MP Budget 2022
Highlights of budget 2022-23
- The citizens of the state have been comforted by the fact that no new taxes have been imposed. The state government also intends to provide low-cost electricity, and a subsidy of Rs 21,000 crore has been set aside for this purpose.
- The state government will also construct 4000 kilometers of roads this year, for which Rs 108 crore has been budgeted.
- The state government has even set a target area of 99,000 hectares for this year, in line with Prime Minister Narendra Modi's vision of promoting zero-budget natural farming in India.
- Industrial parks in Bagrod, Berasia, and Bhopal along with solar plants in Sagar, Shajapur, and Ujjain have also been approved by the state government progressing the smart city development of the chosen cities. Eleven new industrial zones will also be developed, creating around 11,000 new jobs.
- The Finance Minister also stated the estimated fiscal deficit was Rs 52,511 crore, which is 4.56 percent of the Gross State Gross Domestic Product (GSDP).
- In a major push for fisheries, the Chief Minister Fisheries Scheme is all set to be launched, with a budget of Rs 50 crore proposed
- 13,000 new teachers are to be hired for government schools which will surely be an aid to the understaffed government schools throughout the state.
- The state government also decided to increase the number of seats available for MBBS and nursing programs much to the relief of medical students. There will be 22 new medical colleges built in Sheopur, Rajgarh, Mandla, Seoni, Singrauli, Neemuch, Mandsaur, Damoh, and other districts and the number of seats available for MBBS and nursing programs will be increased by 1215.
- Burhanpur has become the first district in the state where every home has access to running water and it has been set as a goal to increase irrigation potential to 65 lakh hectares by 2025.
- A total of 217 Electronic Vehicle Charging Stations will be built under the Public-Private Partnership model in Bhopal, Indore, and Jabalpur So that people owning Electronic Vehicles will no longer be inconvenienced when traveling long distances.
- Dearness Allowance will be raised from 20% to 31%. Approximately 5.5 lakh state government employees will benefit from this.
- The Mukhyamantri Teerth Darshan Yojana will be restarted which was first launched in 2012 and provides assistance to senior citizens of the state over 60 years of age to visit a prescribed pilgrimage outside the state.
- Electricity consumers will receive a subsidy of 25000 crores.
- A budget of Rs. 6300 crores are proposed for the Rural and Urban Jal Jeevan Mission.
31 lakh people will benefit from the PM Awas Yojana.
Rural Infrastructure is a priority
Adarsh Gram will gain 200 new villages
Ladli Laxmi 2.0
Panchayats will have the authority to issue NOCs
There will be an increase in the health budget.
Key Highlights of Union Budget 2021-22
- India's economic growth rate is predicted to be 9.2 percent, the highest among global economies.
- 60 lakh new jobs would be created in 14 industries as part of the productivity-linked incentive scheme.
- PLI Schemes have the potential to generate an additional Rs 30 lakh crore in production.
- Entering Amrit Kaal, the 25-year countdown to India @100, the budget provides growth impetus as well as four priorities:
- PM GatiShakti
- Inclusive Development
- Productivity Enhancement & Investment Opportunities, Sunrise Opportunities, Energy Transition, and Climate Action
- Productivity Enhancement & Investment Opportunities, Sunrise Opportunities, Energy Transition, and Climate Action Investment financing
PM GatiShkati National Master Plan
Multimodal Logistics Parks
- One Station One Product is a concept designed to assist local businesses and supply networks.
- In 2022-23, 2000 km of railway network will be brought under Kavach, an indigenous world-class technology, with capacity augmentation.
- The National Ropeways Development Program, Parvatmala, will be implemented through a public-private partnership.
- Contracts for eight 60-kilometer-long ropeway projects will be awarded in 2022-23.
Inclusive Development Agriculture
- Direct payments of Rs. 2.37 lakh crore to 1.63 crore farmers for wheat and paddy procurement.
- Free of chemicals Natural farming will be promoted across the county. The initial focus would be on farmer's fields in 5-kilometer-wide lanes along the Ganga.
- 'Kisan Drones' for crop evaluation, digitization of land records, application of pesticides and nutrients.
- Udyam, e-shram, NCS and ASEEM ports will be linked.
- Under the Emergency Credit Linked Guarantee Scheme, 130 lakh MSMEs received additional credit (ECLGS)
- The ECLGS will be extended until March 2023.
- The ECLGS guarantee cover will be increased by Rs 50000 crore, bringing the total protection to Rs 5 lakh crore.
- protection to Rs 5 lakh crore. An additional credit of Rs 2 lakh crore would be made available to Micro and Small Enterprises through the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
- The Raising and Accelerating MSME Performance (RAMP) program, with a budget of Rs 6000 crore, would be implemented.
Ken Betwa project
- The Ken Betwa project calls for a 1400 crore spend for the construction of the Ken – Betwa link.
- A 'National Tele Mental Health Programme' would be created to provide high-quality mental health therapy and care services.
- A network of 23 tele-mental health excellence centers would be established, with NIMHANS serving as the nodal center and the International Institute of Information Technology-Bangalore (IIITB) providing technical assistance .
Housing for Everyone
- Under the PM Awas Yojana, Rs. 48,000 crores have been allotted for the completion of 80 lakh dwellings in 2022-23.
Prime Minister’s Development Initiative for North-East Region (PM-DevINE)
- PM-DevINE, a new initiative to fund infrastructure and social development projects in the North East, has been launched.
- Under the scheme, an initial allocation of Rs. 1,500 crore has been allocated to facilitate livelihood activities for young women.
Vibrant Villages Initiative
- Vibrant Settlements Program for the development of border villages on the northern border with sparse populations, insufficient connectivity, and lower support of structure.
- The basic banking system will be used by all 1.5 million post offices.
- Commercial banks establish 75 Digital Banking Units (DBUs) in 75 districts.
- Building bylaws will be modernized, as will Town Planning Schemes (TPS) and Transit Oriented Development (TOD).
- A battery switching policy will be developed for implementation.
AtmaNirbharta in Defence:
- The domestic industry would receive 68 percent of the capital procurement budget in 2022-23, up from 58 percent in 2021-22.
Public Capital Investment:
In 2022-23, public investment will continue to fuel private investment and demand.
- The outlay in 2022-23 is expected to be 2.9 percent of GDP.
- The central government's "effective capital expenditure" is expected to be Rs 10.68. Rs. In 2022-23, that's about 4.1% of GDP.
To promote the policy of a stable and predictable tax system :
- Vision To establish a trustworthy tax regime. Introducing new ‘Updated return’
- Will enable the assessee to declare income missed out earlier.
Remarkable progress in GST
- Despite the epidemic, GST receipts are increasing, and taxpayers should be applauded for this.
Special Economic Zones
- SEZ Customs Administration should be totally IT-driven and operate on the Customs National Portal – to be implemented by September 30, 2022.
Customs Reforms and duty rate changes
- Faceless Customs has been completely established. Customs formations performed outstanding frontline work against all odds during the Covid-19 epidemic, demonstrating agility and purpose.
Project imports and capital goods
- Gradually reduce the preferential tax rates for capital goods and project imports, and at the same time implement a reasonable tax rate of 7.5%, which is beneficial to the growth of the domestic sector and "Made in India".
- Certain exclusions for modern gear that isn't made in the nation will remain in place.
- Certain exemptions for non-domestic advanced machinery will be maintained.
- A few exemptions were introduced on inputs, like specialized castings, ball screw, and linear motion guides - to encourage domestic manufacturing of capital goods.
Review of customs exemptions and tariff simplification
- More than 350 exemptions have been proposed to be removed, such as exemptions for certain agricultural products, chemicals, fabrics, medical devices, drugs and drugs for which there is national capacity.
- To reduce conflicts, the Customs rate and tariff structure should be simplified, particularly for industries such as chemicals, textiles, and metals. In keeping with the goals of 'Make in India' and 'Atma Nirbhar Bharat,' exemptions on commodities that are or may be manufactured in India are being removed, while concessional tariffs on raw materials used in the creation of intermediate products are being offered.
Sector specific proposals
- Simplifying the Customs rate and tariff structure, notably for industries like as chemicals, textiles, and metals, in order to reduce disputes; Removal of exemptions for things that are or can be manufactured in India, as well as giving concessional duties on raw materials used in the manufacture of intermediate products - all in keeping with the goals of 'Make in India' and 'Atma Nirbhar Bharat.'
Gems and Jewellery
- Customs charge on cut and polished diamonds and gemstones will be reduced to 5%; there will be no customs duty on simply sawn diamonds - to help the Gems and jewelry sector.
- A simplified regulatory framework to be implemented by June this year - To facilitate export of jewelry through e-commerce.
- Customs duty of at least Rs 400 per Kg to be paid on imitation jewelry import - To disincentive import of undervalued imitation jewelry.
- Customs duty on certain critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining is being reduced; Duty is being raised on sodium cyanide for which adequate domestic capacity exists which will help in enhancing domestic value addition.
- The tariff on umbrellas has been hiked to 20%. Exemption from the withdrawal of parts of umbrellas.
- Exemption is being justified for agri-sector implements and instruments manufactured in India.
- The tariff exemption granted to steel scrap last year has been extended for another year in order to help MSME secondary steel makers.
- Certain anti-dumping and CVD measures on stainless steel and coated steel flat products, alloy steel bars, and high-speed steel are being canceled in order to address the current high metal prices in the wider public notice.
- Exemptions are offered on items such as embellishment, trimming, fasteners, buttons, zipper, lining material, selected leather, furniture fittings, and packaging boxes to encourage exports.
- Duty on some materials used in shrimp aquaculture is being decreased in order to boost transport.
Tariff measure to encourage blending of fuel
- Unblended fuel to attract an additional differential excise duty of Rs 2/ liter from the 1st of October 2022 - to encourage blending of fuel.
Posted On: 01 FEB 2021 2:07PM by PIB Delhi
Presenting the first ever digital Union Budget, Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman stated that India’s fight against COVID-19 continues into 2021 and that this moment in history, when the political, economic, and strategic relations in the post-COVID world are changing, is the dawn of a new era – one in which India is well-poised to truly be the land of promise and hope.
The key highlights of the Union Budget 2021-22 are as follows:6 pillars of the Union Budget 2021-22:
- Health and Wellbeing Download PDF
- Physical & Financial Capital, and Infrastructure Download PDF
- Inclusive Development for Aspirational India Download PDF
- Reinvigorating Human Capital Download PDF
- Innovation and R&D Download PDF
- Minimum Government and Maximum Governance Download PDF
Achievements and Milestones during the COVID2021 - Year of milestones for Indian history
- • 75th year of India’s independence
- • 60 years of Goa’s accession to India
- • 50 years of the 1971 India-Pakistan War
- • Year of the 8th Census of Independent India
- • India’s turn at the BRICS Presidency
- • Year for Chandrayaan-3 Mission
- • Haridwar MahaKumbh
- • AatmaNirbharta – not a new idea – ancient India was self-reliant and a business epicentre of the world
- • AtmaNirbhar Bharat – an expression of 130 crore Indians who have full confidence in their capabilities and skills
- • Strengthening the Sankalp of:
- Nation First
- Doubling Farmer’s Income
- Strong Infrastructure
- Healthy India
- Good Governance
- Opportunities for Youth
- Education for All
- Women Empowerment
- Inclusive Development
- • 13 promises made in the Union Budget 2015-16, and resonating with the vision of AatmaNirbharta, to materialise during the AmrutMahotsav of 2022 – on the 75th year of our independence