New Delhi : Union Finance minister Nirmala Sitharaman presented the fourth Budget of the Modi Led government today. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
Budget Highlights
1. Divestment target for FY23 seen at Rs 65,000 crore
2. FM announces ‘Crypto tax’ of 30%, keeps income tax slabs untouchedFiscal Deficit target set at 6.4% for FY23
3. Digital rupee using blockchain to be launched in 2023, issued by RBI
4. India to launch sovereign green bonds to reduce carbon dependence
5. Govt to boost capex to Rs 7.5 lakh crore in FY23
ECLGS to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore
6. Required spectrum auction to be conducted in 2022 for the rollout of 5G services by private telecom providers
7. Amendments for the Bankruptcy Code to enhance efficiency of resolution process
National Ropeways Development Programme to be taken up in PPP mode
8. An open platform for the National Digital Health Ecosystem will be rolled out
9. Data exchange among all-mode operators to be brought on Unified Logistics Interface Platform
Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers
10. India’s growth estimated to be at 9.2%, highest among all large economies; we are now in a strong position to withstand challenges, says FM
11. PLI schemes in 14 sectors with potential to create 60 lakh new jobs, and additional new production of Rs 30 lakh crore
Focus areas of Budget
PM Gati Shakti
Inclusive Development
Productivity Enhancement
Sunrise Opportunities
Energy Transition
Climate Action
Financing of investments
Expert opinion
“Minimum government and maximum governance, reduction of overlapping compliances will increase compliance – critical for ease of doing business in India. Trust-based governance is the planned theme during Amrit Kal of next 25 years – from India at 75 to India at 100
- Tapati Ghose, Partner, Deloitte India
“Thrust on financial inclusion initiatives will help banking and NBFC’s only when the infrastructure for the same is made robust. Digital Banking and Fintech focus, if coupled with measures for ease of doing business should help give the much needed thrust to already growing start-ups in the Fintech sector.
- Pranay Bhatia, Partner and Leader – Tax and Regulatory Services, BDO India
“A welcome announcement by FM in Budget for hospitality sector is the extension of ECLGS till March 2023. The Government guarantee cover under ECLGS enhancement to Rs 5 lakh crores with focus on the hospitality sector is a repeated need that was expressed by the sector and responded positively to by the government
