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Context: The Second part of the Budget Session of Parliament Started today.

Details:

• The second part of the Budget Session of Parliament started today. During the second part of the session, there will be 19 sittings and the Parliament is also set to return to its normal functioning schedule.
• Both Lok Sabha and the Rajya Sabha will sit from 11 AM to 6 PM.
• The decision has been taken in the wake of the decline in COVID-19 cases in the country.
• The Budget session of Parliament resumes after a month-long recess during which the Department Related Parliamentary Standing Committees examined the Demands for Grants of various ministries and departments.
• Several important bills are likely to be taken up during the second phase of the budget session of Parliament. These include Finance Bill 2022, Competition Amendment Bill, Pension Fund Regulatory and Development Authority Amendment Bill, National Dental Commission Bill, Energy Conservation Amendment Bill 2022.
• The budget session of Parliament began on 31st January with President RamNath Kovind's address.
  • The first phase of the Parliament session lasted till 11th February and a total of 10 sittings were held during this period.
  • During the first phase, discussions were held on the Motion of Thanks to the President's Address and the Union Budget 2022-23.
  • The work productivity of Rajya Sabha was more than 101% during the session, while the productivity of Lok Sabha was recorded at 121%.

Highlights of Union Budget 2022-23:

• India’s economic growth is estimated at 9.2 %, the highest among all large economies.
• Outlay for Capital expenditure in the Union Budget hiked by 35.4 %.
• Emergency Credit Line Guarantee Scheme (ECLGS) extended up to March 2023. The guarantee cover will be expanded by 50,000 crore rupees.
• Additional credit of 2 lakh crore rupees for MSME to be provided under Credit Guarantee Trust for Micro and Small Enterprises.
• Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat will be strengthened.
• Use of ‘Kisan Drones’ to be promoted for crop assessment, digitization of land records, spraying of insecticides and nutrients.
• Implementation of the Ken-Betwa Link Project at an estimated cost of 44,605 crore rupees to be taken up.
• 400 new-generation Vande Bharat Trains to be developed over the next three years.
• One Station-One product concept to be popularized to help local businesses and supply chains.
• 100 PM GatiShakti Cargo Terminals for multimodal logistics facilities to be developed during the next three years.
• PM GatiShakti Master Plan for Expressways to be formulated in 2022-23 to facilitate faster movement of people and goods.
• National Highway network to be expanded by 25 thousand kilometers in 2022-23.
• Allocation of 60,000 crore rupees was made for Har-Ghar, Nal-Se-Jal to cover 3.8 crore households in 2022-23.
• 80 lakh houses to be completed in 2022-23 under PM AwasYojana, both rural and urban.
• A new Vibrant Villages Programme to be launched to cover border villages with sparse population, limited connectivity and less infrastructure.
• Two lakh Aangawadis to be upgraded under the Saksham Anganwadi Mission.
• A new scheme-Prime Minister’s Development Initiative for North-East, PM-DevINE to be implemented through North-Eastern Council.
• One class-one TV channel’ programme of PM eVIDYA to be expanded from 12 to 200 TV channels.
• A Digital University to be established to provide access to students across the country for world-class quality universal education.
• Government to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks.
• 100 % of post offices to be brought under core-banking system.
• Digital Rupee, using blockchain and other technologies to be issued by RBI from 2022-23.
• E-Passports using embedded chips and futuristic technology to be rolled out in 2022-23.
• Auction of spectrum for rollout of 5G mobile services to be taken up in 2022.
• Additional 19,500 crore rupees allotted under PLI scheme to give a fillip to domestic manufacturing in solar power.
• Revised Fiscal Deficit during current year is estimated at 6.9 %.
• Alternate Minimum Tax for cooperative societies reduced from 18.5 to 15 %.
• Outlay for the ‘Scheme for Financial Assistance to States for Capital Investment’ is being enhanced from 10,000 crore in the Budget Estimates to 15,000 crore rupees.
• Virtual digital assets to be taxed at the rate of 30 %.
• Surcharge on long term capital gains arising on transfer of any type of assets to be capped at 15%.

https://newsonair.gov.in/News?title=Second-part-of-Budget-session-of-Parliament-resumes-tomorrow&id=437059

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