Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Following are the highlights of the speech:
Fiscal deficit at 6.9 per cent of GDP in 2021-22, 6.4 per cent in 2022-23.
Total expenditure in FY23 estimated at Rs 39.45 lakh cr; total resources mobilisation to be Rs 22.84 lakh cr other than borrowing
Govt vows a stable and predictable tax regime.
Govt to provide one-time window to correct omissions in ITRs filed, updated returns to be filed within 2 years.
Govt proposes to reduce Minimum Alternative Tax to 15 pc for co-op societies, at par with corporate.
In 2022-23, states will be allowed fiscal deficit of up to 4 pc of GSDP.
Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyse investments.
Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23.
Measures will be taken to step up private capital in infra sector.
PE/VC invested Rs 5.5 lakh crore in startup, expert committee will be set up to suggest measures to help attract investment.
Data centre and energy storage system to be given infrastructure status; move to provide easy financing.
International arbitration centre will be set up in GIFT city to provide faster dispute resolution.
World-class university to be allowed in GIFT IFSC free from domestic regulation.
Sovereign green bonds to be issued to mobilise resources as part of govt’s borrowing programme
Effective capital expenditure will be Rs 10.68 lakh crore, or 4.1 pc of GDP, in 2022-23.
Public investment must take lead to pump prime private investment and support demand.
Outlay for capital expenditure stepped up 35.4 pc to Rs 7.5 lakh crore in FY’23.
Economy has shown resilience to come out of pandemic, we need to sustain the level of growth.
Financial support will be provided to farmers to take up agro-forestry.
Risks of climate change are strongest externalities for the world.
Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode.
Govt committed to reduce import and promote self reliance in defense sector.
68 per cent of capital for defence sector to be earmarked for local industry.
5 pc of USO Fund to be provided for R&D and technology upgradation.
400 new generation Vande Bharat trains to be manufactured in next 3 years.
Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.
4 pilot projects for coal gasification to be set up.
Rs 19,500 cr additional allocation for PLI for manufacturing high efficiency solar modules has been made: FM.
Low carbon development strategy opens up employment opportunity
Strategic transfer of Air India ownership has been completed; strategic buyers for NINL have been selected, says Sitharaman.
Big private investment in infra would be guided by Gati Shakti.
PM Gati Shakti masterplan is based on 7 engines of growth.
National Highways will be extended by 25,000 km during 2022-23.
Efforts of central, state governments leading to jobs, entrepreneurial opportunities.
One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced.
Govt focus since 2014 on poor and marginalised; govt strives to provide necessary ecosystem to middle class, says Sitharaman.
Speed in coverage of vaccination has helped in economic recovery, says FM.
Sharp rebound in economy reflected in 2021-22, growth expected at 9.2%.
Virtuous cycle of investment expected to revive on the back of capex and crowd in private investment.
Inclusive development, productivity enhancement, energy transition and climate action four pillars of development.
NARCL has commenced its activity
For all the latest business News Click Here
