Budget 2022: Govt committed to reduce imports in defense sector, says FM Sitharaman
February 01, 2022 12:55 ISTFM Sitharaman said that 68 pc of capital for the defence sector would be earmarked for the local industry.
FM Sitharaman said that 68 pc of capital for the defence sector would be earmarked for the local industry.
The PLI scheme covers key sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products etc.
Sitharaman had replaced her signature 'bahi khata', last year. Today, she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover.
Announcing income tax-related changes, Sitharaman said, "to provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year."
The activities of these start-ups will include inter-area support for farmer-producer organisations (FPOs), machineries for farmers on a rental basis at the farm level and technology including invitee base, Sitharaman said.
Currently, post offices provide savings account services and payments bank services through the India Post Payments Bank.
Sitharaman announced this while presenting the 2022-23 Budget in Parliament. She also said multimodal logistic parks will also be set up in 2022-23.
"ECLGS scheme to be extended till March 2023 and guarantee cover expanded by Rs 50,000 to Rs 5 lakh crore," the finance minister said.
National highways will be extended by 25,000 km during 2022-23, and the PM Gati Shakti for road transport master plan will be finalised in 2022-23, Sitharaman said today.
National Asset Reconstruction Co Ltd (NARCL) has commenced its activity, Sitharaman added.
Finance Minister Nirmala Sitharaman is presenting the Union Budget for the year 2022-23 in Parliament today.
Before the presentation, a Union Cabinet meeting was held which approved the Budget 2022-23.
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.
Sitharaman, who had in her first budget in 2019 replaced leather briefcase -- which had been in use for decades for carrying budget documents -- with a traditional red cloth 'bahi-khata', has spurt in tax collections to her aid in the budget that is expected to a spend-all budget.
In some relief for consumers, 19 kg commercial cylinder will cost Rs 1907 in Delhi from today. While the non-subsidized (14.2 kg) Indane domestic cylinder in Delhi will be available at ₹899.50.
Of the total revenue collected, CGST is Rs 24,674 cr, SGST is Rs 32,016 cr, IGST is Rs 72,030 cr and cess is Rs 9,674 cr.
For the uninitiated, the Union Finance Minister's love for subtly elegant handloom and silk sarees is well known, and hence, it's reasonable to assume that her sartorial choices are what distinguishes her appearance.
Taking a dig at the government, he said that it took two years "to go back to where we were on March 31, 2020."
Equity benchmarks notched up solid gains on Tuesday ahead of the presentation of the Union Budget 2022-23.
Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), a total of 1,82,506 roads measuring 7,82,844 km and 9,456 long span bridges (LSBs) have been sanctioned and 1,66,798 roads measuring 6,84,994 km and 6,404 LSBs have been completed till January 18, 2022, the SUrvey noted.
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