Budget 2022- Total government expenditure was increased by 4.8% to ₹39.5 lakh crore.
A digital rupee will be introduced by the Reserve Bank of India in 2022-23.
Electronic passports with embedded chips will be launched next year for greater convenience for the public. In a big boost for the electric vehicle sector, battery swapping will be introduced.
5G mobile services will be rolled out in the country in the next fiscal year.
The disappointment on social media was palpable after the 2022 Union budget made no tax relief for the working class.
Individual taxpayers, who contribute nearly 35-40% of direct tax revenue, expected income tax relief to offset the economic damage caused by the Covid-19 pandemic.
However, Finance Minister Nirmala Sitharaman did not announce any changes in income tax rates or brackets when presenting the Union Budget 2022.
On Twitter, the “middle class” and “the income tax” were trending as people scanned the budget and flooded the microblogging platform with memes and jokes.
Jhunjhunwala thinks India is following China on its digital currency provisions. Further emphasizing this point, he explained that the Budget 2022 effectively made RBI the only authority capable of promoting digital currency, thereby killing all other cryptos in the process.
This is of particular importance since the Cryptocurrency Bill has yet to be tabled in Parliament.
“I think what the government wants to do is they want the Reserve Bank of India (RBI) to promote digital currency and kill all other currencies just like China is doing, which, of a certain way, is also the right approach.”
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