Ministry
of Finance, Government of India today presented Union budget 2022/23. Here are
the brief (selected) highlights:
1.
Estimation of an economic growth on 9.2
per cent in the upcoming fiscal year.
2.
There will be
total expenditure in 2022/23 estimated at Rs 39.45 lakh crore. Total receipts
other than borrowings in 2022/23 is estimated at Rs 22.84 lakh crore.
3.
There would
be an ‘Effective Capital Expenditure’ of Central Government estimated at Rs
10.68 lakh crore in 2022-23, which is about 4.1 per cent of GDP.
4.
Reserve Bank of India to issue
"Digital Rupee" by 2022/23.
5.
GoI allocated INR 2.37 lakh crore for
direct payments for the minimum support price in agriculture.
6.
Year 2022 A.D is supposed to be the year
of Millet production to support the post-harvest value of the millet.
7.
Digital University to be established in
India based on the hub network model.
8.
The fiscal deficit is to remain at 6.9 per
cent of the GDP.
9.
Customs duty on umbrellas has been
increased, likewise on cut and polished diamonds it has been decreased.
10.
The virtual digital assets will be taxed
on 30 percentage basis/
11.
Green bonds to be issued to foster green
infrastructure.
12.
An amount of Rs
2.37 lakh crore direct payments to 1.63 crore farmers will be granted for
procurement of wheat and paddy. It is said that chemical-free Natural farming
to be promoted throughout the county, but the Initial focus would be on
farmer’s lands in 5 kms wide corridors along river Ganga.
13.
The budget has provisioned the
taxpayers to file updated income tax return within 2 years for correcting
errors. It also provides tax relief to persons with disability.
Any effects to Nepal?
The
Union budget of India 2021/22 on the previous year provisioned several
surcharge or cess on several items, nonetheless, in this budget it has not
specified on the specific taxes on the agricultural products that we import.
However, chemicals like Sodium Cyanide would be heavily taxed. It could be
assessed that the ambitious economic growth of 9.2 per cent would may lead to
the hike in the consumer prices as many researches mention so with the effect
Nepal could also bear a sort of rise in the inflation that we roughly import
from India. The importance of other clauses is still left to be assessed. Let
us see what happens in the time that is coming.
Thank
you
Aditya
Pokhrel
P.S Laud with comments.
