SANJAY THAPA
The second Union budget under the pandemic presented today by FM Nirmala Sitaraman shifts its focus towards aligning the Indian economy with that of the world in promoting digital currency. The FM today said that the RBI will bring out a digital currency using block chain technology in 2022-23. Though tax on income from digital assets will be taxed at a high 30 %. It will however push India towards adopting a digital currency which has become a default new currency in the world. The budget for AtmaNirbhar Bharat by spending more on Defense manufacture. As govt figures show the GDP is moving out of the supply chain blockages due to covid as shown by the record rise in revenue collections as shown by GST collections which touched over Rs 1.4 lakh core for January 2022. With this optimism, the govt has pegged fiscal deficit at 6.9 per cent for current year and GDP growth at 9.2 %. This supposed to be highest in the world.
Based on this record recovery the govt has expanded it capital expenditure to over 35 % over that of last year’s. The budget also reduces the corporate tax to 8 % from 15 %. The budget focused on encouraging use of drones by giving special incentives on use of drones technology particularly in agriculture called Kisan drones. This apart, the budget has allocated over Rs 2. 4 lak core towards buying paddy and wheat from 1.63 core farmers in 2023 .The exemption on startup taxation has been increased for another year. The budget also gives special push to PM GatiShakti project whereby the infrastructure will be given special support. Projects under the seven sectors in national infrastructure pipeline to be aligned with PM GatiShakti project. And Rs 6000 core to be spent on developing highways and expressways. The outlay for MSME has also been raised to Rs 6000 core in the budget. This apart given increase in importance of eVidya in the pandemic TV channels under this scheme will be expanded to 200 from present 7. The also laid the road map for the auction of 5G spectrum in 2022-23 and the roll out of 5G services in 2023.
