People's Budget: The last full budget of the second Narendra Modi government; Finance Minister Nirmala Sitharaman won applause

People's Budget: The last full budget of the second Narendra Modi government was presented. Finance Minister Nirmala Sitharaman applauded that the country's economy is on the right track. Paperless budget this time too.

Finance Minister Nirmala Sitharaman presented the last full budget of the second Narendra Modi government, including income tax reforms. As it was an election year, popular projects were included in the budget. A key feature of the budget is the income tax reform that will bring relief to the middle class. Women and senior citizens will get more interest, double the investable amount, budget announcement.

Union Budget 2022 Key Announcements

The income tax exemption limit has been increased to 7 lakhs
Gold, silver and diamonds will increase in price
2.4 lakh crore for Railways
Customs duty reduced to 13 percent, above 15 lakhs 30 percent, between 12-15 lakhs 20 percent tax, between 9-12 lakhs 15 percent tax, between 6-9 lakhs 10 percent tax, between 3-6 lakhs 5 percent tax, 0- No tax up to 3 lakh, change only in new scheme. The limit of 3 lakhs will continue in the old scheme
The income tax exemption limit has been increased to 7 lakhs
The price of cigarettes will increase
Prices of Compressed Biogas- Ethanol- Electric Chimney- Lithium- Ion Battery- Heat Coil will come down.
The price of imported rubber will increase
The cost of batteries for electric vehicles will come down
The price of mobile phones will decrease
Stipend for 47 lakh young women
New investment scheme for women and girls. Duration 2 years. Limit upto Rs.2 Lakhs. Interest is 7.5 percent
Television sets will come down in price. The cost of panels will come down by 2.5 percent
The investment limit for senior citizens has been increased to 30 lakhs
Mahila Samman scheme for women
10,000 crore for afforestation
Banking rules and regulations will be revised to secure deposits
The defense budget has been increased to Rs 6.2 lakh crore
5300 crore drought relief for Karnataka
9000 crore for credit guarantee scheme for small and medium enterprises
Kaushal Vikas Yojana for vocational training
'See Our Country' scheme for domestic tourism
All cities will have automated systems to clean sewers
Mishti Project for Mangrove Conservation
PM Pranam Scheme for Earth Conservation
20 skill development centers will be started
35000 crore has been allocated for Harithorja projects.
Mission Karma Yogi to increase efficiency of government employees
Zero carbon emissions by 2070
75000 crore for the transport sector
100 labs to get 5G service
2200 crore for Atmanirbhar Clean Plant Programme
Make AI for India project for artificial intelligence. Centers for research
The 50-year interest-free loan to state governments has been extended by one more year
PAN is the basic document for digital transaction with Govt.
10,000 crore for urban development
50 new airports and heliports will come up
748 Ekalavya model schools in tribal area
Capital investment will be increased to 10 lakh crores
75000 crore for PM Awas Yojana
Digital library for children and teenagers
Schemes for tribal welfare
Sickle cell disease will be eradicated by 2027
2 lakh crore for food security
9.6 crore cooking gas connection provided
6000 crores for the development of fisheries sector
Sickle cell disease will be completely eradicated by 2027
2516 crore for computerization of primary cooperative societies. 63000 primary cooperatives will be digitized
2 lakh crore for food security
Finance Minister said that 2.2 lakh crore rupees have been distributed to 11.4 crore farmers
Agricultural credit will be raised to Rs 20 lakh crore
2200 crore horticulture package
6000 crore for the development of fisheries sector,
157 nursing colleges
15000 crores for tribal groups

Government financial assistance to the poor in prison
Increased capital investment in the country
Three Centers for AI Research
PAN Card – will be accepted as Identity Card.
5G service will be made widespread and 100 labs will be set up for 5G application development.
Mishti project will be started for mangrove forest protection
Coastal shipping will be encouraged.
Assistance will be given to transfer old vehicles.
Assistance will be provided for shifting of vehicles and ambulances in states.
Pradhan Mantri Kaushal Vidhaniya Yojana 4.O will be launched for skill development.
Public Private Partnership will be ensured.
In the field of tourism, 50 centers will be selected and facilities will be increased.
"Dekho Apna Desh" will continue for regional tourism development
Over the next three years, one crore farmers will be assisted to switch to organic farming and 10,000 bio-input resource centers will be set up across the country.
The exemption threshold for those under the new income tax scheme has been increased from Rs 5 lakh to Rs 7 lakh. Those under the old scheme have a tax exemption of up to three lakhs. According to the change in the income tax structure, the new tax rate is 5% between Rs.3 lakh and Rs.6 lakh. 10 percent tax for those with income between 6 lakh to 9 lakh. The new tax will be 15% between 9 to 12 lakhs, 20% between 12 lakhs and 15 lakhs and 30% above 15 lakhs. Income tax slabs reduced from six to five. Jo to resolve Income Tax appeals. Commissioners have also been given responsibility.

Investment limit for senior citizens increased to 30 lakhs: Investment schemes for women, girls and senior citizens with higher interest rates have been announced in the budget. Depositable amount has been doubled for senior citizens with higher interest rate. The center is creating a scheme to ensure more income for women and girls when the interest on bank deposits falls. Under the Mahila Samman Saving Scheme, Rs 2 lakh can be invested for two years. Seven and a half percent interest will be ensured for this. There will also be an opportunity to partially withdraw the amount without loss of interest. The tenure of the investment will be till March 2025. 15 lakhs is now the limit for senior citizens to earn more interest in Post Offices and Banks. It has been raised to 30 lakhs, paving the way for more income. Apart from this, the investment scheme limit for monthly income has been increased from 4.5 lakhs to 9 lakhs.
Prices of gold, silver, diamonds, clothing, cigarettes, kitchen appliances, imported rubber and copper scrap will increase.
The cost of TV, mobile phone, compressed biogas, lithium ion battery, camera, electric chimney, heat coil and electric vehicle battery will come down.
PM Garib Kalyan Anna Yojana will continue for one more year. All Antyodaya customers will benefit. The cost of this project is Rs 2 lakh crore per year
15,000 crore will be spent in three years for the tribal community
The Pradhan Mantri Awas Yojana fund has been increased by 66% to Rs 79,000 crore
Scheme to provide stipend directly to 47 lakh youth account for 3 years
157 new nursing colleges will be established in the country
748 teachers will be appointed in Ekalya model residential schools
Sickle cell disease will be eradicated by 2047. Awareness and medical assistance will be provided including in tribal areas
2.40 lakh crore for railway development projects
Action to accept PAN card as identification document in all government institutions
5 kg of food grains will be given to 81 crore people every month
Old vehicles of central and state governments will be exempted. Assistance will be given on the basis of vehicle scrapping policy
50 new airports will be built
2516 crore to digitize 63,000 primary groups
Skill development program in medical field and comprehensive program to eradicate anemia disease
PM Vishwakarma Kushal Samman Scheme for traditional artisans
6000 crore project for the coastal region
Mission Karma Yogi to increase efficiency of government employees
Zero carbon emissions by 2070
100 labs to get 5G service
2200 crore for Atmanirbhar Clean Plant Programme
The Make AI for India project for artificial intelligence will launch centers ahead of research
A new app for the tourism sector. The app will compile information on tourist areas
PAN card will become public identification document for digital transactions
A special scheme to promote research in the field of pharmaceuticals
5300 crore drought relief for Karnataka
The investment scheme limit for senior citizens has been raised to 30 lakhs
Special investment scheme for women and girls. Mahila Samman Savings Certificate. An investment of Rs.2 lakh can be made. Interest is 7.5 percent
National digital libraries will be opened for children. 157 new nursing colleges will be started.
900 crores for small and medium enterprises. Loan interest for small enterprises (MSME) will be reduced to 1%
Mishti Project to set up 10,000 bio-input research center for mangrove conservation
Amrit Darohar Project for Wetland Development
19,700 crore will be given to the Green Hydrogen Mission for the development of green energy
The budget also announced that more emphasis will be given to areas including animal welfare, dairy development and fisheries.
An agricultural stimulus fund will be created for agricultural start-ups. There will be a project called Shree Anna for small grain development.
The agricultural loan target has been raised to 20 lakh crores.
Budget announcements in health sector
157 new nursing colleges
It will be set up along with the existing medical colleges
Sickle cell disease will be eradicated by 2047
Awareness and medical assistance will be provided including in tribal areas
ICMR for Health Research
Research facilities will be provided in selected labs of ICMR
Research in pharmaceutical field
A special scheme will be created to promote research in the pharmaceutical sector
The finance minister also announced in the budget that sickle cell disease will be eradicated by 2047.