The key points of the Union Budget 2022 are:
- In India, cryptocurrency became legal, with a 30% tax on profits from the selling of digital assets.
- In the next three years, 400 energy-efficient trains (Vande Bharat Trains) will be manufactured.
- The Reserve Bank of India (RBI) will introduce its own digital currency, the ‘Digital Rupee,’ powered by blockchain, in 2022.
- E-passports with integrated chips will be available in 2022-23.
- Under the PM Awas Yojna (PMAY), with a budget of Rs 44,000 crore, 80 lakh houses will be built for the needy.
- MSP for grain procurement should be paid directly to farmers in the amount of Rs 2.37 lakh crore.
- After auctions for 5G spectrum in 2022, 5G telecom services are expected to begin in India by 2023.
- In 2022/23, national highways will be expanded by 25,000 kilometres.
- Under the Make in India plan, FM Nirmala Sitharaman promises that 60 lakh employment will be produced in the next five years.
There was no significant allocation to the Telugu states in the central budget, with the exception of the Vizag steel plant and the Singareni coal mines. Except for the Central, Tribal, and Vizag Petroleum Universities, there are no special appropriations for educational institutions listed in the State Reorganisation Act. The amount of funding allocated to IITs, IIMs, ISIS, AITs, Triple ITs, AIIMS, and the National Institute of Design in AP and Telangana is unknown, as the centre has announced funds for IITs, IIMs, ISIS, AITs, Triple ITs, AIIMS, and the National Institute of Design across the country.
Because it borrows and repays money through the Higher Education Financing Agency, the federal government has not shown institutional funding for higher education institution construction. It’s unclear how much money has been allocated as a result of this.
However, it has been learned that the central has budgeted Rs. 910 crore for Rashtriya Ispat Nigam Limited (Visakhapatnam Steel Plant), which is in the process of privatisation. There is no money set out for assurances for backward districts, the port of Dugarajapatnam, and so on. The Indian Institute of Petroleum, Energy University in Visakhapatnam would receive Rs 150 crore, while the Vizag Port Trust would receive Rs 207 crore. In comparison to the previous budget, the state’s contribution of central taxes has grown. In the previous budget, the amount allocated was Rs 30,356.31 crore.
The prestigious Indian Institute of Petroleum and Energy at Andhra University has been given a budget of Rs 150 crores, while Visakha Port has been given a budget of Rs 208 crores. Keeping the covid pandemic and digital diversity in mind, 200 channels for PM E-Education, E-Passport, organic farming, farming mechanisation, drone use in farming, 5G services, and increased use of electric vehicles are some of the concepts that need to be improved because they are gaining popularity.136