Key Highlights of Union Budget 2022-2023

Corporate Salahkar & Associate | Last updated: 05 February 2022

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Quick Summary

The Union Budget 2022-23, presented by Finance Minister Nirmala Sitharaman, introduced several key initiatives aimed at boosting India's economy. Notable announcements include an extension and increase of the Emergency Credit Line Guarantee Scheme (ELCGS) for the hospitality sector, the introduction of a digital rupee by the RBI, and new tax regulations for virtual digital assets. The budget also focuses on infrastructure development, manufacturing, and skilling programs, with significant allocations for housing, transportation, and green initiatives.

Following are the key highlights of Union Budget 2022-23 as announced by Honble Finance Minister Smt. Nirmala Sitharaman during her 4th Budget session on 1st February 2022 TheEmergency Credit Line Guarantee Scheme(ELCGS) has been extended in this budget and increased to a total cover of Rs

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FAQ :

The ELCGS has been extended and its total cover increased to Rs. 5 Lakh crore, specifically benefiting the hospitality sector and the revamp of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

Income from virtual digital assets, including gifts, will be taxed at 30% without deductions or set-off of losses, except for the cost of acquisition. Losses from VDA cannot be set off against other income or carried forward.

The Reserve Bank of India is set to introduce a digital rupee using blockchain and other technologies to enhance the digital economy and improve currency management.

The budget outlines the construction of 80 Lakh houses by 2023, development of urban areas through mega cities, and a Rs. 7.50 Lakh crore capital expenditure outlay, a 35.4% increase from the previous year. This includes 100 Gati Shakti terminals and 400 new Vande Bharat trains over three years.

The budget earmarks 68% of the capital procurement budget for the domestic industry in the armed forces for 2022-23, up from 58% last year. There's also an allocation of Rs. 19,500 crore for manufacturing high-efficiency solar modules.

A digital university will be developed to offer world-class education, and the 'One Class One TV Channel' initiative will be expanded from 12 to 200 channels to provide supplementary education in regional languages for classes 1-12.