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Budget 2022: Key Highlights

GDP growth for FY 22 expected to be 9.2%, the highest for any large economy.

PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs.

Focus on Fintech and digital economy.

75 digital banking systems in 75 districts by scheduled commercial banks.

Core Banking Services to start in Post offices

PM Gati-shakti masterplan to enhance through 7 engines including 2000 km of rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.

Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode

ECLGS (Emergency Credit Line Guarantee Scheme) to be extended upto March 2023, guaranteed cover extended by another Rs 50,000 crore

8 million new dwelling in rural, urban areas to be completed under PM Awas yojana

Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.

Rs 2 trillion outlay for MSMEs, Additional loans for 13 million MSMEs.

Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra

New provision to file updated return within 2 years of relevant assessment year.

Alternate minimum tax for cooperative societies down from 18.5% to 15%

Tax deduction limit for state govt employees to NPS raised from 10% to 14%

Surcharge on Corporate tax pruned from 12% to 7% Surcharge on transfer of long-term capital gains tax capped at 15%

Tax exemption for new start-ups extended to March 2023.

Gross GST collection for January 2022 at a record Rs 1.41 trillion

No change in income tax slab.

Electric Vehicles battery-swapping policy to be brought out with interoperability standards.

Concessional duty on import of capital goods to be phased out.

Duty on unpolished diamonds to be reduced to 5%

Customs duty on steel scrap extended by a year

RBI led digital rupee using blockchain to be launched in FY23, 1% TDS on transfer of virtual digital assets & income to be taxed at 30%

68% of capital outlay for Domestic defence industry.

Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23

Total expenditure in FY23 estimated at Rs 39.45 trillion; total resources mobilisation to be Rs 22.84 trillion other than borrowing.

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