Indian Budget 2022 – Is it a Budget in Favor Of Corporates?

Indian Budget 2022 - Is it a Budget in Favor Of Corporates?

Indian Budget for 2022 has been released. People expectations are high.

What does Budget 2022 say?

Please Comment. There are different political views among the people. But as a Common Man, we need your comments on the Budget2022. The Minister of Finance Nirmala Sitharaman has presented the Budget 2022. It has been presented in a Digital Format. 

Nearly 44000 to 48000 Crore Rupees have been allotted to building 80Lakh Houses. Through the Pradhan Mantri Awas Yojana scheme, there were many houses built. This scheme has provided many houses to poor people. In Tamilnadu according to the 2018 data nearly 40000 to 50000 Houses were built. So in 2022 many houses may be built for poor people. 

Next is the Electric Car. 

Why is the electric car not attracting Customers?

India doesnt have many charging locations. The battery backup in the vehicles is low. There is a lot of negative elements to electric cars. The Indian govt has said that Battery Swapping Service Centers will be created in many locations. So paying to get a fully charged battery. This technology will be implemented by the Indian govt. 

The Budget 2022 says that 25000 Kilometres highways will be built. 2000 Kilometres railway lines will be improved. This talks about the Expansion of the Highways across India. This will help the Infrastructure of our Country. 

The Next is the Connecting Rivers Project. From Gangai, Godavari, Penaru and Kaveri, states will be consulted to start connecting Rivers Project. This is very important for the farmers in India. Money has been allotted to farmers as aid. But some analysts have said that it is an Election Stunt by the ruling party. 

The Next is the E-Passport. We can now easily apply for passports and a new system called The Biometric Passport will be available in 2023. So people can easily apply and obtain their passports. 

The Indian govt has announced “One Nation, One Registration”. Everything in India is becoming Digitalized. In the past, there were brokers who did the job and earned money. But everything is done online now. So the need for a broker has reduced. People can register one land from other states. They have done this in 10 Indian States. 

So India’s digital side has reduced the number of brokers. Please comment with your thoughts. 

The Ruling party has announced that next year 5G will be given to Private Companies. We can sense a double game here. 

The Opposing parties asked for 5G Service through BSNL. If the Indian govt wants to improve BSNL it can make BSNL one of the most important a source of Income. But BSNL has been excluded from various services. The Indian govt must answer this query from the Indian People. 

If you have broadband you would have stood in a Queue. The Service provided by the Govt workers in BSNL is very low. These Employees are one of the main issues why BSNL has not grown and become a Profitable Enterprise. The Employees must improve their way of work and handling the Customers. Many People are not choosing BSNL and choose other Private Companies like Airtel and so on. When Govt Officials behave in this manner the Govt companies become Failure models. 80% of the Govt is responsible and 20% the Employees. 

The Next is the Digital Currency. India will release its own Digital Currency. This will be BlockChain Technology. 

Bitcoin is a Cryptocurrency and any Crypto which uses Blockchain technology. If any Indian buys the Cryptocurrency tax should be paid. So if you want to sell your Bitcoin you should pay 30% as Taxes. If you sell Digital assets you will have to pay TDS Taxes. The Indian govt will release its Digital Currency. For other Cryptocurrency people have to pay upto 30% of Taxes. 

Indian govt has not permitted the buying and selling of Cryptocurrencies. But they have imposed 30% Taxes for buying and selling of these Currencies. Netizens are raising questions through the Internet. 

The Biggest Disappointment is the Income Tax. They have not reduced the rate of income tax. The Monthly salaried or middle-class people are paying high Taxes. So no reduction in Income tax is negative. The Middle class and Salaried workers must pay their taxes. But the Govt goes ahead with the Deduction of rates for Corporates. 

Is the Budget in favour of the Corporates?

Yes. The tax called Corporate Surcharge must be paid by Corporates to the Indian govt. They have deducted the tax from 12% to 7%. This surely shows that this govt is leaning towards the Corporates. 

The MSME scheme for small and medium businesses. There is a plan called ECLGS. The fund for these small businesses was given by the Indian govt. The govt has extended the tenure for another two years. Due to lockdowns, many businesses are affected and this money will aid them. 

But this plan will not help the farmers and Retailers. The Medium businesses may benefit from this plan. 

The Next is the giveaway of Air India to Private. The biggest shock is LIC is going Public. LIC was started with a 5 Crore Investment. But now it has turned out to be a big asset. For India to improve its infrastructure it needs money. The Indian govt has been selling Govt assets and improving Infrastructure. 

The Ex is Air India which was a loss so the govt decided to sell it. Air India was sold for 18000 Crore rupees. The Indian govt received a huge sum of money from the sales. 

The Indian govt when it turns LIC into Public the shares will be purchased and thus providing Profit. The Indian govt is saying that it needs this money to improve Infrastructure. The Opposing parties are right now looking for alternatives. Their questions regarding Selling Govt assets have been raised. They blame the Ruling govt for acting in favour of the Corporates. 

The Indian govt has slashed Corporates loans and redacted Tax rates for Corporates. Now the Indian govt has to give a proper reply to these accusations. 

Let's discuss Railway Budget. The Vande Bharat project is very important in India. 

The British before Independence built Railway lines to transport their loot from India. This is how India got its Railway tracks. 

The Railway is a cost-effective transport for goods. Within three Years nearly 100 Cargo Terminals will be built. Through the Cargo Terminal and Vande Bharat project, farmers will benefit. The Railways will be important for India in Economy to move forward. 

When this news was published, The Steel Companies and Plastic Corporates shares were sold at a high rate. The Drinking Water Project for all will built pipes for each and every household. The Indian govt has allocated 60000 Crore for the Drinking water Project. This is the reason the Plastic Corporates share rate has gone higher. 

So 400 Vande Bharat Trains will be made available within three years. This train top speed will be 160 Kilometres per Hour. This will also be intercity. Many Cities will be connected. The Cargo through these railway lines will increase. 

Next is Education. Due to the pandemic, many schools were closed. Nearly 200 Channels will be started. Through these Channels, students from 1 to 12 Standards will receive free education. We don't know how the Govt is going to organize this system. 

In the Many States, they have already started this system. The Indian govt is in the talk phase with DTH Corporates. The Education channels will be relayed in the DTH Channels. This will be a great use for the students. The digital University will also impart lessons in regional languages. 

Then the North-East States Budget. The Indian border in the region is shared with China which is approx 3800 Kilometres. China has been provoking and entering Indian Regions. Due to the Constant threat, there have been no Improvements in these states. The Project to improve the states will be Pursued. This is a counter to China’s infrastructure projects on the border. Indian govt is improving the infrastructure in these states. 

If a Taxpayer has lost an opportunity to pay taxes. The taxpayers will now be allowed to file an updated return within two years. 

There are changes in National Pension Scheme which have increased the tax benefit from 10 % to 14%. So the Central govt and State Govt employees both will benefit from this scheme. There are many govt schemes that will be discussed in the Upcoming posts. 

Next is the Taxe rate for Cooperatives. The minimum tax has been reduced to 15%. The Co-operative societies total income will increase from 1 to 10 Crore. 

The last is the Post Office. If you have a Savings account you cannot do net banking. The Indian govt has said that Net Banking will be provided for Post Office Savings Account. Through Post Officers, farmers and People have been benefiting. The Post office Savings account will have net banking and Mobile banking ATMs. 

Overall Subsidies have been reduced. This will directly affect the Taxpayer. An income tax increase has not been done. There is the accusation that this Budget 2022 favours the Corporate. 

In many countries, there have been economic issues. Countries like Turkey, America, Uk and Canada are facing protests. If a country needs to grow it needs investments. But Natural Resources should be protected at all costs. A Govt that Balances these two is needed. 

Is the Indian govt balancing everything?

Is the Budget 2022 Corporate favoured one?

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