India Budget 2022

​published on 3 February 2022

The Union Budget 2022 was presented by the Honorable Finance Minister in the backdrop of positive economic sentiments owing to running of the world's largest covid vaccination program and higher than expected revenue collections. The Government has rightly focused its energies towards achieving high economic growth of 9.2 per cent, increase in capital expenditure on modern infrastructure development and other fintech reforms such as setting up of Digital Banking Units (DBUs), linking post offices to the main stream banking system and introduction of the digital rupee using blockchain technology.

Other important announcements include a complete revamp of the SEZ Act, issue of Battery Swapping Policy and digitalization initiatives such faster corporate exists. Important tax proposals include introduction of taxation on virtual digital assets such as cryptocurrencies, NFTs and extension of time limits for availing concessional Income Tax rate by new manufacturing companies and start-ups. Major changes in the Customs Duty rates aim at promoting Make in India for electronics (smart watches and hearable devices) and EVs while phasing out concessional Customs duty on capital goods which can be manufactured in India.

 Click here to read about the proposed changes along with their impact »