Finance Bill : https://drive.google.com/file/d/1ARHf9g1-TO7JxJHbz_u_CIOISrZ5YWjp

Budget Speech : https://drive.google.com/file/d/1v1-hU2hGxm3TAZFaUhbv3B5OGbfjW3sM

Memorandum explaining Budget Bill : https://drive.google.com/file/d/1nLAILq24W6Gx-fNL65JoQT40nqmvKRio

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12:30 Custom duty imitation jewellery raised to discourage their imports

Custom duty on methanol to be reduced

Duty concessions on parts of phone chargers, transformers, etc., to enable domestic manufacturing

Customs duty on cut & polished diamonds, gems to be reduced to 5%

12:26 Concessional customs duty on capital goods to be phased out, initial rate of 7.5% to be imposed

12:23 Record Rs. 1.40 lakh crore gross GST collection in January 2022 (GST collection of Rs 1,38,394 crore), highest since inception

12:20 Corporate surcharge to be reduced from 12% to 7%: FM Nirmala Sitharaman

12:18 Long term capital gains on listed equity share units subject to maximum surcharge at 15%. propose to cap transfer of long term capital gains at 15%:

12:14 Income from transfer of digital assets to be taxed at 30%, A TDS of 1% will be levied for transactions above a certain threshold. Recipient to be taxed in case of gift of virtual digital asset.

12:13 Tax incentives for startups to be incorporated until March 31, 2023

12:12 Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees

12:10 Alternate minimum tax to be reduced to 15% for cooperative societies

12:08 A new provision to allow taxpayers to file an updated return. Updated return can be filed within 2 years from the end of the relevant assessment year for a fee.

12:03 Regulatory framework for venture capital to be reviewed; expert committee to be setup

12:00 Govt to introduce digital rupee using blockchain and other tech

11:59 Govt to promote funds for blended finance (govt share limited to 20%) for sunrise opportunities such as climate action, agri-tech, etc

11:53 Next phase of ease of doing business, ease of living to be launched

11:52

• Energy efficiency and saving measures will be promoted
• To reduce the delay in payment, an online bill system will be launched. It will be used by all central ministries
• Defence R&D to be opened up for industry and startups

11:48 Special Economic Zones to be replaced with new legislation for the development of enterprise and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports.

11:48 5G spectrum auction will be completed in 2022-23

11:47 2 lakh Anganwadis to be upgraded for improving child health, says FM

11:46 Bharatnet project contracts for optical fibre networks will be handed out under PPP model:

11:45 All villages should have same access of digital resources as urban areas:

11:44 Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers

11:42 What e-passports could be

The finance minister has said India will start issuing e-passports in 2022-23. When first announced in 2019, these were some of the features proposed:*These e-passports will take a few seconds to read*The prototype was tested in a US government identified laboratory*They are expected to have thicker front and back covers*The back cover is expected to have a small silicon chip*The chip will have 64 Kilobytes of memory space*Holder’s photograph and fingerprints will be stored in the chip*Will have the capacity to store 30 visits.

11:42 National digital health platform to be rolled out
An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities.

11:40 For EV owners … A battery-swapping policy to be brought out with interoperability standards to boost EV ecosystem.

11:39 Livelihood boost for women, youth in North East
PM development initiatives for the North-East will be implemented for the North Eastern Council, which will enable livelihood activities for youth and women. The scheme is not a substitute for the existing Centre or state schemes

11:36 An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities

11:35 Issuance of e-passports with futuristic tech to be introduced in 2022-23

11:31 ‘One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12

11:28

• Railways will develop new products for small farmers and MSMEs.
  Contracts for multi-modal parks at 4 locations to be awarded next fiscal.
• ECLGS scheme to be extended till March 2023 and guarantee cover expanded by Rs 50,000 to Rs 5 lakh cr.
• A rationalised scheme to increase domestic oilseed production will be brought in to cut down imports.
  2022-23 has been announced as International Year of Millets.
• PM Gati Shakti for road transport masterplan to be finalised in 2022-23. PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways. logistics infra, and all 7 engines will pull forward the economy in unison supported by energy transmission, IT communication, bulk water and sewerage and social infra.

11:26 Digital university to set up for online with focus on ICT using hub and spoke mode: FM

11:23 National highways to be extended by 25,000 km in 22-23
Among other announcements made by the finance minister in her budget speech are:

• National Highways will be extended by 25,000 km during 2022-23.
• One product one railway station will be popularised, 400 new Vande Bharat trains to be introduced.
• Strategic buyers for NINL have been selected.
• National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities.

11:20 Use of Kisan drones will be promoted for crop assessment, digitisation of land records, spraying of insecticides and nutrients: FM Sitharaman

11:19 PLI scheme has potential to create 60 lakh jobs: FM
The Production Linked Incentive (PLI) scheme for achieving Aatma Nirbhar Bharat has received excellent response, with the potential to create 60 lakh new jobs and additional production of 30 lakh crore during next years, Sitharaman says in her Budget speech.

11:19 Draft DPRs for five river links have been finalised, announces FM Sitharaman

11:16 Budget reiterates focus on public investment to modernize infrastructure over the medium term, leveraging tech platform of Gati Shakti via a multi-modal approach

11:15 Chemical-free natural farming to be promoted in India: FM

11:14 This Union Budget seeks to lay foundation & give blueprint of economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100

11:07 India’s growth highest among large economies: FM
India’s economic growth in the current year is estimated to be 9.2%, the highest among all large economies, Sitharaman tells Parliament.

11:04 FM Nirmala Sitharaman begins her Budget speech with empathising with those who have suffered the effects of the pandemic.

‘We are in the midst of an Omicron wave,’ she tells Parliament. We are however in a strong position to withstand the impact, Sitharaman says.

10:59 Sitharaman begins reading out Budget speech
Finance Minister Nirmala Sitharaman begins her keenly-awaited Budget speech in Parliament.

This is Sitharaman’s 4th Union Budget, and the Narendra Modi government’s 10th Budget.

10:43   The Union Cabinet at its meeting in Parliament has approved the Union Budget 2022-23 to be presented by Finance Minister Nirmala Sitharaman.