{"id":131361,"date":"2022-02-04T12:27:55","date_gmt":"2022-02-04T12:27:55","guid":{"rendered":"https:\/\/www.edristi.in\/?p=131361"},"modified":"2022-02-04T12:27:59","modified_gmt":"2022-02-04T12:27:59","slug":"union-budget-2022-2023","status":"publish","type":"post","link":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/union-budget-2022-2023\/","title":{"rendered":"Union Budget 2022-2023"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Question \u2013 On February 1, 2022, Union Finance and Corporate Affairs Minister, Nirmala Sitharaman presented the Union Budget for the financial year 2022-23 in the Parliament. Consider the following statements concerning the union budget.<br>(i) According to this, Digital Rupee will be launched by the Reserve Bank of India in the year 2022-23.<br>(ii) The economic growth rate of the country is estimated to be 9.2 per cent in the current financial year.<br>(iii) It is proposed to cover 1.5 lakh post offices 100% in the main banking system.<br>(iv) It is proposed to increase the limit of deduction of tax on employer&#8217;s contribution to the NPS account of state government employees from 10 per cent to 14 per cent.<br>Which of the above statement(s) is\/are correct?<\/strong><br>(a)only (i)\u201a(ii) and (iii)<br>(b) only (i) and (vi)<br>(c) only (iii) and (iv)<br>(d) All of the above<br><strong>Answer\u2014(d)<br>Related facts<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2022.<\/li><li>The government has projected growth at 8% to 8.5% compared with an estimated 9.2% for the current fiscal year and a 6.6% contraction the previous year.<\/li><li>India\u2019s economy had been faltering even before the Covid-19 pandemic struck. The pace of growth had slowed down and output had started declining. The Covid-19 pandemic pushed gross domestic product (GDP) to its worst levels ever. India experienced its first-ever technical recession in the financial year 2020-21 with two successive quarters of negative growth.<\/li><li><strong>Major Highlights of Union Budget in a nutshell:<\/strong><\/li><li>There is no change in personal income tax slabs.<\/li><li>&#8221; Virtual digital asset: The government has proposed to issue a Digital Rupee, or Central Bank Digital Currency (CBDC), in the fiscal year 2022-23.<\/li><li>&#8221; Additionally, the Budget also proposed imposing a tax of 30 per cent on virtual assets, effectively legitimising trading of private cryptocurrencies and non-fungible tokens.<\/li><li>&#8221; This is broadly in line with the Centre\u2019s plans to have a fiat digital currency, while disallowing use of private virtual coins as legal tender.<\/li><li>A TDS of 1% will be levied for transactions above a certain threshold.<\/li><li>No deductions and new scheme, titled PM Atma Nirbhar Swasthya Bharat Yojana, to be launched to develop primary, secondary and tertiary healthcare .<\/li><li>Mission POSHAN 2.0: It is to improve nutritional outcomes across 112 aspirational districts .<\/li><li>There will be operationalisation of 17 new public health units at points of entry .<\/li><li>100 new Sainik Schools is to be set up.<\/li><li>750 Eklavya schools are to be set up in tribal areas.<\/li><li>A Central University will come up in Ladakh .<\/li><li>There will be a Vehicle scrapping policy to phase out old and unfit vehicles \u2013 all vehicles to undergo a fitness test in automated fitness centres every 20 years (personal vehicles), every 15 years (commercial vehicles) .<\/li><li>National Asset Monetising Pipeline launched to monitor asset monetisation process.<\/li><li>National Rail Plan created to bring a future-ready Railway system by 2030 .<\/li><li>100% electrification of Railways to be completed by 2023.<\/li><li>It is proposed to cover 1.5 lakh post offices 100% in the main banking system.<\/li><li>It is proposed to increase the limit of deduction of tax on employer&#8217;s contribution to the NPS account of state government employees from 10 per cent to 14 per cent.<\/li><li>Metro services announced in 27 cities, plus additional allocations for Kochi Metro, Chennai Metro Phase 2, Bengaluru Metro Phase 2A and B, Nashik and Nagpur Metros .<\/li><li>National Hydrogen Mission to be launched to generate hydrogen from green power sources .<\/li><li>Recycling capacity of ports to be doubled by 2024 .<\/li><li>Gas pipeline project to be set up in Jammu and Kashmir .<\/li><li>Pradhan Mantri Ujjwala Yojana (LPG scheme) to be extended to cover 1 crore more beneficiaries .<\/li><li>No IT filing for people above 75 years who get pension and earn interest from deposits<\/li><li>Reopening window for IT assessment cases reduced from 6 to 3 years. However, in case of serious tax evasion cases (Rs. 50 lakh or more), it can go up to 10 years .<\/li><li>Affordable housing projects to get a tax holiday for one year .<\/li><li>Compliance burden of small trusts whose annual receipts does not exceed Rs. 5 crore to be eased .<\/li><li>Duty of copper scrap reduced to 2.5% .<\/li><li>Custom duty on gold and silver to be rationalised .<\/li><li>Duty on naphtha reduced to 2.5%.<\/li><li>Duty on solar inverters raised from 5% to 20%, and on solar lanterns from 5% to 15% .<\/li><li>All nylon products charged with 5% customs duty .<\/li><li>Tunnel boring machines to attract customs duty of 7% .<\/li><li>Customs duty on cotton raised from 0 to 10% .<\/li><li>Agriculture infrastructure and development cess proposed on certain items including urea, apples, crude soyabean and sunflower oil, crude palm oil, kabuli chana and peas.<\/li><li>Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22<\/li><li>Proposal to allow States to raise borrowings up to 4% of GSDP this year .<\/li><li>A Unified Securities Market Code to be created, consolidating provisions of the Sebi Act, Depositories Act, and two other laws .<\/li><li>Proposal to increase FDI limit from 49% to 74% .<\/li><li>An asset reconstruction company will be set up to take over stressed loans .<\/li><li>Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors .<\/li><li>Proposal to decriminalise Limited Liability Partnership Act of 2008 .<\/li><li>Two PSU bank and one general insurance firm to be disinvested this year .<\/li><li>An IPO of LIC to debut this fiscal .<\/li><li>Strategic sale of BPCL, IDBI Bank, Air India to be completed .<\/li><li>Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure .<\/li><li>1,000 more Mandis to be integrated into the E-NAM market place .<\/li><li>Five major fishing hubs, including Chennai, Kochi and Paradip, to be developed .<\/li><li>A multipurpose seaweed park to be established in Tamil Nadu .<\/li><li>A portal to be launched to maintain information on gig workers and construction workers .<\/li><li>Social security to be extended to gig and platform workers .<\/li><li>Margin capital required for loans via Stand-up India scheme reduced from 25% to 15% for SCs, STs and women.<\/li><li>400 new generation Vande Bharat trains to be manufactured in next 3 years.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong>By: AMIT GUPTA<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reference:<\/strong> <a href=\"https:\/\/www.indiabudget.gov.in\/ and https:\/\/www.thehindu.com\/business\/budget\/watch-highlights-of-union-budget-2022- 23\/article38359129.ece\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.indiabudget.gov.in\/ and https:\/\/www.thehindu.com\/business\/budget\/watch-highlights-of-union-budget-2022- 23\/article38359129.ece<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question \u2013 On February 1, 2022, Union Finance and Corporate Affairs Minister, Nirmala Sitharaman presented the Union Budget for the financial year 2022-23 in the Parliament. Consider the following statements concerning the union budget.(i) According to this, Digital Rupee will be launched by the Reserve Bank of India in the year 2022-23.(ii) The economic growth [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":131362,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1121],"tags":[2344],"class_list":["post-131361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nnews","tag-national"],"_links":{"self":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/131361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/comments?post=131361"}],"version-history":[{"count":1,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/131361\/revisions"}],"predecessor-version":[{"id":131363,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/131361\/revisions\/131363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media\/131362"}],"wp:attachment":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media?parent=131361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/categories?post=131361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/tags?post=131361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}