Page 23 - Plastics News February 2022

FEATURE

The Union Budget 2022

Earlier this month Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 in
Parliament. Here are some of the highlights from Sitharaman’s Budget speech

link projects across various states,
an additional Rs 48,000 crore in the
PM housing scheme, and boosting
infrastructure development in the
North East.
The Finance Minister also announced
the auction of 5G spectrum in 2022;
proposed setting up 75 digital banking
units in 75 districts; announced a national
programme for mental health, worsened
by the Covid-19 pandemic; and brought
he focus of the Union Budget is Minister Nirmala Sitharaman said a virtual currencies like cryptocurrency and
Ton providing basic amenities to conscious decision was taken not to non-fungible tokens under the tax net.
the poor, middle class and youth, Prime increase taxes because of the hardship The Budget estimates the effective capital
Minister Narendra Modi asserted that that people have been facing due to the expenditure of the Central government
it is imperative that India becomes pandemic. Sitharaman, while presenting at Rs 10.68 lakh crore in 2022-23, making
self-reliant. Addressing BJP workers at the Union Budget, said that the country up about 4.1 per cent of the GDP. The
‘Aatmanirbhar Arthvyavastha’ event, is expected to grow at 9.27 per cent in gross GST collections for the month
Modi termed Budget 2022 as a step the coming year. With a focus on four of January 2022 are Rs 1,40,986 crore
towards a modern and self-reliant India. pillars of development — inclusive — the highest since the inception of
Modi further said the Budget proposes development, productivity enhancement, the tax in 2017 — the Finance Minister
to make a four-fold increase in public energy transition and climate action said. In a major push for digital currency,
investments as compared to those in — the Budget gives a blueprint of Sitharaman stated that digital rupee will
the UPA regime and that the measure economy from India at 75 to India at be issued using blockchain technology
will open up immense opportunities. 100, Sitharaman said. by the RBI starting 2022-23. This will
Earlier on Tuesday, the Prime Minister In five big infrastructure projects, the give a big boost to the economy, the
had hailed the Union Budget as “people- government has proposed expanding Finance Minister said. She added that
friendly” and “progressive”.
highways in the country by 25,000 income from the transfer of any virtual
Speaking at a press conference after kilometres, allocating Rs 60,000 crore digital asset shall be taxed at the rate of
presenting the Union Budget , Finance to the Nal se Jal scheme, five river 30 per cent.

Pushing For Enhanced Capex Allocation

The government has announced a sharp jump of 35.4 per cent in capital expenditure to fund various
infrastructure projects in 2022-23. In her Budget speech, Finance Minister Nirmala Sitharaman said
capital investment holds the key to speedy and sustainable revival and public spending is required
to take the lead.

Why the enhanced allocation? current year. Capital investment holds the strong growth,” Sitharaman said while
The government will invest Rs 7.50 lakh key to speedy and sustainable revival. The presenting her budget. The virtuous cycle
crore as capital expenditure next year, a economy has shown strong resilience of public investment crowding in private
sharp jump from Rs 5.54 lakh crore in the to come out of pandemic impact with investment is required. Public investment

22 PLASTICS NEWS FEBRUARY 2022 23 PLASTICS NEWS FEBRUARY 2022