InvestorQ : What are the best things about Budget 2022?
Niharika Kamble made post

What are the best things about Budget 2022?

Nikita Damle answered.
12 months ago
Like every year, the Indian Finance Minister announced the Union Budget to depict the Indian government’s strategy for capital expenditure and economic growth for the next financial year. Among numerous announcements made, here are the best and the most important things announced in the Union Budget:

ECLGS: Emergency Credit Line Guarantee Scheme will be extended until March 2023. Within the scheme, the cover will be extended from Rs 50,000 crores to Rs 5 lakh crores to aid the financial needs of MSMEs.

Digital Rupee: The RBI will launch Digital Rupee by the end of this year to provide a massive boost to the economy. The Digital Rupee will be backed by the use of blockchain technology.

Virtual Assets: 30% tax will be levied on income from virtual digital assets brought under the tax net. Capital gains from it are taxable at 30% without any deduction except the cost of acquisition.

Capex: The government has increased the capital expenditure outlay by 35.4%, reaching Rs 7.50 lakh crores in 2022-23 from Rs 5.54 lakh crores in the current year. The announced increased outlay will be 2.9% of the GDP.

E-passports: They will be rolled out with embedded chips and futuristic technology in the financial year 2022-23.

Solar Manufacturing: The government has allocated additional Rs 19,500 or production-linked incentives towards manufacturing solar equipment units to integrate manufacturing units into solar PV modules.

Amrit Kal: The Indian government will seek to lay the foundation and give a blueprint of the Indian economy for the next five years under the ‘Amrit Kal’ scheme.

The stock market has reacted positively to the Union Budget as there has been no negative news that can impact the overall investor sentiments. The Sensex has soared to 58,600 while Nifty has breached the 17,500 mark in the after-hours of the budget announcement.