New Delhi, Business Desk. Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that India’s economic growth in the current year is estimated at 9.2%, which is the highest among all major economies. Along with this, the Finance Minister made special announcements for the tax payer.
Will get two years to rectify the mistake in the return
He said in the budget speech that taxpayers will be able to file updated returns for two years from the assessment year if the mistake is detected. Taxpayers can now file returns within 2 years to provide an opportunity to rectify any mistake. Taxpayers can now file returns within 2 years to provide an opportunity to rectify an error. Not only this, the Finance Minister announced that tax deduction will be allowed on the contribution of up to 14% in respect of state government employees in the National Pension System.
2.37 lakh crore rupees will go to farmers’ account
He told in the budget speech that the estimated procurement of wheat in Rabi 2021-22 and paddy in Kharif 2021-22 would include 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers. MSP of about Rs. Direct payment of 2.37 lakh crore will be done in their accounts. He said that Rs 60,000 crore has been allocated for providing drinking water connections to 3.8 crore households in 2022-23.
5g network debut
He made a big announcement to promote 5G network in India. He said that a robust 5G ecosystem will be part of the Production Linked Incentive (PLI) scheme. The auction of its spectrum will be conducted in 2022 to enable the roll-out of 5G mobile services by private telecom providers in 2022-23. Not only this, 75 digital banking units will be set up by banks in 75 districts. 100% of the 1.5 lakh post offices will come under the core banking system in 2022.
Emphasis on reducing fiscal deficit
Nirmala Sitharaman said that India has set a target of reducing the projected fiscal deficit from 6.9 per cent of GDP in the current fiscal to 6.4 per cent in 2022-23. The revised fiscal deficit for the current year is estimated at 6.9 per cent of GDP, while it has been estimated at 6.8 per cent in the Budget Estimates.
New system for closing companies
He said that a complete paperless end-to-end online e-bill system would be launched by all the Central Ministries for use for their purchases. Not only this, it will be able to do digital bill transfer and track claims from anywhere. The ‘Centre for Processing Accelerated Corporate Exit’ will be set up.
To become a Center of Excellence
The FM said that with its formation, the time taken for winding up companies will come down from 2 years to 6 months. ‘One Nation One Registration’ software will be promoted with the adoption of National Generic Document Registration System. States will be encouraged to adopt unique land parcel identification numbers to facilitate IT based management of land records. ‘Battery swap policy’ will be introduced and standards will be prepared. Five existing educational institutions will be designated as ‘Centres of Excellence’.
e-portal for skill enhancement
To enable the MSME sector to become more efficient, resilient and competitive, he said. The National Skills Qualification Framework will be aligned with the needs of the dynamic industry. E-portal will be launched for promotion of skills. PM eVidya’s One Class One Television TV channel program will be expanded from 12 to 200 TV channels. To enable all states to provide supplementary education in regional languages to children of classes 1-12.
5 rivers will be connected
The FM said that the draft DPRs for 5 rivers connecting Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-Krishna, Krishna-Pennar and Pennar-Cauvery have been finalised. The Center will provide assistance for implementation after a consensus is reached among the beneficiary states. Digital University will be set up to provide access to students across the country with personalized learning. The university will be built on a network hub and spoke model in collaboration with the best universities. An open platform will be launched for the National Digital Health Ecosystem.
TV channel program extension
He informed that PM-E Vidya’s ‘One Class One TV Channel’ program will be expanded from 12 to 200 TV channels so that all states can provide supplementary education in regional languages for classes 1-12th. National tele mental health program will be launched. The Prime Minister’s development initiative for the Northeast will be implemented through the North Eastern Council.
62 lakh will get drinking water
During the budget speech in Parliament, he said that the Ken Betwa linking project is to be implemented at an estimated cost of Rs 44,605 crore. In this, 9.0 lakh hectares of agricultural land will get the benefit of irrigation. 62 lakh people will get drinking water. 103 MW of hydroelectricity will be generated. There will be 27 MW solar power generation. For this, Rs 1,400 crore has been allocated in 2022-23.
Vande Bharat Express will increase
The FM said that the National Ropeway Development Program will be taken up in PPP mode. This aims to improve connectivity along with promoting tourism. In 2022-23 8 ropeway projects for 60 km will be constructed. He said that 400 new generation Vande Bharat trains with better energy efficiency and passenger ride experience will be manufactured during the next 3 years. During the next 3 years, 100 PM Gati Shakti Cargo Terminals will be developed.
More loans to MSMEs
The FM said the emergency credit line guarantee, which provided additional credit to MSMEs, has been extended till March 23. The guarantee cover will be increased from Rs 50,000 crore to Rs 5 lakh crore. The Finance Minister said that enterprise, e-shram, National Career Service (NCS), Aseem portals will be interlinked. Its objective is to formalize the economy and create job opportunities for all.
Additional credit of Rs 2 lakh crore
He informed that the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) will be revamped with necessary funds. Rs 2 lakh crore credit will be provided for micro and small enterprises and employment opportunities will be expanded.
Work will be done fast on self-reliant India
FM said that the Production Linked Incentive (PLI) scheme to accelerate #AatmaNirbharBharat has received a better response. It has a potential of 60 lakh new jobs and additional generation of 30 lakh crores during the next five years. The strategic transfer of Air India towards implementation of the new Public Sector Enterprises (PSE) policy has been completed.
LIC’s IPO coming soon
He informed that the Strategic Partner for Nilanchal Ispat Nigam has been selected, Public issue of LIC is expected soon, others are in process for 2022-23. National Bank for Infrastructure Development, National Asset Reconstruction Company has started activities. Budget 2021 had provided a sharp increase in the provision of public investment.
strengthening health infrastructure
FM Nirmala Sitharaman said that strengthening health infrastructure, speedy immunization program and pragmatic approach is being adopted in the current wave of COVID19 pandemic across the country.
focus on macroeconomic growth
The Finance Minister said that during the Amrit period, our government aims to achieve the vision set for India @ 100. We will achieve this through Macroeconomic Growth Focus + Microeconomic Welfare Focus. Budget2022 wants to lay the foundation for running the economy for the next 25 years.
