Highlights of union budget 2022
“Live as if you were to die tomorrow and Learn as if you were to live forever.”
-Mahatma Gandhi
From an era of ancient rooted budget culture to the era of modernization of 21st century, the urgent need of budget formulation expands for spurring the growth for 9.27% Cr with the aim of achieving $5 trillion economy, the new highlights encroached as a booster for COVID crisis economy prevailing in India. Even the crisis of Wuhan virus didn’t assimilate fuel and spirit of growing technology.
“Where the mind is without fear and the head is held high. Where the knowledge is free and the world has not been broken into fragments by narrow domestic walls. Where the words come out from the depth of the truth. Where the mind is led forward by the ever widening thought and action- into that heaven of freedom, my father, let my country awake.”
- Rabindranath Tagore
On the verge of AmritKal, the 25 year long lead up to India@100, the budget which encompasses the growth opportunities with four keys-
PM Gati shakti
Finance sector
Climate actions and changes
Energy transitions
Digital assets are welcomed into Indian Economy instead of debarring it, as on last year, they’re taxed @30%. FM Nirmala Sitharaman proposed to provide for any income from the transfer of virtual Digital assets shall be taxed like crypto currencies, NFTS.
Digital rupee is widely seen to be welcomed in India soon starting 2022-23. With the welcoming of central bank digital currency, it would proved to be a holistic booster for cheaper and efficient currency management system. Indian rupee on an Indian block chain will be observed soon.
Mega connectivity push, 20000 Crore More than $2 billion, i.e. PM Gati Shakti plan which encompasses faster transfer of goods via airport railways roads ports traumas transport waterways logistic infrastructure.
On the coming years, India plans to build 400 new trains and 100 cargo terminals. India plans to invest $100 billion in infrastructure, i.e. 35% more than 2021 and double of what India spends on before pandemic.
Make in India is getting a boost in defence, where there is marginal increase in allocation of budget, i.e. 5.25 Lac crore rupees, i.e. more than $ 60 billion, i.e. Increase in 5% of the budget as compared to that of the next year.
E- passports for Indians would be issued soon. With a small silicon chip embedded on the back of the passport which will contain all vital information of the individuals like name, passport number and details of yours last 30 visit.
A large chunk of investments are upgraded with the coming of 5G technology by the next year with the name of being a hub of 5G manufacturer, there is also a vision of bringing connectivity in villages. The government is going to make contracts to lay optical wire cables around the country. Digital education is getting its peak with the establishments of digital university which creates the scope for world class digital education.
Further, the expansions of E-Vidya channels from 12 to 200 to inculcate the knowledge to each and all in every regional languages.
Mental health was a striking topic of budget amid exhaustion of time and health due to Wuhan virus pandemic across the world. The initiative of tele-mental program bridges the gap of exhaustion to a brightening and rejuvenation.
Last but not the least I would like to conclude with “budget today” discussions with the quote below-
“Righteousness is the foundation stone of peace and good
governance”
- Confucius
References:-
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