HIGHLIGHTS : 2022

Union Budget: Key Takeaways

1. PM GatiShakti: PM's purview of the seven engines for economic transformation, seamless multimodal connectivity, and logistical effectiveness will all be included in the GatiShakti National Master Plan.

2 Inclusive Growth; The main areas of attention for inclusive development are listed below.

• In 2022–2023, 3.8 crore families would be served through Har Ghar, Nal Se Jal.

• 80 lakh homes will be finished under the PM Awas Yojana in 2022–2023.

• For the development of lagging blocks in aspirational districts, see Aspirational Blocks Programme.

• Digital Payments: Scheduled Commercial Banks will establish 75 Digital Banking Units in 75 districts. 100% of post offices will transition to the core banking system.

3.

4. Investment Financing RBI's introduction of the Digital Rupee beginning in 2022–2023

5. Capital spending is increased in the next fiscal year by 35.4% to Rs 7.5 lakh crore, or 2.9% of GDP, to encourage private investment and start a "virtuous cycle of investment."

6. Atomic energy makes for 1.9% of all Capex, followed by telecommunications (7 2%), defense (20 3%), transfer to states (14 9%), police (1 4%), housing and urban affairs (3 6%), railroads (18 3%), and road transport and highways (25.0%).

States will be permitted a budget deficit of 4% of GSDP for 2022–2023, of which 0.5% will be conditioned on improvements to the electricity sector.

January to March:

• T+1 Stock Settlement begins on Indian stock markets.

• In February, the amount of UPI transactions fell to Rs 8.27 lakh crore.

• RBI prohibits Paytm Payments Bank from accepting new clients and orders the business to do IT audits.

• Paytm introduces "Payment Analytics" to assist SMEs in making fact-based choices.

• India's foreign exchange reserves decline by $9.64 billion, the most in two years.

• Cabinet Approves World Bank-Assisted Program for MSMEs Worth Rs. 6,062 Crore

• To encourage innovation and entrepreneurship, KidEx, NITI Aayog, and Atal Innovation Mission work together

April To June:

• Mastercard and Nexo Launch the World's First "Crypto-Backed" Payment Card RBI Starts SDF to Increase the Effective Policy Rate

• In accordance with section 47 A (1) (c) of the Banking Regulation Act of 1949 read with sections 46 (4) I and 51 (1), the RBI fines the Bank of Maharashtra Rs. 1.12 crore (the Act)

• The IMF estimates that India's general budget deficit for FY23 would be 9.9% of GDP.

• Shaktikanta Das, governor of the RBI, announced an increase in the benchmark interest rate of 40 basis points to 4.40 percent.

• For both new and existing clients, private sector lender HDFC Bank has introduced a 30-minute "Xpress Car Loans" program The loan money would be credited to the dealers' accounts in 30 minutes for purchases up to Rs 20 lakh.

• Roughly 20% of the non-performing assets (NPAs) of banks that National Asset Reconstruction Co. Ltd. (NARCL) was supposed to take over in two tranches were resolved.

• To build a branch in Gujarat International Financial Tech City, MUFG Bank received the required approvals from the International Financial Services Centre Authority in India and the Financial Services Agency in Japan (GIFT City).

• The real GDP growth for FY22-23 is kept at 7.2% as the RBI hikes the repo rate by 50 basis points to 4.90%.

• The trade deficit in India now stands at $24.29 billion in May.

July to September:

• ICICI Bank, HDFC Bank, and SBI each buy 9.54% of Perfios Account Aggregation Services.

• According to NPCI data, UPI-enabled digital transactions stayed over Rs 10 lakh crore in June for the second consecutive month.

• After receiving $100 million in investment, fintech company OneCard becomes India's 104th unicorn.

• In order to finance India's PM Ayushman Bharat plan and private investment to spur economic growth, the World Bank has granted loans worth $1.75 billion.

• According to the most recent information provided by the RBI, India's foreign exchange reserves decreased by $7 5 billion to $572 7 billion during the week ending July 15.

• For July 2022, merchandise exports totaled 36.27 billion dollars, up from 35.51 billion dollars in July 2021, a rise of 2 14%

• 14 million debit and credit cards have been tokenized on PhonePe, the largest financial platform in India, in order to lower the risk of fraud and protect client card information. September 30, 2022, is the deadline.

• According to a statement from the Finance Ministry, the total gross GST income received in August 2022 was Rs 1,43,612 crore, an increase of 28% over the same month the previous year

• As of September 24, 2022, the Fund of Funds for Startups, established by Prime Minister Shri Narendra Modi as part of the Startup India program, has contributed Rs. 7,385 crores to 88 alternative investment funds In turn, these AIFs contributed Rs 11,206 crores to 720 startups.

• Gautam Adani briefly overtakes Bill Gates as the second-richest person in the world.

October to December:

• HDFC Bank announced the release of the SmartHub Vyapar Merchant app, payments, and banking solution for small and medium-sized enterprises. • LIC and the Central Government will sell their 60.72% ownership in IDBI Bank. The software was created in collaboration with Mintoak Innovations India, a merchant SaaS platform

• The National Highways Infra Trust (NHAI) would provide NCDs with a 25-year return of 8.05%.

• The Center permits MSMEs to make use of non-tax benefits for three years following categorization. Adani Ports and 12 other companies sign a non-disclosure agreement to gain access to data on the Unified Logistics Interface Platform.

• The increased fertilizer subsidy totaling Rs 51,875 crore has been authorized by the Centre for the rabi or winter planting season, which spans from October 2022 to March 2023.