NEWS 02/02/2022. NEWS FOR 4th-FEB (FRIDAY) Finance Minister Nirmala Sitharaman presented the Union Budget 2022, the fourth budget of Modi 2.0, on 1 February. There were a host of measure for a number of sectors, aimed at boosting growth amid high & rising inflation and continuing covid uncertainities. Key Highlights : Budget 20221. GDP growth for FY21-22 is expected to be 9.2%, the highest for any large economy.2. Defence allocation has been raised to Rs. 5.25 Lakh Cr from Rs.4.78 Lakh Cr. · 3. PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs, additional allocation of Rs 19,500 cr for PLI in solar PV module manufacturing.4. 75 digital banking systems in 75 districts by commercial banks. Core Banking Services to start in Post offices.5. PM Gati-shakti master plan will enhance Multimodal communication through 7 engines, 2000 km of rail network to be brought under KAVACH & Highway network to grow by 25,000 km, multimodal logistics parks at 4 locations to be awarded in 2022-23. 100 new cargo terminals will be raised.6. 400 new Vande Bharat trains to be introduced.7. Ken Betwa river link project to be completed, Rs 4300 cr allocated. 5 other river linking to be undertaken.8. 8 million new dwelling units in rural & urban areas under PM Awasyojana. Rs 48,000 crore allocated.9. Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers. · 10. Rs 2 trillion outlay for MSMEs, Additional loans for 13 mn MSMEs.11. Rs 1,500 crore allocated for development of the Northeast.12. New provision to file updated return within 2 years of relevant assessment year.13. Alternate minimum tax for cooperative societies down from 18.5% to 15% · 14. Surcharge on Corporate tax pruned from 12% to 7% Surcharge on transfer of long-term capital gains tax capped at 15%.15. Gross GST collection for Jan 2022 at a record high of Rs 1.41 trillion.16. Electric Vehicles battery-swapping policy to be brought in. · 17. Duty on unpolished diamonds to be reduced to 5% · 18. RBI led digital rupee using blockchain to be launched, IT on it to be at 30%.19. 68% of capital outlay on Defence for Domestic defence industry.20. Fiscal Deficit 6.9% of GDP in FY22 , to be brought down to 6.4% in FY23.21. Total expenditure in FY23 estimated at Rs 39.45 trillion ; total resources mobilisation to be Rs 22.84 trillion other than borrowing. < < Back