The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the Budget 2022-23, sources said. The Budget was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha. Budget 2022 LIVE UPDATES
The Budget documents usually include the finance minister’s speech in Parliament, highlights, annual financial statement, finance bill containing tax proposals, memorandum explaining the provisions in the financial bill, and macroeconomic framework statement.
They also include the medium-term fiscal policy cum fiscal policy strategy statement, outcome framework for schemes, customs notification, implementation of previous Budget announcements, receipt budget, expenditure budget and statement of budget estimates.
CHEAPER
- Clothes
- Gemstones and Diamonds
- Imitation jewellery
- Custom duties on chemicals needed for petroleum products
- Steel scraps
- Mobile phones
- Mobile phone chargers
COSTLIER
- Duty on Umbrellas increased
- All imported items
HERE ARE THE MAJOR TAKEAWAYS
- One station, One product to be popularised
- Railways will develop new products for small farmers
- Modern infrastructure to be cornerstone of the plan
- FM Sitharaman outlines PM Gati Shakti masterplan
- 400 New Generation Vande Bharat trains to be introduced
- 100 new Rail Cargo Terminals to be developed
- Agriculture university to be opened in several states
- A rationalised scheme to increase domestic oilseed production will be brought in to cut down imports
- National Highways will be extended by 25,000 km during 2022-23.
- By 2023, 18 Cr household should have piped water
- Paperless end-to-end e systems will be used for all procurements.
- 2 lakh Anganwadis to be upgraded for improving child health
- Roll out of 5 G tele services would be done with 2023
- Paperless end-to-end e systems will be used for all procurements.
- E-passport would be rolled out in 2022-23
- AI, Drone, Semi-Conductor, Space, Pharma would be emphasised. Supportive policies would be promoted for domestic production.
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