What is Union Budget?

The Union Budget is the blueprint of the Government's revenue and expenditure for the upcoming
fiscal year
 What were the Buzz words of today?

● Amrit kal - India's run up to 100 years of independence

● PLI - Production Linked Incentives

● ppp - Public Private Partnerships

 What was the budget focused on?

● Capex - Capex target expanded by 35.4 per cent - from Rs 5.54 lakh crore to Rs 7.50 lakh
crore.

● They plan on spending on development of road infrastructure, Logistics cost reduction,

Public Transport development especially in Urban areas and Clean Energy development
 Agri Sector

● Farm procurement value for FY23 to be Rs 2.37 trillion

● Kisan Drones for crop assessment, land records, spraying of insecticides expected
to drive a wave of technology in agri sector.

● Natural farming will be promoted along Canga river corridor.

● Domestic scheme introduced to cut reliance on oilseed imports

 Telecom Sector

● Spectrum auction will be conducted in 2022 for the rollout of 5G

● 5% of USO Fund to be provided for R&D and technology upgradation

● Contracts for laying optical fibre in villages to be awarded under BharatNet project
under PPP in 2022-23
 Electric Vehicles Industry

● Battery swapping policy to allow EV charging stations for automobiles will be framed
● Private sector will be encouraged to create sustainable and innovative business models
for battery and energy as a service, improving the efficiency in the EV ecosystem
 Clean Energy

Energy transition and action on climate to be major ority for govt-

● The government would provide enhanced financial support for setting up of Distributed Renewable Energy
projects in border villages under a Vibrant Village Programme.

● Green Bonds

● Rs 19,500 cr additional allocation for PLI for manufacturing high efficiency solar modules has been made
 Ease of Building & living

● India to launch the next phase of Ease of Doing Business EODB 2.0 and Ease of
Living.

● 75,000 compliances have been eliminated and 1,486 union laws repealed to make it
easier for businesses.

● Special Economic Zones Act to be replaced with new legislation.

 Taxation

● Overall, marginal changes made to the general tax regime. It shows that the
government might have reached a stable tax regime.

● Surcharge on long-term capital gains capped at 15 per cent for listed as well as
unlisted stocks

● Tax deduction limit increased to 14% on employers contribution to NPS account of

state govt employees
 Virtual Digital Assets AKA Crypto Currency

● Crypto to be taxed by 30% for transfers.

● 1% TDS also to be levied upon transfers.

● Charges on gifting of digital assets to be bourne by the transferer.

● RBI plans to introduce government backed digital currency based on the

blockchain. This will play the role of digital rupee.
 Other highlights of the budget

● Customs duty concessions to be given to certain consumer electronic devices to

promote manufacturing across wearables, hearables and specific mobile phone
components.

● Task force for development of animation visual effects, gaming, comic sector to
be set up.

● ePassports embedded with chips will be rolled out in 2022-23 for convenience in
overseas travel