• Capital expenditure is being stepped up to Rs 7.5 lakh crore (up by 35.4%). FY23 effective capex seen at Rs 10.7 lakh crore.
  • Fiscal Deficit target set at 6.4% for FY23. FY23 total expenditure seen at Rs 39.45 lakh crore. Total Receipts other than borrowing seen at Rs 22.84 lakh crore.
  • 50-year interest free loans over and above normal borrowing allocated to states.
  • PLI schemes to be extended to 14 sectors with potential to create 60 lakh new jobs.
  • Ken Betwa river linking project worth Rs 44,605 crore. 
  • The National Highway network will be expanded by 25,000 kms in 2022-23.
  • A national tele mental health programme will be launched.
  • Four multi-modal national parks contracts will be awarded in FY23.
  • 400 New-generation Vande Bharat trains to be developed and manufactured in next 3 years.
  • 100 cargo terminals planned in 3 years.
  • Emergency credit line guarantee scheme (ECLGS) to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore. Additional amount has been earmarked for hospitality sector.
  • Promotion of Chemical-free natural farming. Kisan drones will be promoted for crop assessment, digitization of land records, spraying of insect pesticides.
  • Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers.
  • Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform. This will help in efficient movement of goods, reduce costs, and eliminate tedious documentation.
  • E-passports will be introduced to enhance the easein overseas travel.
  • A digital ecosystem for skilling and livelihood will be launched to help citizens skill, reskill, upskill through online training.
  • An open platform for the national digital health ecosystem will be rolled out.
  • Syllabus revision of agricultural universities to be encouraged to meet the needs of natural, zero-budget & organic farming, modern-day agriculture.
  • PM eVIDYA One class, one TV channelprogram will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.
  • Udyam, e-shram, NCS & Aseem portals will be inter-linked, their scope will be widened. 
  • A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture & rural enterprises for farm produce value chain.
  • Post offices will be integrated with the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts. This will be helpful especially for farmers and senior citizens in rural areas, enabling inter-operability, and financial inclusion.
  • A high-level committee for urban planners and economists to be formed for recommendations on urban capacity building, planning implementation, and governance.
  • Rs 48, 000 crore allotted for PM Awas Yojana.
  • 60,000 crores allocated for providing access to tap water to 3.8 crore households.
  • 5G Spectrum auction will be conducted in 2022 for the rollout of 5G mobile services by private telecom providers.
  • Scheme for design led manufacturing to be launched for 5G ecosystem as part of PLI scheme to enable affordable broadband and mobile communication in rural and remote areas.
  • 25% of defense R&D budget will be utilized to open defense R&D for industry, start-ups and academia. Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with DRDO and other organizations through SPV model.
  • 68% of capital procurement budget in defence will be earmarked for domestic industry in 2022-23.
  • Contracts to be awarded under BharatNet project under PPP for laying optical fibre in villages in 2022-23.
  • With the aim to improve connectivity, besides promoting Tourism, National Ropeways Development Programme to be taken up in PPP mode.
  • Sovereign green bonds will be introduced. TheFunds will be deployed in public sector projectsthat will help reduce carbon intensity of the economy.
  • RBI to launch Digital rupee, using blockchain technology in 2023 for efficient and cheaper currency management system.
  • The period of incorporation has been extended for eligible start-ups by 1 more year for providing tax incentives.
  • Updated return on payment of taxes can be filed by taxpayers within two years from the end of relevant assessment year.
  • Alternate Minimum Tax rate for cooperative societies to be cut to 15% and surcharge to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.
  • Tax deduction limit for employers’ contribution to NPS account for state govt employees increased to 14%. Tax relief to persons with disability has been enhanced.
  • Income from digital asset transfers will be taxed at 30%. No deductions will be allowed while computing income barring cost of acquisition. Any Loss arising from transfer cannot be set off from any other income. TDS of 1% on payment made for transfer. Gifting of cryptocurrencies will be taxed at the receiver’s end.
  • Concessional rates in capital goods and project imports will be phased out gradually with a moderate tariff of 7.5%. Customs administration to be fully IT driven in SEZs.
  • Customs duty rates will be calibrated to provide a graded rate structure to facilitate domestic electronics manufacturing. There will be Rationalisation of exemptions on implements and tools for Agri sector manufactured in India. 
  • Customs duty exemption to steel scrap will be extended for another year. Duty on certain inputs required for shrimp aquaculture will be reduced.
  • Additional differential excise duty shall be applicable at 2 rupees per litre from October 2022 for Unblended fuel.
  • Any Surcharge or Cess on Income and Profits will no longer be allowable as business expenditure.

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Nischay Avichal

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