Prime Minister of India, Mr. Narendra Modi, stated on Wednesday that the Union Budget 2022 will focus more on imparting basic amenities to the poor, youth, and the middle class. Mr. Modi also added that it is now imperative for India to become a self-reliant nation.
Mr. Modi addressed the BJP party workers at the Aatmanirbhar Arthvyavastha, saying that the Budget 2022 is another inclination towards self-reliant and modern India. The Budget, as said by Mr. Modi, presents a four-fold hike in public investments. Saying that this measure would be a gateway for mammoth opportunities, Mr. Modi hailed the Budget 2022 as ‘progressive’ and ‘people-friendly.’
The Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2022 on Tuesday. She later addressed a press conference stating that a conscious decision has been made, keeping in mind the hardship of the people during the pandemic. She added that the Budget focused on not increasing taxes.
While presenting the Budget, the finance minister stated that the nation is expected to grow at 9.72 percent in the year. Stating that the Union Budget presents a blueprint of India’s economy at 75 to 100, Sitharaman added that the budget this year lays more focus on the four pillars of development – productivity development, inclusive development, climate action, and energy transition.
As per the Union Budget estimates, the Central Government’s Capital Expenditure for 2022-23 would be Rs. 10.68 lakh crores. This makes up around 4.1 percent of the country’s GDP. Sitharaman also added that the government will soon auction the telecom spectrum in 2022. This, as said by Sitharaman, will facilitate private entities to roll the 5G services before March in the next year. The government documents of the Budget show that the revenue estimates of the telecom segment have lowered.
Meanwhile, the gross GST collections for the last month stood the highest since their outset in 2017. Sitharaman also announced that the Reserve Bank of India will soon release digital currency using blockchain technology. As per the documents of Union Budget 2022, income through virtual digital assets would be taxed at 30 percent.