Here are some main points based on sector wise:
DEFICIT/EXPENDITURE
- Proposes fiscal deficit of 4.5% of GDP by 2025/26
- Projects fiscal deficit of 6.4% of GDP in 2022/23
- Revised fiscal deficit for 2021/22 at 6.9% of GDP
- Total expenditure in 2022/23 seen at 39.45 trillion rupees
- States will be allowed 4% fiscal deficit to GDP in FY23
- 50 year interest free loans over and above normal borrowing allocated to states
- Scheme for financial assistance to states for capital investment outlay to be 1 trillion rupees in 2022/23
TAXATION
- Import duty on certain chemicals are being reduced
- Customs duty exemption on steel scrap to be extended for another year for small- and medium-sized businesses
- Customs duty on stainless steel, flat products, high steel bars to be revoked
- Unblended fuel to get additional duty of 2 rupees per litre from October 2022
FINANCE
- Emergency credit line guarantee scheme for small and medium sized businesses to be extended to March 2023
- Energy transition and climate action will be a major government priority
- Public issue of Life Insurance Corporation expected shortly
- Initiatives from last year's budget have been provided adequate allocations in this budget
- Special Economic Zones Act to be replaced with new legislation
- To amend bankruptcy code to speed up resolution process
- Aims to lower winding up of companies to 6 months from 2 years currently
- Long term capital gain surcharge to be capped at 15%
DIGITAL CURRENCY
- To launch digital rupee using block chain technology starting 2022/23
- To launch scheme for taxation of virtual digital assets
- Losses from sale of virtual digital assets cannot be offset against other income
- Income from virtual digital assets to be taxed at 30%
DEFENCE
- Govt committed to reducing defense imports
INFRASTRUCTURE
- 5G spectrum auctions to be conducted in 2022
- Scheme for design-led manufacturing for 5G will be part of production-linked scheme
- To award contracts to lay optical fiber in rural areas, completion in 2025
- 480 billion rupees set aside for affordable housing in 2022/23
- To allocate additional 195 billion rupees for production-linked incentives towards solar equipment manufacturing
AGRICULTURE
- Domestic scheme introduced to reduce dependence on oil seed imports
- Fund with blended capital raised under co-investment model to finance agriculture startups
- Railways to develop infrastructure for small farmers in 2022/23
TRANSPORT
- 400 energy efficient trains to be manufactured over next three years
- National highways network to be expanded by 25,000 km in 2022/23
- Highways expansion to cost 200 billion rupees in 2022/23
- India to bring out battery swapping policy
read more: https://economictimes.indiatimes.com/news/newsblogs/budget-2022-live-news-updates-nirmala-sitharaman-announcements/liveblog/89257591.cms
