Page 17 - NIS English 16-28 Feb 2022

Union Budget |Infrastructure

India’s economic growth The government intends
estimated at to reduce the fiscal
9.2% deficit to less than

in 2022-23, to be the 4.5%
highest among all large of GDP by 2025–26.
economies of the world LAKH
The fiscal deficit is The budget estimate of NEW
estimated at 134.83
116,61,196 lakh crore was for the 80 HOUSES

crore in the year 2022-23. financial year 2021-22. In 2022–23, 80 lakh houses will be
built for identified and eligible Pradhan
The revised estimate of The total estimated Mantri Awas Yojana beneficiaries
expenditure is
1 37.70 139.45 in both rural and urban areas. An
allocation of Rs 48,000 crore has been
lakh crore was for the lakh crore in the financial made for this.
financial year 2021-22. year 2022-23.
120.79 lakh crore of income by way of tax. This is AN E-PASSPORT WILL FOCUS ON GREEN
ENERGY.
MAKE TRAVEL EASIER
Rs 2.9 lakh crore more than the estimate.
Beginning in An electric
new direct and indirect jobs are created. The income tax April of this year, vehicle battery
slab has not changed, but tax relief for the differently e-passports will swapping
abled has been proposed. When the parent or guardian be issued with policy has been
announced.
reaches the age of 60, the handicapped will be able to embedded chips special focus
and futuristic
receive a lump sum payment for the rest of their lives. technology to on artificial
The scope of tax exemption for government employees improve the intelligence,
in the National Pension System (NPS) has been ease of travel for drone
expanded. State governments have decided to increase citizens abroad. technology,
the tax deduction on NPS contributions for employees PRIME MINISTER'S DEVELOPMENT
from 10% to 14%. Central government employees get INITIATIVE FOR THE NORTH EASTERN REGION
tax relief of up to 14% on their contribution to NPS.
Digital assets, such as cryptocurrency, will now be taxed PM-DevINE, a new scheme for
as well. This income will be taxed at a rate of 30%. infrastructure and social development
Every digital asset transaction, on the other hand, will projects and funding in the North East,
has been launched.
be subject to a 1% TDS.This is the second year in a row
that no new taxes have been imposed on taxpayers. In An initial allocation of Rs. 1500 crore has
contrast, they have been given the facility to update the been made under this scheme to enable
returns up to two years before the end of the assessment youth and women to engage in livelihood
activities.
year. In addition, donations made under 80G for the
reconstruction of religious structures will now be VIBRANT VILLAGE PROGRAM
exempted from income tax. Previously, this exemption n Vibrant Village Program for the
was only available for new construction. development of border villages on
RBI'S GREEN BOND AS A NEW INVESTMENT the northern border with sparse
OPTION population, limited connectivity and
The central government's priority is a safe environment, infrastructure.
as well as overall development. As a result, the Sovereign
Green Bond was announced to encourage investment in
projects such as renewable energy, electric vehicles, and
batteries. These will be issued by the RBI.

New India Samachar February 16-28, 2022 15