Telecommunication to financial services: How Budget affects key sectors ?

Spectrum auctions to be conducted in 2022, expected rollout of 5G mobile services within 2022-23


Telecommunication

• Spectrum auctions to be conducted in 2022, expected rollout of 5G mobile services within 2022-23

• Contracts for laying optical fibre in villages, remote areas, to be awarded under the Bharatnet project through PPP in 2022-23. Completion expected in 2025.

• Allocation of 5% of annual collections under the USOF to enable affordable broadband and mobile service proliferation in rural and remote areas

• New Scheme for design-led manufacturing to build a strong ecosystem for 5G as part of the PLI Scheme.

• Data Centres to be given Infrastructure Status to boost sector financing

Automotive

• Focus on battery swapping technology with the Battery as a Service policy as an alternative to setting up charging stations in urban areas

• Promoting shift to use of public transport in urban areas, clean tech and governance solutions, special mobility zones with zero fossil-fuel policy, and EV vehicles

• Rs 20,000 crore investment in Infrastructure and 25,000 km expansion of National Highways to create demand for new vehicles in the CV space

• Opening up defence R&D to private players promising for auto component development

Financial Services

• Gain on transfer of virtual digital assets taxable at the rate of 30 percent without any deduction or set off and carry forward of loss. TDS @ 1% introduced on purchase of digital asset above specified threshold

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

• "Digital Rupee” to be issued by the Reserve Bank of India starting from 2022-23

• Proposal to set up 75 Digital Banking Units in 75 districts of the country by Scheduled Commercial Banks

Industrial Manufacturing

• Increased emphasis on Gati Shakti Plan for expansion of expressways to connect remote areas of the country with manufacturing hubs and development of cargo terminals

• Announcement of increased Capex will boost the Infrastructure and Manufacturing sector

• Sunset date to commence manufacturing/ production extended to 31.03.2014 to be eligible for lower corporate tax rate of 15%

• Rs 19,500 crore outlay to boost manufacturing of solar modules under the PLI Scheme

Pharma and Life Sciences

• ‘Genomics and Pharmaceuticals’ one of the sunrise opportunities eligible for government support by way of supportive policies, light-touch regulations, facilitative actions to build domestic capacities and promotion of R&D.

• Roll out of National Digital Health Ecosystem - digital registries of health providers and health facilities, unique health identity, consent framework and universal access to health facilities.

• Launch of a ‘National Tele Mental Health Programme’ for better access to quality mental health counselling and care

Get more updates on Budget 2022

Comments

Post a Comment

Popular posts from this blog

Taxing income doesn't give private cryptos legitimacy

Image
We are not taxing a currency (digital rupee) that is yet to be issued At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable. Excerpts: On cryptocurrencies The RBI will be issuing a digital currency. A currency can be issued only by the central bank even if it is a cryptocurrency. Anything outside that though we refer to them as currencies, they are not so. Buying and selling is happening and profits are being made, and nothing stops me from taxing them. Taxing does not confer on them legitimacy. We are not taxing a currency (digital rupee) that is yet to be issued. Everything outside this is an asset created by individuals, and if profits are mad
Read more

Budget 2022: PM Modi hails 'people-friendly and progressive' budget

Image
The prime minister said the Budget is "full of opportunities for more Infrastructure, more Investment, more growth, and more jobs". Prime Minister  Narendra Modi  on Tuesday said the Union Budget was “people friendly, progressive” and full of possibilities for infrastructure, investment, growth and jobs. In a televised statement, Modi said an important aspect of the Budget was welfare of the poor. It seeks to solve contemporary problems and create new opportunities for the common people, he said. “The Budget aims to ensure pucca house, toilet, tap water and gas connection for every poor household. At the same time focus is on modern Internet connectivity also,” the prime minister said. The Budget this year has come with a new confidence of development amidst the once-in-a-century calamity, Modi said, adding that it will create new opportunities for common people along with providing strength to the economy. The prime minister said the Budget is “full of opportunities for more
Read more

When will railways' budget come on track?

Image
While the government's labour to boost semiconductor manufacturing in India is bearing some fruits, it is still toiling hard to bring the railways' expenditure on track. This report explains how In 2016-17, while 11 per cent of Railways capital expenditure (capex) was funded by internal sources, in 2019-20 the ratio dropped to less than 1%. A 2015 Committee on Restructuring Railways had flagged that over-reliance on borrowings could exacerbate the financial situation of railways. Yet, financial ratios have deteriorated over the time. The operating ratio—the amount IR spends to earn Rs 100—has increased drastically over the years. In 2012-13, it spent Rs 90 to earn Rs 100; in 2019-20, it had to spend Rs 98 to earn Rs 100.   For the last two years, CAG has been highlighting how Railways is adjusting advance payments to manage its operating ratio. In 2017-18, for instance, Railways took advance payment for freight from NTPC and IRCON, which helped decrease its operating ratio from
Read more