/ 0
Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman has presented the Budget for the year 2022-23. The focus of the Union Budget is on providing basic amenities to the poor, middle class and youth, to become self reliant. Prime Minister Narendra Modi termed Budget 2022 as a step towards a modern and self-reliant India.
With a focus on four pillars of development —
· Inclusive development,
· Productivity enhancement,
· Energy transition and
· Climate Action
The Budget gives a blueprint of economy from India at 75 to India at 100.
Finance Minister Nirmala Sitharaman stated that a conscious decision was taken not to increase taxes because of the hardship that people have been facing due to the pandemic. As per Sitharaman, the country is expected to grow at 9.27 per cent in the coming year. The Budget estimates the effective capital expenditure of the Central Government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. In a major push for digital currency, Sitharaman stated that digital rupee will be issued using blockchain technology by the RBI starting 2022-23. This will give a big boost to the economy. The income from the transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.
Most citizens were divided over the measures announced in the Government’s annual financial document. While some felt let down by the lack of tax breaks, some felt the Budget will allow the creation of employment in the country. Yet again, several health sector professionals expressed disappointment after the Union Budget was presented in Parliament and said the government has failed to deliver in the healthcare sector despite Covid-19.
Union Finance Minister announced that a new scheme, Prime Minister’s Development Initiative for North East (PM-DevINE) will be implemented through the North-Eastern Council. An initial allocation of ₹1,500 crore will be made. It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the Northeast. This will enable livelihood activities for youth and women, filling the gaps in various sectors. Some of the projects to be implemented are — Dedicated Services for the Management of Paediatric and Adult Haemotolymphoid Cancers in North East India, Guwahati, construction of Aizawl bypass on western side, gap funding for passenger ropeway system for Pelling to Sanga-Choeling in West Sikkim, gap funding for eco-friendly Ropeway (Cable Car) from Dhapper to Bhaleydhunga in South Sikkim and pilot project for construction of Bamboo Link Road at different locations in various districts in Mizoram.
To read the further articles please get your copy of Eastern Panorama February issue @http://www.magzter.com/IN/Hill-Publications/Eastern-Panorama/News/ or mail to contact @easternpanorama.in
