India’s Union Budget 2022: Highlights and Updates

India’s Union Budget 2022 was presented by the Finance Minister, Nirmala Sitharaman, in the Indian Parliament at IST 11:00 AM

India’s Union Budget 2022: Highlights and Updates

India’s Union Budget 2022: Highlights and Updates

Finance Minister, Nirmala Sitharaman, presented India’s Union Budget 2022 in the Indian Parliament at 11:00 AM (IST). Analysts stated that the finance minister would have to strike a delicate balance whilst maintaining the momentum between the citizens’ expectations and the government’s implementation tactics. The balance is, in turn, expected to revolutionise economic recovery and tax collections. Parallelly, the Union Budget will create jobs for the multitudes and tackle inflation as India deals with the prevalent Omicron wave.

Good newsflash before the Union Budget 2022

Goods and Services Tax (GST) collection in India crossed INR 1.38 lakh crore in January 2022, a growth of 15% compared to last year. The overall number of GSTR-3B returns assessed up to January 30, 2022, is INR 1.05 crore, encompassing INR 36 lakhs quarterly returns, the Finance Ministry stated. January 2022 is the fourth straight month when the GST collections crossed INR 1.30 lakh crores.

Export enhancement

There was something to be grateful about before the announcement of the Union Budget. India’s goods exports accomplished a record high of USD 393 billion after rotting in the USD 250-330 billion annual range for ten years. A solid recovery in global goods trade assisted, of course. However, India’s global share of exports also surged to an unsurpassed high. In the previous quarter, it likely went beyond 2%. Higher commodity rates delivered, which could also inverse trends in numerous large industries, seemed sustainable.

A swiftly growing major economy

According to IMF’s latest World Economic Outlook prognoses, India’s real GDP is estimated to advance at 9% in 2021-22 and 2022-23. Furthermore, it is estimated that the GDP is projected to grow at 7.1% in 2023-24, making India the fastest-growing economy globally for all 36 months.

Macroeconomic stability pointers suggest that the Indian economy is well placed to take on the tests and trials of 2022-23.

The Indian Job Market

The unemployment rate dilapidated to 7.9% in December 2021 from 7% as the Omicron wave of COVID19 led to weekend and night curfews across the country.

The Union Budget 2022

Top Cabinet Ministers advanced towards the Parliament to attend the Union Budget presentation. Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrived at the Parliament for the union cabinet meeting ahead of the Union Budget’s presentation at IST 11:00 AM.

Here are some of the highlights of the Indian Union Budget 2022 as discoursed by Finance Minister Nirmala Sitharaman.

Indian Union Budget 2022 – Deficit and Expenditure

Indian Union Budget 2022 – Taxation

Indian Union Budget 2022 – Finance

Indian Union Budget 2022 – Digital Currency

Indian Union Budget 2022 – Defence

The Government of India is committed to inhibiting defence imports.

Indian Union Budget 2022 – Infrastructure

Indian Union Budget 2022 – Agriculture

“Chemical-free natural farming is a big announcement for exports as well as the health of the nation.”

  • Rajat Wahi, partner, Deloitte India

Indian Union Budget 2022 – Chemical Free Farming

Indian Union Budget 2022 – Transport

Indian Union Budget 2022 – International arbitration centre at GIFT City

To hasten dispute tenacity, Finance Minister Nirmala Sitharaman declared the establishment of an international arbitration centre at GIFT City.

Alongside the arbitration centre, the Government of India also anticipated the setting up of world-class foreign universities in GIFT City.

The university will facilitate the availability of a skilled workforce and be independent of any regulation.

Indian Union Budget 2022 – Taskforce for animation, visual effects, comic, and gaming promotion

A task force on animation, visual effects, comic, and gaming promotion is established to recommend ways to deliver to the markets and create an augmented global demand.

Indian Union Budget 2022 – Gemstones and Precious Stones

Import duty on polished and cut gemstones and diamonds inhibited to 5%.

Currently, the import duty on polished and cut gemstones and diamonds stand at 7%.

What did the Union Budget 2022 have for India’s electric vehicle manufacturers?

The government will bring a battery switching policy to augment electric vehicles in the nation in light of space restrictions for establishing charging stations.

The policy will birth a swifter rollout of battery switching hubs where electric vehicle users can refuel their electric vehicles by substituting drained batteries with charged ones.

This will also save time in charging the implanted electric vehicle batteries.

Currently, a handful of such options are available in the nation, and electric vehicle users have to devote hours to charge their electric vehicles at charging stations, specifically in cities.

Exit mobile version