Union budget 2022-23: Quick notes

Farm credit target increased to Rs18 lakh cr

The government has increased the agricultural credit target to Rs18 lakh crore for the 2022-23 fiscal from Rs16.50 lakh crore for the current fiscal. “Of the Rs 16.50 lakh crore target this year, 75 per cent has been disbursed,” said Rajesh Verma, Secretary, Department of Financial Services. About Rs7.36 lakh crore agri-credit has been disbursed to farmers during the first six months of the 2021-22, according to the Economic Survey. During the 2016-17 fiscal, an amount of Rs10.65 lakh crore was disbursed.

New scheme PM-DevINE announced for NE

A new scheme, Prime Minister’s Development Initiative for North-East (PM-DevINE), was announced in the Budget for the Northeast with an allocation of Rs1,500 crore. Finance Minister Nirmala Sitharaman said PM-DevINE will be implemented through the North-Eastern Council. It will fund the infrastructure, in the spirit of PM Gati Shakti, and social development projects based on the needs of the Northeast, a release said. This will enable livelihood activities for youth and women, filling the gaps in various sectors, she said.

Rs288 cr for training bureaucrats in India, abroad

A budget of over Rs288 crore has been allocated to the Union Personnel Ministry for the training of bureaucrats, both in India and abroad. Besides, Rs44.25 crore has been allocated under “administrative reforms and pensioners’ scheme”, including for modernisation of offices. Of the Rs288.14 crore, Rs210.75 crore is for the upgradation of the Lal Bahadur Shastri National Academy of Administration in Mussoorie to a centre of excellence and augmentation of training facilities and other centres.

Anti-dumping duty on Chinese steel to go

The Union Budget has proposed revocation of anti-dumping duty on some steel products imported from various countries, including China, following pleas from the domestic industry that was faced with high prices. "Certain anti-dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked," said Sitharaman. Anti-dumping duty on certain steel products from China was imposed in 2018 and was followed by a similar cess on some other steel products from Vietnam, Korea, Brazil, China and Germany in 2019.

No tax up to Rs10 lakh for Covid treatment

The Finance Bill has notified that income-tax will not be charged on the amount received by a taxpayer for medical treatment from employer or from any person for treatment of Covid-19 during FY 2019-20 and subsequent years.

Rs106 cr for Buddhist monastery in Nepal

The Union Ministry of Culture will provide Rs106 crore to International Buddhist Confederation (IBC) for establishing a Buddhist Monastery in Lumbini, Nepal. The ministry welcomed the outlay of Rs 3,009.05 crore proposed for it in the Budget. It said of the total outlay, Rs 1,080.34 crore had been allocated to the Archeological Survey of India (ASI). An amount of Rs 532.55 crore has been allocated for implementation of the central schemes of the ministry including Kala Sanskriti Vikas Yojana.

Deep Ocean Mission gets massive push

India's deep ocean mission that seeks to explore vast marine living and non-living resources has received a massive boost in the Union Budget with the Finance Minister allocating Rs 650 crore for the initiative. The overall allocation to the Earth Sciences Ministry has increased to Rs 2,653.51 crore in 2022-23 from the revised estimates of Rs 2,369.54 crore in the previous Budget. . The Budget Estimates of this year include Rs 450 crore on capital expenditure. Sitharaman has allocated Rs 650 crore for the Deep Ocean Mission in the Budget for 2022-23.

Modi mingles with Oppn members

Prime Minister Narendra Modi walked across the aisle to greet Opposition members after congratulating Finance Minister Nirmala Sitharaman for presenting her fourth successive Budget. Modi seen interacting with Trinamool Congress leaders Sudeep Bandyopadhyay and Saugata Roy in the Well of the House after the Lok Sabha was adjourned for the day. Former Congress president Rahul Gandhi walked out of the Lok Sabha soon after the presentation of the Budget. The PM also warmly greeted Congress leader Adhir Ranjan Chowdhury.

Govt may tweak TDS norms on sale of property

One per cent TDS will apply on a non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, whichever is higher, after an amendment to the Income Tax Act. Currently, the TDS is deducted basis only the consideration value of the immobile properties. There is an inconsistency in the Act regarding levy of tax deduction at source (TDS). The Finance Minister proposed the amendment to do away the anomaly in the law. As per the provisions, TDS is to be deducted on the amount of consideration paid by the transferee to the transferor.

Ganesha Puja on Budget day

Every Finance Minister starts his/her Budget day with Ganesh puja at the corridors of the Finance Ministry in the North Block, offering flowers to the lord, before heading to Parliament for Budget presentation. "It's a custom, untold and unwritten in our ministry, but every minister has adhered to it without any exception over the years, no matter what his religious belief is,” a retired senior official of the ministry.

Govt to borrow record Rs. 11.6l cr

The government will borrow a record Rs. 11.6 lakh crore from the market in 2022-23 to meet its expenditure requirement to prop up the economy. This is nearly Rs. 2 lakh crore higher than the current year's Budget estimate of Rs. 9.7 lakh crore. Total market borrowings of the government for 2022-23 are estimated at Rs. 11,58,719 crore, according to the Budget document.

Rs. 200 cr aid for Afghanistan

India has set aside Rs. 200 crore in its Budget for Afghanistan. It is learnt that the special allocation is a signal of India’s commitment to the Afghan people and the money may be spent on paying for old projects, scholarships and providing aid to the Afghan people. Last year, Rs. 350 crore was allocated, but the revised estimate put the amount at Rs. 200 crore.

Rs. 6,292 cr for other countries

India has allocated Rs. 17,250 crore to the MEA, of which Rs. 6,292 crore is for development assistance to countries in neighbourhood as well as in Africa and Latin America. Bhutan has got maximum outlay of Rs. 2,266 crore, Mauritius Rs. 900 crore, Nepal Rs. 750 crore, Myanmar Rs. 600 crore, Maldives Rs. 360 crore, Bangladesh Rs. 300 crore and Sri Lanka Rs. 200 crore.

RSS demands crypto ban Even as the Centre plans to tax cryptocurrency, Rashtriya Swayamsevak Sangh-affiliate Swadeshi Jagran Manch suggested that after taxing cryptocurrency, the government should move towards banning it

Push for green energy: The Finance Minister announced that the government would bring a battery-swapping policy to boost the use of electric vehicles in the country and interoperability standards would be formulated.

Diesel to be dearer by Rs. 2

Diesel will cost Rs. 2 per litre more from October 1 after the Budget proposed levied additional excise duty on fuel sold without blending it with ethanol or biodiesel. “Blending of fuel is a priority government's priority. To encourage the efforts for blending of fuel, unblended fuel shall attract an additional differential excise duty of Rs. 2 per litre from the October 1,” said the FM.

Focus remains on Swachh Bharat

The Union government appears to have kept its focus on its flagship Jal Jeevan Mission and the Swachh Bharat Mission (Gramin) while making allocations in the Budget for the Department of Drinking Water and Sanitation. Out of the total budgetary allocations of over Rs. 67,221 crore, the two centrally sponsored schemes account for Rs. 67,192 crore.

Rs. 13,134 cr for Social Justice Ministry

The Social Justice and Empowerment Ministry, which caters to the welfare of the Backward Classes and those with disabilities, was allocated Rs. 13,134 crore, a 12% increase from the last fiscal. An amount of Rs. 11,922 crore has been allocated for the Department of Social Justice and Empowerment and Rs. 1,212 crore for the Department of Empowerment of Persons with Disabilities.

Targeting 60 lakh jobs: The Emergency Credit Line Guarantee Scheme (ECLGS) unveiled to help MSMEs extended till March 2023. With this, the government is targeting 60 lakh jobs in next 5 years. The MSME sector has hailed the move.

Focus on SC welfare

The welfare of Scheduled Castes appears to be the prime concern in the allocation for Central schemes in the Union Budget for Social Justice Ministry. Of the total allocation of over Rs. 11,922 crore for the ministry, the largest allocation is under the head ‘Umbrella Scheme for Development of Scheduled Castes’ with over Rs. 8,710 crore.

Rs. 3,050 cr for Ayush Ministry

The Ministry of Ayush has received an allocation of Rs. 3,050 crore a slight increase of 2.69 per cent from 2021-22 when Rs. 2,970 crore was earmarked. An amount of Rs. 306 crore has been set aside for the Central schemes, while Rs. 110 crore has been allocated for statutory and regulatory bodies. Autonomous bodies have been allocated Rs. 1,759 crore.

Metro projects get Rs. 19,130 cr

The Centre has allocated Rs 19,130 crore for various metro projects in the country. The same was Rs 18,978 crore last financial year. Union Minister Hardeep Singh Puri earlier said 723 km of metro network was operational in 18 cities, and additional over 1,000 km of network was coming up in various cities. Six new proposals were also being evaluated, he said.

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