The overall financial allocation for the education sector for 2022-23 has increased to Rs 1.04 lakh crore from Rs 93,224 crore (Budget estimate) in 2021-22 as the minister laid emphasis on digital modes of education to reverse learning losses caused by the coronavirus pandemic. The revised estimate for 2021-22 is Rs 88,001 crore.
The government also announced to bring a battery swapping policy to boost use of electric vehicles in the country in view of space constraints for setting up charging stations.
Presenting the Budget 2022-23, Finance Minister Nirmala Sitharaman acknowledged that due to the pandemic-induced closure of schools, children, particularly in the rural areas, and those from Scheduled Castes and Scheduled Tribes, other weaker sections, have lost almost two years of formal education.
Presently, 10 per cent ethanol, extracted from sugarcane or surplus foodgrain, is blended or mixed in petrol (meaning 10 per cent of ethanol mixed with 90 per cent of petrol) with a view to cutting oil import dependence and provide farmers with an additional source of income.
Finance Minister Nirmala Sitharaman presented Budget 2022 on Tuesday announcing that digital currency, 5G services will be launched by next year, new Vande Bharat trains but no change in tax slabs. Let's take a look at what a common man needs to know about Modi government's budget.
In another announcement, Finance Minister said that an independent nodal umbrella body will be set up for private players to meet their requirements for testing and new technologies and to get the certification. The overall defence budget of 5,25,166 crore including Rs 1,19,696 crore for defence pensions is an increase of 9.8 per cent compared to last year's total outlay.
Markets in China and South Korea were closed for a holiday. Stock exchanges in Europe were trading on a firm note in mid-session deals.
The basic personal tax exemption limit in the personal income tax was last revised in 2014. Notably, personal income tax is one of the most keenly awaited announcements in the Budget every year.
Chidambaram claimed that today's speech by Sitharaman was the 'most capitalist' speech made by any finance minister.
Finance Minister Nirmala Sithraman slammed Rahul Gandhi for his 'Zer0 Sum Budget' remark at Modi government saying that she will take criticism but not from someone who hasn't done his homework.
The Delhi Police was allocated Rs 8,654.26 crore in 2021-22.
The digital university will be built on a networked hub-and-spoke model, with the hub building cutting-edge ICT expertise. The best public universities and institutions in the country will collaborate as a network of hubs and spokes, Finance Minister Nirmala Sitharaman stated.
The Finance Minister said that Startups have emerged as a growth driver for the economy. Citing the Covid-19 pandemic, she said that the tax incentives for startups are increased from three years to four years of incorporation.
This year's budget gave further impetus to sustain India's economic and digital growth. The union budget for 2022 is expected to give a major boost to the Indian economy.
In order to provide a level playing field between the co-operative societies and companies, the government proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent, Finance Minister Nirmala Sitharaman announced.
At present, the import duty on cut and polished diamonds and gemstones is 7.5%. After Budget 2022, the duty will be cut down to 5%.
On Monday, the Economic Survey highlighted that 33.99 lakh houses were completed in 2020-21 and 26.20 lakh units as of November 25, 2021 under the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) programme.
Presenting the Union Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said the virtuous cycle of investment requires public investment to crowd-in private investment.
Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament and said the country's economic growth is expected at 9. 2 per cent in the current financial year, on the back of a sharp rebound in the economy.
In her Union Budget 2022-23 presentation, the finance minister also said states will be encouraged to adopt Unique Land Parcel Identification Number to facilitate IT-based management of land records.
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