Union Budget 2022 Highlights: Reactions from Industry Experts on Union Budget 2022

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Union Budget 2022 Highlights – The Union Budget for 2022-2023 has been announced by Finance Minister Nirmala Sitharaman on February 1, 2022, in the parliament. The economic growth for the current year is expected to be 9.2%, which is the highest among large countries. The budget focused on healthcare, financing investments, climate change, and infrastructure.union budget 2022 highlights

Union Budget 2022 Highlights – union budget 2022-23 pdf

Budget Highlights

The following announcements have been made in the Union Budget 2022-2023:

Taxation

  • No change in individual income tax slabs.
  • Taxpayers can file an updated tax assessment in case of an anomaly or additional tax within 2 years from the assessment year.
  • Income tax relief has been provided to cooperative societies by reducing the surcharge from 2% to 7% with income up to Rs. 10 crores.
  • Tax relief provided to persons with disabilities.
  • Tax deduction limit of NPS for state government employees has been increased from 10% to 14%.

Union Budget 2022 Highlights

Infrastructure

  • PM Gati Shakti National Master Plan introduced for Rs. 2,000 crores.
  • National Highways to expand by 25,000 kms in 2022-2023.
  • 400 new generation Vande Bharat trains and 100 PM Gati Shakti cargo stations to be established in next 3 years.
  • 60 kms of the ropeway to be built under the Parvat Mala Project.

Must Read:Interesting facts about Union Budget of India

Agriculture

  • NABARD to facilitate funds with blended capital for agri and rural start-ups.
  • Chemical-free natural farming will be promoted.
  • Kisan drones to be used for crop assessments.
  • Rs. 2.37 Lakh Crore to be paid directly as minimum support price.
  • Ken-Betwa River linking project to be undertaken for Rs. 44,000 crores.

Union Budget 2022 Highlights

Virtual Assets

  • RBI to introduce ‘Digital Rupee’ using blockchain technology.
  • Virtual assets to be taxed at 30%.
  • Virtual asset gift receiver to be taxed.
  • TDS at 1% for virtual asset transactions.
  • 75 digital banking units to be set up.

Education

  • Digital university to be established in different Indian languages.
  • 200 TV channels to be set up in all regional languages to provide supplementary education.

Healthcare

  • National Digital Health Ecosystem will be rolled out.
  • National Tele Mental Health Program to be set up for mental health counselling and care services.
  • More benefits to women and children under various schemes like Mission Shakti and Poshan 2.0.

Union Budget 2022 Highlights

Defence 

  • 68% capital procurement budget earmarked for domestic industry.
  • Defence R&D to be opened up for start-ups and private companies.
  • Private industry to be encouraged for developing military equipment.

Economy and Finance

  • Fiscal deficit is at 6.9% of GDP.
  • LTCG surcharge capped at 15%.
  • Custom duty on cut and polished diamond has been reduced to 5%.
  • Custom duty on umbrellas increased to 20%.
  • Rs. 60,000 crores allocated for water allocation to 3.8 crore households.
  • Green bonds to be issued for promoting green infrastructure.
  • Rs. 19,500 crore production linked incentives for manufacturing of high-efficiency modules.
  • E-passports with embedded chips to be introduced.
  • 5G spectrum auction to be conducted in 2022.
  • LIC likely to go for public issue soon.

Reactions from Industry Experts: Union Budget 2022

Ravi Saxena, MD and Co-Founder, Wonderchef

“The Union budget 2022 gives confidence to the business community as it focuses on building strategic strengths rather than taking short term and fiscally deviant populist measures. The FM has avoided giving in to the pressure of the upcoming assembly elections.  Digital inclusiveness for citizens of all classes, increased capital expenditure on infrastructure, push for logistics betterment with continued development of railways and highways, boost to the EV industry with standardised norms for battery swapping, charging and leasing, and easing the compliance burdens are the measures that are essential for business growth in India. One station – One product is an incredibly powerful idea that seems to be getting lost in the din of seeking short-term tax sops. An equally powerful and progressive thought is the formation of National digital health ecosystem which recognises mental health as an area of focus for the first time.  MSME’s will benefit from the ratings programme that’s being rolled out. It will give them better and more fair access to loans and other financial support. Personally, is felt most excited by the commitment to invest 25% defence R&D budget with start-ups and academic institutions. This has been a big gap forever in India and is bound to give further impetus to local defence sourcing”.

Union Budget 2022 Highlights

Vishal Gupta, Co-Founder, Brands2Life

This digital budget is truly a strategic one which not only envisions strengthening the fundamentals of the country but also steers the economic growth mechanism through a lens of sustainability. The futuristic approach of the government can be attributed to the factors like emphasis on increasing Capital expenditure, Digital inclusiveness, Modernization of Infrastructure, Easing Compliances and Financial empowerment. These further fuels the confidence among the business fraternity to build an ecosystem that is Robust, Global and Progressive.

Must Read:Interesting facts about Nirmala Sitharaman

Thrust on expanding and restructuring the Education through digital penetration manifests the government intent of reaching the under-reached which is eventually going to strengthen the foundation of the country. Unparalleled acknowledgement of Start-ups and entrepreneurship augurs the unprecedented tailwinds that will facilitate the economy finding the green shoots.

Ajay Pareek, Chief Business Officer, Fullerton India Credit Company

“The FM has delivered a Union Budget today that was clearly focussed on economic recovery through increased capital expenditure for the country’s growth. The push towards self-reliance reveals the government’s steadfast intention to achieve the long-term goal of ‘Atmanirbhar Bharat’. The extension of the ECLGS scheme till March 2023, as well as the expansion of the guarantee cover by ₹50,000 crore to ₹5 lakh crore is a welcome sign for the NBFC sector and over 130 lakh MSMEs. The thrust to digitise India and the focus on the fintech segment will help enhance financial inclusion. The affordable housing segment also received a boost today, with the allocation of Rs 48,000 crore under the PMAY urban and rural schemes.”

Union Budget 2022 Highlights

Md Sajid Khan, Head of International Development at ACCA

ACCA applauds the government for measures announced in the budget related to providing supplementary education in regional languages for class 1-12 students, by expanding PM eVIDYA program to over 200 TV Channels and the launch of the Digital DESH e-portal for skilling, upskilling & reskilling the youth of India. These together with the development of the digital university for world-class quality education will set a clear path for India to create an advanced digital learning infrastructure and also reach far in educating learners who lack access to the internet and other resources.”

Dr. Kiran Kumar, Chairman, Lalithaa Jewellery Mart Pvt. Ltd.

“As a Jeweller I am happy about the reduction of import duty on cut and polished diamond and gemstones from the current 7.5% to 5%. It has been our long pending request. Also, the Government’s focus on infrastructural investments and job creation is quite progressive.”

Union Budget 2022 Highlights

Yeshwanth Raj Parasmal, Co-founder, 21K School

“The Finance Minister has unveiled a Budget that aims to bridge the economic gap between India and Bharat. The proposed policies are an inspiring start in what will hopefully provide stimuli for continued growth, leading us closer towards our goal of achieving sustained acceleration!

I welcome the focus on digital aspects of education and creating greater access for students with structured, high-quality content. The announcement of Digital University is most welcome and in line with the trend of online schools across the country. But it misses the opportunity to leapfrog with more significant innovation and investment for improved access, equity and affordability. The structural flaws of the education sector and problems on the ground could have been addressed. Exciting times are ahead for Digital Education.”

Must Read:Know About the Budget-Making Process and Objectives

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