Core Banking System at Post Offices and many more // Key Highlights of Union Budget 2022-23 // 2022 Current Affairs //

Core Banking System at Post Offices and many more- Key Highlights of Budget 2022-23:

• India’s economic growth is estimated at 9.2% to be the highest among large economies.

• 6 million jobs will be created under PLI[productivity linked incentive] Scheme in the 14 Sector.

• Completing 75 years and a walk towards 100 years of India i.e Amrit Kal the budget put emphasise on growth along with four priorities areas i.e PM GatiShakti, Inclusive Development, Financing of investments and Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.

• National Highway will be expanded to 25000 km by 2022-23, with a budget outlay of 20000cr.

• Multimodal Logistic Hub in four locations under PPP mode.

• One Station One Product concept to be implemented for Railway Stations on the line of One District One Product.

• 400 Vande Bharat Train will be manufactured in the next 3 years.

• Parvatmala the National Ropeways Development Program will be implemented on PPP Model.

• Kisan Drones for crop assessment, digitization of land records, spraying of insecticides and nutrients.

• Natural farming will be promoted throughout the country starting initially from a 5 km wide corridor along the Ganga river.

• 1400 cr was allocated for the Ken-Betwa link project.

• Udyam, e-shram, NCS[National Career Service] and ASEEM[Aatamanirbhar Skilled Employee Employer Mapping] portals to be interlinked.

• Raising and Accelerating MSME performance (RAMP) programme with a budget of Rs 6000 Crore to be rolled out.

• Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through online training.

• National Tele Mental Health Programme for quality mental health counselling and care services to be launched.

• Two lakh anganwadis to be upgraded to Saksham Anganwadis.

• Prime Minister’s Development Initiative for North-East Region (PM-DevINE) to fund infrastructure and social development projects in the North-East

• All post offices come under the core banking system.

• e-Passport with the embedded chip will be launched.

• Infrastructure status to data centres and energy storage systems.

• Digital Rupee by the Reserve Bank of India starting 2022-23.

• The tax regime for virtual digital assets was introduced at 30%.

• • Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from the 1st of October 2022 - to encourage the blending of fuel.

• • Customs duty on cut and polished diamonds and gemstones being reduced to 5 per cent; Nil customs duty to simply sawn diamond - To give a boost to the Gems and Jewellery sector.

• • An International Arbitration Centre is to be set up for timely settlement of disputes under international jurisprudence in the GIFT city.

• • Centre for Processing Accelerated Corporate Exit (C-PACE) to be established for speedy winding-up of companies.

• • Unique Land Parcel Identification Number for IT-based management of land records.

• • Vibrant Villages Programme for the development of Border villages with sparse populations, limited connectivity and infrastructure on the northern border.
• • 60000 cr allocated under Har Ghar, Nal Se Jal.
  
  

SPECIAL NOTES FOR ASPIRANTS:

• 7th April 1860, the budget was introduced for the first time in India by James Wilson during the viceroyship of Lord Canning.

• Independent India's first budget was presented by India's first finance minister RK Shanmukham Chetty.

• Moraraji Desai holds the record of presenting the Budget the most number of times.

• Railway Budget merged with Union Budget in 2017 after 94 years of presenting differently.