A Growing Budget?

Don't offend me if you're paying tax regularly as the common people didn't get any tax concessions in this year's budget. But the people with big brains predict that this is a budget that will take India to developed country status. Not to bore you guys, let's get started with the main highlights.

Yesterday the big money holders got crashed as the government came and said "We are gonna tax all the digital virtual assets by 30%". So, let's get started with that.

1. Digital Virtual Assets:

To be more specific, All cryptocurrencies you hold: Bitcoin, Etherium, etc and even the NFT's will be taxed by 30%. This is not a great welcome note for the people who hold it but still, we can imagine India's era of blockchain technology is starting. Before that, the government was not specific about the regulations and legality.

• So for the case may be, if you hold around $10000 in Bitcoin and if there is no loss or gain, you need to pay $3000 as tax to the Indian government, which is insane and not a common man would love to do it.

• Also, the government told it's introducing digital currency in the country using blockchain technology.

2. Government's spending and revenues:

The government has great plans for the infrastructure in the country. We could soon see a port building near your house and a train running over your balcony. Just kidding! Capital expenditure has been laid on Constructions, Railways, Highway expansions, Portway's and to be more specific,100 New cargo terminals to be developed in the next 3 years.

• 5G spectrum auctions are to be conducted in 2022.

• Disinvestment by government.

• E passports are to be introduced.

Revenues are usually gonna come from Taxes, Borrowings by the government, GST, Spectrums cost & LIC IPO (Gonna make the government a huge benefit).

3. Agriculture:

My favorite topic and always used to look up to this.

• No great incentives and they have made the loan amounts and other stuff incentivized the same as the last year.

• A new welcome note is: Use of Kisan drones will be promoted for crop assessment, digitization of land records, spraying of insect pesticides.

• Chemical-free natural farming to be promoted in India, they have said and we don't know how far this gonna work.

• Not great things for farmers and their income benefits. Quite disappointed by the way this is structured as there were no great income schemes for farmers.

4. "Go green" is the mantra for India in the coming years:

• A lot of plans from the cooperate and government for Net-zero carbon emission.

• EV is gonna get a boost and lots of incentives for the producer, manufacturer, and even the consumer.

• Battery expansion plans have been laid and soon we will see petrol banks with recharging capacity for E- Vehicles.

• There were a lot of climate change policies from Budget-2022 and let's see how far they are gonna promise this.

The government didn't come up with lots of covid relief plans. Poor getting poorer and the rich getting richer. We couldn't see a lot of schemes for the unemployment. The Middle class and lower middle class are gonna get discouraged by this year's budget and but still there are few plans, if implemented it will be greater good.

Why did I mention a growing budget in the topic?

I went on seeing a lot of big brains analysis on Budget and one thing everybody was pointing out is the word "Growth". To be more specific and easy, So there are plans for the Infra boost, EV boost, Private investments, and foreign players entries have been encouraged in this budget.

So if the economy gets boosted by these factors, the country automatically grows at its best.

If the country grows at its best, we could see a lot of job opportunities, educational infra, Pay hikes, and the people too grow right?

If we grow, we are happy. That's it. But yeah! This takes time and while in the process of growing, there shouldn't be any inequality raising.

Poor shouldn't be poorer is the goal for an economy to sustain in long term.

That's it and this was quick edit as I don't want to postpone. Thank you for reading till the end. Do share, like, subscribe (The button is below). Take care and stay safe people.