UPSC Civil Services Exam has many questions related to the Union Budget every year. Here are some major points that all UPSC IAS aspirants have to study before their exam on June 5, 2022.
Nirmala Sitharaman, the Finance Minister of India is presenting the Union Budget 2022 today, which is on February 1, 2022, at the Parliament. Here are some important points every UPSC Civil Services aspirant must know in case they are to appear in the UPSC Civil services exam to be conducted on June 5 this year.
This year while presenting the Budget, the finance minister said that the country is expected to see a growth of 9.27% in the coming year.
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Budget 2022: Major Takeaways for UPSC Civil Services Exam
The four pillars of development on which the budget is focusing are:
i) Inclusive development
ii) Productivity enhancement
iii) Energy transition
iv) Climate action
The Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23. This would be about 4.1 per cent of the GDP.
The Finance Minister announced allocating 1 lakh crore to assist the states in catalysing the economy. There would also be 50-year interest-free loans provided to the states. The money would be useful in aiding schemes like Gati Shakti etc.
Special Economic Zones Act would soon be replaced with new legislation for the development of various enterprises and hubs.
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Banking & Digital Currency,
The Government is planning to give a push to Digital Currency. Digital rupee will be issued using blockchain and other technologies by the RBI starting 2022-23.
Emergency Credit Line Guarantee Scheme will be extended up to March 2023 and the guaranteed cover will be expanded by Rs 50,000 crore to cover an amount of Rs 5 lakh crore.
Both Center and States government employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central government employees.
Taxpayers can now update IT returns within 2 years (counting from the relevant assessment year)
Income from Long Term Capital Gains will be taxed at 15% and corporate surcharge would be reduced from 12% to 7%
As per the FM, 68% of the capital procurement budget for the Defense sector of India would be earmarked for domestic industry. This is being done to promote Aatmanirbharta (Atmnirbhar Bharat Scheme) and reduce India’s dependence on imports. As per Nirmala Sitharaman, this is up from 58% in the last fiscal year.
Agriculture Sector & Environment:
The Ken-Betwa linking project would be implemented costing almost INR 44,605 crore. It would benefit 9 lakh farmers of the region with irrigation facilities, provide drinking water to 62 lakh people and generate power at around 103 MW (Hydro) and 27 MW (Solar).
There would also be an additional allocation of 19,500 crores for the manufacturing of solar modules to facilitate 280-gigawatt domestic power through solar plants by 2030.
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