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Union Budget 2022 : Here are The Key Takeaways

Nirmala Sitharaman, the finance minister, opened her Budget statement by expressing sympathy for people who were affected by the COVID-19 outbreak.

Here are some of the most important announcements from her Budget proposals thus far:

  • A comprehensive package with the cooperation of state governments and MSMEs would be presented to encourage farmers to switch to natural farming.
  • Because the small and medium sector’s hospitality services have yet to recover, the government has agreed to continue the ECGL services towards this sector until March 2023, with an enhanced cover worth Rs 50,000.
  • Programs for learning will be redirected. The DESH Digital e-portal would be established for the upskilling, skilling, and reskilling of our youngsters.
  • The number of ‘One Class One TV Channels’ would be extended from 12 to 200 to offer extra instruction in regional languages for students in grades 1 through 12.
  • Students will have digital university access that will offer world-class quality education per ISTE Standards.
  • A National Telemental Health Program shall be developed for counseling mental health.
  • In the armed forces, our government remains responsible to Atma Nirbhar Bharat. In the area of Domestic industry, it would receive 68 percent of the capital procurement allocation in 2022-23, rising from 58 percent in 2021-22, according to the FM.
  • PLI has been allocated Rs 19,500 crore for the production of highly-efficient polysilicon modules.
  • Farmers interested in pursuing a career in agroforestry would be given financial assistance.
  • Co-firing of 5-7 percent biomass pellets throughout thermal power plants shall lead to a carbon dioxide reduction of 38 mmt per year.
  • Capital expenditures climbed by 35.4 percent to 7.50 lakh crore during 2022-23, compared to the previous year.
  • Sovereign Green Bonds will be offered in public sector programs to help lower the carbon footprint of the economy.

What’s New in This Year’s Budget?

  • Digital Budget: In 2021, India’s Union Budget was being read aloud using a tablet for the very first time.
  • Budget over a mobile app: Post the budget is delivered in Parliament on the 1st of February, the whole budget document would be posted on a mobile app called ‘Union Budget Mobile App’ for parliamentarians as well as the general public.
  • No Halwa ceremony

The growth of India is expected to reach 9.2 percent, the highest across all big economies, according to the minister of finance.

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