# Budget 2022-23

• This year’s budget focused on scaling up the wager on public capital spending to revive private investments and job creation through a virtuous growth cycle.
• The budget was also focused on keeping the fiscal deficit in control.
• The salaried and middle class, did not get any relief in the form of upward moving of the tax slab to counter inflation and covid impact.
• There was no specific incentive to spur private consumption, which is likely to end at pre-pandemic levels in 2021-22.
• Finance minister said that production linked incentives for 14 sectors alone have the potential to create 60 lakh new jobs in the coming five years.

# Cryptocurrency

• Finance minister Nirmala Sitharaman on Tuesday proposed a 30℅ tax on income from virtual digital assets, such as cryptocurrencies and non-fungible tokens (NFTs).
• The minister also said there would be no deduction allowed while computing such income except the cost of acquisition.

# 5G services

• Union finance minister Nirmala Sitharaman on Tuesday said the government would auction Telecom spectrum in 2022.
• This will facilitate Telecom companies to roll out 5G services before March 2023.

# Defence budget

• The total allocation for defence in the budget has gone marginally up to 5.25 lakh crore.
• This is 4.3℅ higher than revised estimates of the last year and 9.8℅ higher over the budget estimates of last year.
• The allocation of 5.25 lakh crore constitutes 13.31℅ of the total union budget 2022-23.
• Of the 5.25 lakh crore, the revenue allocation is 2.33 lakh crore, capital allocation stood at 1.52 lakh crore and defense pensions at 1.19 lakh crore rupees.