it was budget day in india today emerging from the shadow of the pandemic india is aiming for nine point two seven percent growth the target is to become a five trillion dollar economy it's not easy given the recurring waves of the gohan virus what the economy needed was a booster shot of bold reforms has the union budget delivered that tonight we'll tell you the 10 things you should know about this budget and then we'll discuss if this is a futuristic budget that can propel growth highlight number one india will not ban digital assets instead india will tax them last year there were reports that the government could ban all forms of cryptocurrencies assets like bitcoin and ethereum india doesn't have a law to regulate them yet today finance minister nirmala sitharaman said passion digital assets will be taxed at the rate of 30 percent for the taxation of virtual digital assets i propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of thirty percent three zero percent client a thirty percent tax on all digital assets which includes everything crypto currencies nfts or non-fungible tokens there are no exemptions here what kind of tax is this it's on income or transfer of assets so if you make profits by investing in crypto or if you transfer these assets to another person you will pay a tax of 30 now this is bittersweet news for investors bitter because they will be they they will be taxed now and sweet because the assets will not be banned this move is a signal that india is going to regulate crypto not ban it highlight number two the digital rupee india is getting its very own digital currency the reserve bank of india will issue it in the new financial year that's 20 22 23. introduction of a central bank digital currency will give a boost a big boost to digital economy digital currency will also lead to a more efficient and cheaper currency management system so we'll have the indian rupee on an indian blockchain how many countries have this nine so far india wants to be on that that list and this would mean fundamental changes in the indian financial system highlight number three income tax no change there you can see it as the glass half full of the glass half empty you'll be paying the same income taxes last year what has changed is how you file those tax returns you can now file an updated return within two years so if you get it wrong the first time you can fix it within two years highlight number four major connectivity push india wants to spend big on intra twenty thousand crore rupees that's more than two billion dollars this is the prime minister's gati shakti plan to facilitate faster transfer of goods speed up cargo movement and improve the logistics network this money will be spent on roads railways airports ports mass transport waterways and logistics infrastructure the biggest spending will be on national highways in the next three years india wants to build 400 new trains and 100 cargo terminals india plans to spend a whopping 100 billion dollars on infrastructure that's 35 more than 2021 and double what india spent before the pandemic and this is direct spending meaning the government will foot the bills for all these projects infrastructure projects of all kinds will benefit from this move highlight number six make in india is getting a boost in defense there is marginal increase in the defense budget the allocation this year is 5.25 lakh crore rupees that's more than 60 billion dollars it's an increase of almost five percent from last year but the bulk of the budget will go to indian manufacturers 68 of the procurement will happen from domestic players 25 percent has been set aside for research and development a large chunk of this money is going to go towards upgrades also being upgraded is the indian passport that's highlight number seven starting this year indians will be issued e-passports they were first announced in 2019 and they were rolled out so far 20 000 officials and diplomats have been issued e-passports now you and i will be able to get one how will this passport be different it comes with a chip a small silicon chip embedded on the back of the passport this chip will contain all the necessary information like your name your address your passport number plus data on your last 30 visits more than 100 countries have such passports highlight number eight upgrading india's mobile networks 5g is coming next year spectrum will be auctioned this year india also wants to become a hub for 5g manufacturing incentives have been announced for equipment makers plus there is also a proposal to bring internet to indian villages the government is going to award contracts to lay optical fiber cables around the country which brings us to highlight number nine digital education it is getting a major push in this budget india plans to develop a digital university the finance minister said it will provide students with world-class education there is another proposal called e-vidya under this the government of india had earlier set up 12 tv channels to teach students this will now be expanded to 200 channels the idea is to provide supplementary education in different regional languages highlight number 10 the budget talked about mental health which is a rare issue to be taken up in a union budget the finance minister said the wuhan virus outbreak has accentuated mental health problems across age groups so india will launch a national tele mental health program to better the access to quality mental health counselling and care services a national tele mental health program will be launched with nimhans being the nodal center and international institute of information technology bangalore triple i t bangalore providing technology support so that was the budget can it make india five trillion dollar economy well that's our next story vyond is now available in your country download the app now and get all the news on the move
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