Keeping an end to the long waiting, the Union Finance Minister Nirmala Sitharaman had tabled the Budget 2022-23. She is presenting the budget and so far, she has covered a few areas in the budget. Let us dive into the details given by the Union Finance Minister.
The Finance Minister had reciprocated what the Union Government has been doing in boosting the digital banking sector. As a shot in the arm, the budget said that online banking and Automated teller machines (ATMs) facilities will be started in 1.2 lakh post-offices across the country.
The facilities are expected to help in taking digital banking closer to the people in rural areas as well. A major share of urban people is familiar with digital banking and digital payments. If the practice is taken to the rural people and it gets close to more people.
In addition to this, 75 digital banking units will be set up across 75 districts. Each district will be getting one unit each.
Nirmala Sitharaman addressed the house to table the Union budget had remembered people who went through a tough phase with the deadly outbreak of the Covid pandemic. She said that, despite Covid’s impact, India fared well.
The new budget encourages the farmers to go for natural farming instead of using pesticides. As a bid to give the farmers a helping hand, a special package will be announced for the states and Micro Small, and Medium Enterprises (MSMEs).
Besides this, new technology will be added to the Agriculture sector and the technology will come in handy in doing crucial work like assessing the crop, sparing insecticides, and land records. All the work will be done with the help of drones.
As a major boost up to the startups, the Union Government said that the startups will be given tax incentives. Nirmala Sitharaman said, the decision will encourage more young entrepreneurs to set up startups.
As the usage of cryptocurrency is on a rise in the country, the Union government had brought the virtual digital assets under the tax purview and said that all the income and transactions on cryptocurrencies will face a tax of 30 percent.
