On Tuesday, Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2022-23.
Let us look at some of the important announcements made by the finance minister in the budget with special emphasis on updates for investors.
Here are some of the other essential announcements mentioned in the budget that may boost the companies associated with these sectors.
The government wants to expand highways across the country by 25,000 kilometres and spend more money on the Nal se Jal scheme, five river link projects in different states, and more money for the PM housing scheme.
The government would develop the PM Gati Shakti master plan for expressways in 2022-23 to promote the speedier movement of people and products. In 2022-23, the national highway network will be increased by 25,000 kilometres. Besides public investment, Rs 20,000 crore will be allocated through other sources.
The announcement of Drone Shakti by the Union government is a major boost to the drone sector. Drone Shakti and the Rs. 120 crore PLI scheme for drones and drone components will assist boost domestic manufacturing and job creation. According to the government, start-ups would be encouraged to help with 'Drone Shakti' through various use cases and applications.
According to the budget, unblended petrol will be subject to an additional differential excise fee of Rs.2/ litre from October 1, 2022. The finance minister has announced this move to lower the percentage of unblended petrol in the country and reduce dangerous particle emissions.
In her Budget 2022 speech, Union Finance Minister Nirmala Sitharaman announced the continuation of the Emergency Credit Line Guarantee Scheme (ECLGS) until March 2023.
The government will set aside a separate corpus for hospitality and allied industries, and the government will take initiatives to strengthen the MSME (Micro, Small and Medium Enterprises) sector.
The finance minister stated that the scheme's coverage would increase from Rs.50,000 crores to Rs.5 lakh crores.
The Indian government plans to hold a spectrum auction by the end of the year to help private telecom companies put out 5G services.
As part of the production-linked incentive plan, a design-led manufacturing scheme will be developed to help build a robust ecosystem for 5G.
The government is going to set up an expert panel to help people invest in venture capital and private equity. The government, through this panel, will look at more policies that could help investors who put money into Indian businesses from outside the country.
While the budget didn’t have any significant updates for mutual fund investors, it made major announcements for the crypto industry. This article has summarised some of the major pointers announced in the budget.