competitive.

#Duty on unpolished diamonds to be slashed by 5%.

Outlook

Budget 2022 has focused on reforms instead of populism. Infrastructural development, Job creation, impetus to domestic industry is evident from the presentation.  Emphasis is on attracting investments from private enterprises which will propel economic growth along with creation of jobs for the youth. The “Amrut kaal” budget aimed at laying foundation for the coming 25 years.

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Chandra Hockensmith

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Shana Pride

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Regan Rosser

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Bernie Kelsall

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Gabriella MacMahon

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Issac Nellis

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Christena Sikora

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Norine Cheesman

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Hugh Prieur

Future studies should investigate the minimum level of ketosis required to achieve appetite suppression during ketogenic weight loss diets, as this could enable inclusion of a greater variety of healthy carbohydrate-containing foods into the diet. The first category of foods includes high-protein and low or no-carb foods that you can eat almost to an unlimited amount. If you are following a strict paleo diet, you should avoid the following foods. We started Sam on L.G.I.T., moved to MAD and are now at keto. From well over 100 seizures a day, Sam now typically has fewer than 6. Keto got us most of the way there, but not all the way. The diet cut his seizures to roughly 30 a day, and two drugs, added separately to make sure we were changing only one variable at a time, did the rest. I followed the recipe, plus added chicken and made it a complete meal. For this reason, we always recommend eating at home and stick to a ketogenic diet meal plan whenever you can. 1 The Boden Institute of Obesity, Nutrition, Exercise and Eating Disorders, Sydney Medical School, The University of Sydney, Camperdown, NSW, Australia.

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Lucio Weaver

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Elizabet Hendrix

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Wilton Bumgarner

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Stephania Macdonell

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Gabrielle Eaves

Throughout her career, Renée has worked with clients who trust her and demand the utmost in skincare. For paid media or what I call marketing, unfortunately, I learned by hiring the wrong people who were unreliable and lied to me about their marketing experience and skills. The brand has managed to rank higher in the skincare regime of women who are skin conscious. Conceptualised in 2017 by Chaitanya Nallan (CEO), Veerendra Shivhare (CTO), and Sangram Simha (CMO), SkinKraft leverages data to provide a customised skincare regime for Indian women. It would use the funds to improve the overall infrastructure and artificial intelligence-driven data technology of SkinKraft, and its customised Ayurvedic beauty care regimen – Vedix. To start you off in the right direction, we’re sharing our seven best teenage skin care tips along with skin care product recommendations. We also product tested top-rated dark spot correctors, and compiled these research insights to help inform this roundup.

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Benedict Houchens

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