He termed the current era as 'Amrit Kal', presented a blueprint for the 9th year of independence but no exemption in income tax, e-passports will be issued, 5% tax on corrupt currency.
Presenting the vision for the next 25 years in the General Budget for the financial year 2022-23, Finance Minister Nirmala Sita Raman pledged to establish world class economic and social infrastructure in India and connect every village and hamlet to it. Also, suggest a significant increase in investment costs. The budget emphasizes the provision of financial resources, comprehensive development, increase in productivity and promotion of investment, and investment in emerging sectors. The Finance Minister termed the current era as 'Amrit Kal' and said that the budget includes integrated transport and logistics facilities under PM Gatti Shakti Yojana, promotion of electric vehicles, development of civic amenities, measures to reduce carbon emissions, health. And the expansion of e-rooms in government schools has been announced.
Budget speech of the Minister of Finance
In his inaugural budget speech, the Finance Minister said that this elixir of independence is an opportunity to lay the foundation stone for the next 25 years of development. Although there is no change in the personal income tax rate in the budget, taxpayers have been given an opportunity to file their revised income tax returns within two years. The minimum tax rate on cooperatives has been reduced from 18% to 15% while the surcharge on small cooperatives has been reduced from 12% to 7%. The finance minister said that state employees would now get the benefit of income tax deduction on participation in the new pension scheme at the rate of 14 per cent instead of 10 per cent like central employees.
Development 7, engine
Describing roads, railways, airports, ports, public transport, waterways and freight as the 7th engine of the Indian economy, the Finance Minister said that they would provide business opportunities to the youth and create massive employment.
National Infrastructure Pipeline
The Finance Minister said that the projects related to these 7 engines in the National Infrastructure Pine Line would be linked to the PM Gati Shakti framework. The master plan will feature world-class state-of-the-art infrastructure, logistical coordination in various means and projects for the transportation of both people and goods. He said that this would help in increasing productivity, accelerating economic growth and development.
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