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Budget 2022 key highlights: From digital currency to mental health programme

By The Assam Tribune
Budget 2022 key highlights: From digital currency to mental health programme
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Guwahati, Feb1: Finance Minister Nirmala Sitharaman today presented the Union Budget 2022-23 in the Parliament. Apart from announcing five major infrastructure projects the Fin Min proposed rolling out 5G telecome services, announced a national tele-programme for mental health; and brought virtual currencies like cryptocurrency under the tax net.

Some of the major highlights of the Budget 2022-23 are:

• Highway expansion of national highway network in India by 25,000 kms.

• Allocation of Rs 60,000 crore for providing water connection to 3.8 crore households during financial year 2022-23.

• River linking projects in India where 5 river links namely- Damanganga-Pinjal, Par Tapi- Narmada, Godavari-Krishna, Krishna-Pennar, and Pennar-Cauvery have been finalised. Once a consensus has been reached among the beneficiary states, the Centre will provide support for their implementation.

• The FM said the government will allocate Rs 48,000 crore under the Pradhan Mantri Awas Yojana and will build 80 lakh homes for identified eligible beneficiaries, and identify eligible beneficiaries for 60,000 houses under PMAY in rural and urban areas.

• The FM also announced development initiatives for the Northeast region. She said the PM development initiatives for Northeast will be implemented for the North Eastern Council. "This will enable livelihood activities for youth and women... This scheme is not a substitute for the existing Centre or state schemes," the finance minister said.

• Taking cognisance of the fact that pandemic has rendered in terms of mental health, the budget also proposed a plan to set up a National Tele Mental Health program in India, the finance minister said 23 tele-mental health centers will be launched with the National Institute of Mental Health and Neuro Sciences (NIMHANS) as the nodal center.

• On the agricultural front, the budget focused on ensuring assured income to farmers with an announcement of Rs 2.37 lakh crore towards direct payments for minimum support price (MSP) to wheat and paddy farmers. These payments would be made over the next year, April 2022-March 2023.

• The FM announced that income from digital asset transfers will be taxed at a rate of 30%. This move is seen as 'crypto tax'.

• Taxpayers can file updated income tax returns within two years in one-time window. There is no change to Income Tax slabs.

• In a major boost to the economy, digital rupee - using blockchain and other technologies will be introduced by the central bank in 2022-23.

• 5G mobile services will be rolled out in the country within the next financial year. She also said that the spectrum auction for the same will also be conducted in FY 22-23.

• Sitharaman also announced the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023, in what could be a big boost for the country's Micro, Small & Medium Enterprises (MSMEs).

• Another major announcement was that India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years. Keeping an eye on the farmers the rail sector will also develop "One Station One Product", which will leverage local produce carried on the railways.

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Budget 2022 key highlights: From digital currency to mental health programme

Guwahati, Feb1: Finance Minister Nirmala Sitharaman today presented the Union Budget 2022-23 in the Parliament. Apart from announcing five major infrastructure projects the Fin Min proposed rolling out 5G telecome services, announced a national tele-programme for mental health; and brought virtual currencies like cryptocurrency under the tax net.

Some of the major highlights of the Budget 2022-23 are:

• Highway expansion of national highway network in India by 25,000 kms.

• Allocation of Rs 60,000 crore for providing water connection to 3.8 crore households during financial year 2022-23.

• River linking projects in India where 5 river links namely- Damanganga-Pinjal, Par Tapi- Narmada, Godavari-Krishna, Krishna-Pennar, and Pennar-Cauvery have been finalised. Once a consensus has been reached among the beneficiary states, the Centre will provide support for their implementation.

• The FM said the government will allocate Rs 48,000 crore under the Pradhan Mantri Awas Yojana and will build 80 lakh homes for identified eligible beneficiaries, and identify eligible beneficiaries for 60,000 houses under PMAY in rural and urban areas.

• The FM also announced development initiatives for the Northeast region. She said the PM development initiatives for Northeast will be implemented for the North Eastern Council. "This will enable livelihood activities for youth and women... This scheme is not a substitute for the existing Centre or state schemes," the finance minister said.

• Taking cognisance of the fact that pandemic has rendered in terms of mental health, the budget also proposed a plan to set up a National Tele Mental Health program in India, the finance minister said 23 tele-mental health centers will be launched with the National Institute of Mental Health and Neuro Sciences (NIMHANS) as the nodal center.

• On the agricultural front, the budget focused on ensuring assured income to farmers with an announcement of Rs 2.37 lakh crore towards direct payments for minimum support price (MSP) to wheat and paddy farmers. These payments would be made over the next year, April 2022-March 2023.

• The FM announced that income from digital asset transfers will be taxed at a rate of 30%. This move is seen as 'crypto tax'.

• Taxpayers can file updated income tax returns within two years in one-time window. There is no change to Income Tax slabs.

• In a major boost to the economy, digital rupee - using blockchain and other technologies will be introduced by the central bank in 2022-23.

• 5G mobile services will be rolled out in the country within the next financial year. She also said that the spectrum auction for the same will also be conducted in FY 22-23.

• Sitharaman also announced the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023, in what could be a big boost for the country's Micro, Small & Medium Enterprises (MSMEs).

• Another major announcement was that India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years. Keeping an eye on the farmers the rail sector will also develop "One Station One Product", which will leverage local produce carried on the railways.