The FM just unveiled a budget aimed at spurring... ... Budget 2022 Live Updates: Modi hails Nirmala Sitharaman for a people-friendly and progressive Budget

The FM just unveiled a budget aimed at spurring spending to support growth. Here are the main talking points

DEFICIT/EXPENDITURE

♦ Proposes fiscal deficit of 4.5% of GDP by 2025/26

♦ Projects fiscal deficit of 6.4% of GDP in 2022/23

♦ Revised fiscal deficit for 2021/22 at 6.9% of GDP

♦ Total expenditure in 2022/23 seen at 39.45 trillion rupees

♦ States will be allowed 4% fiscal deficit to GDP in FY23

♦ 50 year interest free loans over and above normal borrowing allocated to states

♦ Scheme for financial assistance to states for capital investment outlay to be 1 trillion rupees in 2022/23

TAXATION

♦ Import duty on certain chemicals are being reduced

♦ Customs duty exemption on steel scrap to be extended for another year for small- and medium-sized businesses

♦ Customs duty on stainless steel, flat products, high steel bars to be revoked

♦ Unblended fuel to get additional duty of 2 rupees per litre from October 2022

FINANCE

♦ Emergency credit line guarantee scheme for small and medium sized businesses to be extended to March 2023

♦ Energy transition and climate action will be a major government priority

♦ Public issue of Life Insurance Corporation expected shortly

♦ Initiatives from last year's budget have been provided adequate allocations in this budget

♦ Special Economic Zones Act to be replaced with new legislation

♦ To amend bankruptcy code to speed up resolution process

♦ Aims to lower winding up of companies to 6 months from 2 years currently

♦ Long term capital gain surcharge to be capped at 15%

DIGITAL CURRENCY

♦ To launch digital rupee using blockchain technology starting 2022/23

♦ To launch scheme for taxation of virtual digital assets

♦ Losses from sale of virtual digital assets cannot be offset against other income

♦ Income from virtual digital assets to be taxed at 30%

DEFENCE

♦ Govt committed to reducing defence imports

INFRASTRUCTURE

♦ 5G spectrum auctions to be conducted in 2022

♦ Scheme for design-led manufacturing for 5G will be part of production-linked scheme

♦ To award contracts to lay optical fibre in rural areas, completion in 2025

♦ 480 billion rupees set aside for affordable housing in 2022/23

♦ To allocate additional 195 billion rupees for production-linked incentives towards solar equipment manufacturing

AGRICULTURE

♦ Domestic scheme introduced to reduce dependence on oilseed imports

♦ Fund with blended capital raised under co-investment model to finance agriculture startups

♦ Railways to develop infrastructure for small farmers in 2022/23

TRANSPORT

♦ 400 energy efficient trains to be manufactured over next three years

♦ National highways network to be expanded by 25,000km in 2022/23

♦ Highways expansion to cost 200 billion rupees in 2022/23

♦ India to bring out battery swapping policy