People were most interested in knowing what would be cheap and what would be expensive after the budget? Since the implementation of GST, the budget is now much more limited in what is cheap and expensive.. Because the tax rate is now decided in the GST Council. In the budget, only the Custom and Excise Duty is announced to be reduced or increased, which affects the price of the imported goods. Also this time, the Finance Minister has increased the import duty on some items and lowered the import duty on others
What happened in the budget?
The government has reduced the custom duty on earphones, transformers used in mobile phone chargers and lenses installed in mobile phone cameras. Meaning earphones, mobile phone chargers will become cheaper.
The duty on polished diamonds has also been reduced. polished diamond. Diamond Jewelery will also be more affordable as a result.
Exemption in custom duty has been extended for one year to industries buying iron scrap from abroad. Also, relief has been given in the Anti-Dumping Fees which were used on Steel Scrap. With this, the cost of building a house will also be cheaper and the cost of other items made of steel or iron will also be less.
The reduction in Import Duty and Custom Duty has been decided to promote self-reliant India.
Import duty has been increased on foreign umbrellas. This will make imported umbrellas expensive. But India’s umbrella makers will get the benefit of this.
The government has also increased custom duty on artificial jewelry coming from abroad. That is, imported Artificial Jewelry will also become expensive. Custom duty has also been raised on electronics parts used in toys, so they will become more expensive as well.
What’s new in this budget?
It has been said to start a program for mental health counseling. This will encourage people who are suffering from poor mental health to seek treatment and counseling. There will be 23 new mental health centers.
Focus on Drone Technology too
Additionally, drone technology has been incorporated into this. Agricultural drones will be given to farmers, as well as special exemptions for them. Apart from this, the use of drones in different services will be promoted.
Announcement to form AVGC Promotion Task Force
There are limitless employment opportunities in Animation, Visual Effects, Gaming and Comics ie AVGC sector. In such a situation, the Finance Minister announced the formation of AVGC Promotion Task Force.
What were the new announcements in the defense budget?
Now let us tell you how much attention the government paid to the country’s security, health, education and social development in the budget and to which ministry, to which department, how much money was given in the budget. This time the defense budget is 5 lakh 25 thousand 166 crores, which is about 10 percent (9.82 percent) more than the current financial year i.e. 2021-22.
What new announcements were made in the health budget?
The budget of the Ministry of Health has been fixed by the government at 86 thousand 200 crores this year. Health budget is 16 percent more than last time. The new thing this time in the health budget is that the government has decided to start a mental health program across the country. The country will establish 23 tele centers where mentally disturbed people will be counseled. People can also be treated if they become mentally ill.
A look at the education budget too
The budget of education for the year 2022-23 is 1 lakh 4 thousand crores. In this, 63 thousand 449 crore rupees will be spent on school education i.e. from primary to secondary school. A total of 40 thousand 828 crores will be spent on higher education.i.e. graduation, post-graduation and research.
Budget allocations for the poor
Let us tell you that a good budget has also been fixed to provide free or cheap ration to the poorIn 2022-23, the Food Ministry budget will be 2 lakh 17 thousand crores, which is 2 thousand 49 crores more than it was last year. About 99 percent of the budget of the Food Ministry has been earmarked for distributing ration to the poor. For this, 2 lakh 15 thousand 959 crores have been given to the Department of Food and Public Distribution.
What is in the general budget for rural India?
The government has announced Rs 1 crore 38 lakh crore for rural development. For MNREGA, 73 thousand crores have also been allocated in the same budget. A total of Rs 19 thousand crore will be spent on the Pradhan Mantri Gramin Sadak Yojana and Rs 20 thousand crore on the Pradhan Mantri Awas Yojana to build houses for the poor in villages.
The stock market also gave good signs on the budget
After the budget, Bombay Stock Exchange’s Sensex closed up about 814 points. Those who bought and sold shares in the National Stock Exchange also welcomed the general budget openly. Share trading in the National Stock Exchange closed with a jump of 238 points. Which is a sign that the opposition may not have seen anything in the budget, but the players of the stock market are seeing this budget very lively.
