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Income Tax – The art of computing Capital Gains!

Posted by 3 days ago (https://www.greenvissage.com/income-tax-the-art-of-computing-capital-gains/)

Description: If you see the income tax act as a law, it’s complex, lengthy and tedious. However, if you see it as an art, you will find a humongous space for creativity. The Chartered Accountants are well versed with the latter part, as they understand the intricacies of the law. For common citizens, it is important to understand the basics of the law, so that they can understand and plan their taxes better. One important area in taxation is the computation of capital gains. It is rather one of the most complex and challenging tasks, and depending on the nature and number of transactions, can become an ardent task even for the experts. It is important to go following step by step methodology. In this article, we explore the basics of capital gains law.

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Tag: income tax, capital gains

Mergers - Match Made In Heaven

Posted by 10 days ago (https://www.greenvissage.com/wp-content/uploads/2022/05/Why-are-so-many-companies-opting-for-mergers.pdf)

Description: India is known for its big fat wedding seasons. Post-pandemic, people are re-engaging in weddings and ceremonies, many delayed due to the COVID-19 crisis. However, this time even the Indian corporate world is excited and organising big fat weddings a.k.a mergers. HDFC Limited has decided to merge with HDFC Bank, combining their strengths after two decades in operations. INOX has decided to merge with PVR to become the majority in the leisure segment. Tata Group is creating synergy between all its Airlines – Air India, Air Express, Vistara and AirAsia, to become a solid network of airlines. Zee Network announced a merger with Sony Pictures, to become the biggest media house in India. L&T Infotech is merging with Mindtree, to become the fifth-largest IT company in India. Meanwhile, IDFC is reverse merging with IDFC First Bank. There are much more banking, startups and large conglomerates looking to, or in process of mergers or acquisitions.

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Tag: newsletter, business, mergers

Mergers - Match Made In Heaven

Posted by 10 days ago (https://www.greenvissage.com/wp-content/uploads/2022/05/Why-are-so-many-companies-opting-for-mergers.pdf)

Description: India is known for its big fat wedding seasons. Post-pandemic, people are re-engaging in weddings and ceremonies, many delayed due to the COVID-19 crisis. However, this time even the Indian corporate world is excited and organising big fat weddings a.k.a mergers. HDFC Limited has decided to merge with HDFC Bank, combining their strengths after two decades in operations. INOX has decided to merge with PVR to become the majority in the leisure segment. Tata Group is creating synergy between all its Airlines – Air India, Air Express, Vistara and AirAsia, to become a solid network of airlines. Zee Network announced a merger with Sony Pictures, to become the biggest media house in India. L&T Infotech is merging with Mindtree, to become the fifth-largest IT company in India. Meanwhile, IDFC is reverse merging with IDFC First Bank. There are much more banking, startups and large conglomerates looking to, or in process of mergers or acquisitions. There’s a new merger announcement every week and the excitement is at an all-time high. But why are so many companies looking to merge?

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Tag: newsletter, business, mergers

Why are so many companies opting for mergers?

Posted by 10 days ago (https://www.greenvissage.com/why-are-so-many-companies-opting-for-mergers/)

Description: While each company has its reasons to enter into a merger, certain common factors have made mergers and acquisitions attractive. Firstly, after the pandemic, the businesses and the balance sheets of most companies took a big hit. This has resulted in operating inefficiencies in the companies and a lack of strength in the competitiveness. While individually companies stand vulnerable, two companies with similar ideologies and beliefs together can be a brutal force in the market. Together, companies are trying to create a synergy to grow and compete with larger conglomerates at the international level. India’s economy is a rising force in the world market, especially after the Russia-Ukraine conflict. There are wide opportunities to grow and segments to capture. The synergy of a merged entity is helping the corporates to grab the same.

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Tag: newsletter, business, mergers

Hyperlocal Startup | 10-min deliveries problems

Posted by 2 days ago (https://www.greenvissage.com/hyperlocal-startup/)

Description: Hyperlocal Startup Backdrop Good tech – bad tech has always been the discussion, and today a new chapter has been opened in the same series. Technology has taken centre stage in Indian business, and hyperlocal startups are at the epicentre of it. The competition is stiff. However, there is an unusual trend amongst the services – instant delivery! India has usually accepted all kinds of technological advances, upgrading our technology-assisted habitat each time. However, the idea of quicker deliveries seems like a solution to a problem that doesn’t exist. Rather, it’s a solution that needs a problem! Have a look at the announcements of various delivery times promises – Zepto – 10 minutes Ola Store – 10-15 minutes BlinkIt (rebranded from Grofers) – 10-15 minutes Swiggy Instamart – 15-30 minutes Dunzo daily – 19-29 minutes Bigbasket – under 60 minutes Flipkart Quick – 90 minutes Amazon Fresh – 120 minutes Milkbasket – 7 am deliveries Now, Zomato – 10 minutes Is it because of demand? The issue in this context is the fact nobody asked for faster delivery. Yes, given the option to get something delivered faster than expected time, people will definitely lean towards faster speed, however, from an innovation point of view, it does not solve a significant problem, rather, seeks to create an artificial problem and then solve it. In a world where we already have so many unsolved problems, why are startups solving artificial problems? Is it because of the product? This leads us to a question, who asked for it? Indian roads are already full of rogue riders driving dangerously. In an over-populated country, with road traffic a major problem in metro cities, and delivery boys already cramping the roads, we don’t want more pesky riders disturbing our daily routes. And it’s not like they are providing emergency services. The latest to join the race is Zomato who unlike others delivering groceries, dairy and packaged products, has promised to deliver freshly prepared food in 10 minutes. It would have been more logical if pharmacy companies were opting to deliver instant medicines, however, no e-commerce companies have so far made any such attempts. Is it because of the profitability? What’s more surprising is that these rapid deliveries also don’t make any commercial sense. Faster deliveries require significantly larger investments without any corresponding incremental returns. Are the deliveries at higher premium prices? No. Are they increasing customer base or geographical coverage? Most probably not. And yet, a war has begun on a service that nobody wants and the cash burn is huge. Most of these companies have already spent huge sums of investor money to establish themselves in the market, and instant 10-minutes deliveries are only going to further burden the company’s balance sheet. So despite all these factors, why is the 10-minute delivery idea still being backed? In a country where ambulances don’t reach in 30 minutes yet, why are groceries and food under 10 minutes? Its’s technology, not racing skills! The hyperlocal delivery service companies who promise this innovation, argue that the faster delivery time is possible not on the back of the racing skills of their riders, but the combination of predictive technology and local hubs that reduce travelling time. Given their track record so far, it is hard to believe that they wouldn’t squeeze out more from their delivery boys in the name of efficiency. However, it is not the first time this is happening in India. Remember, 30-minutes Pizza promise? 18 years ago when Domino’s announced Pizza deliveries in under 30 minutes, people didn’t believe their claim, however, we know it today, Domino’s has done it, and it’s not at the cost of their drivers’ lives! The speed limit of delivery vehicles is limited to 45 kmph. What Domino’s did was – map their menu, open stores in dense localities, and made their riders remember all city locations. And to do it consistently, they started forecasting orders – preparing their menu according to the probability of ordering a particular item. They also scientifically re-engineered their pizza preparation process to ensure it can be cooked within 10-15 minutes. Most probably Zomato too has a similar plan – incorporate cloud kitchens in dense areas with more demand, deploy prediction algorithms for popular food items (as they have the database of billion orders served to date), and build a separate 10-minute menu, different from the regular menu. Zomato recently invested USD 5 million in Mukunda Foods, a company that specialises in food robotics. So, it is possible with automation and technology to deliver certain food items in under 10 minutes, however, one question remains unanswered – Why? When Domino’s did it, people were excited about the novelty, however, in Zomato’s case, public opinion is altogether divided. Picture 1 Why the race for faster delivery? When Deepinder Goyal, the Zomato Co-founder, announced the 10-minute food delivery service, he also said that the company doesn’t want to do it, however, it is the popular chorus and everyone is chipping in, seemingly in unison. So, the real story is that it’s not about you – the customers. It’s about the competition. Zomato like any other company desires to be a leader in its industry vertical and also maintain that position for the foreseeable future. This means it not only has to fight the existing competition but also the expected competition that might crop up in the future. Zomato and other companies who have joined the race, already deliver food and groceries in 30-minutes or a day. It may happen that in future, a new startup might come up with a proposition of shorter delivery times. It’s like either they do it, or somebody else will. They have invested millions and billions in the market that they created for themselves. It’s obvious, that they don’t want a looming threat of a new entrant beginning a new cash war altogether. Zepto did it to Grofers and Big Basket, and certainly, somebody else will do it to Zomato and Swiggy. And thus, in anticipation, the companies have already begun these services to hinder any new entrant into the market they have built for themselves. It doesn’t matter if you order or not, or if the service becomes popular. The fact that there are service providers who already cater provide this service would act as a deterrent to new entrants. The bottom line It is difficult to account for the human consequences of actions stemming from technological impulses. The system will take its toll on executing it. Digital technology has enabled us in several dramatic ways, however, there should be a limit to what it can expect the physical world to deliver. Probably this war is not going to end till people and goods teleport themselves. The delivery through drones is already knocking on the doors, with the Government supporting the development of the same. More importantly, there’s a real danger of getting used to such service standards that it becomes impossible to revert to the more financially prudent options, in future.

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Tag: business consulting services,financial services,business

Income Tax Return 2022- Complete Guide

Posted by 4 days ago (https://www.greenvissage.com/income-tax-return-2022/)

Description: Income Tax Return Introduction An Income Tax Return or ITR as many people call it is a form where the taxpayers are expected to declare their taxable income and the tax due to the government as per the income tax laws. Besides, the taxpayer is also expected to mention all the eligible deductions and tax payments if any. In India, a taxpayer has to file an Income Tax Return for a particular Financial Year i.e. April to March, irrespective of the accounting year adopted by the taxpayer. Income Tax Department has notified 7 forms i.e. Form ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 for filing tax returns according to different types of income and types of entities. The taxpayers must file their returns before the due date applicable. In this article, we are discussing all that need to know about the income tax return filing for the financial year 2022. Form to be used by the taxpayer The form that must be used by taxpayers is as follows: ITR 1 (Sahaj) A resident individual or Hindu undivided family with income from salary or pension, or income from a single house property located in India (no brought forward losses from the previous year), or agricultural income up to INR 5,000, and income from other sources, where the total income does not exceed INR 50 lakhs, can file ITR-1. In the case of capital gains, income from a business, or investment in unlisted equity shares this form cannot be used. Further, people with the tax status of Non-resident or Resident not ordinarily resident (RNOR) are also not allowed to use this form. A taxpayer who is a partner in a partnership firm or director of a company, or has assets in a foreign country or income from a foreign country also cannot opt to file this form. ITR-1 is a simple tax return requiring minimum details. ITR 2 Individuals or HUFs who do not qualify to file ITR-1, are required to file ITR-2, except those who earn income from business or profession. This is a detailed income tax return. ITR 3 Individuals or HUFs who have income from business or profession are required to file ITR-3. This is a detailed income tax return. ITR 4 (Sugam) In the case of Individuals, HUFs and partnership firms who are Indian residents and generate income from business or profession, they can file ITR-4 if they choose to declare their income under the presumptive income scheme according to section 44AD, 44ADA or 44AE. However, if a person has income more than INR 50 lakh, has brought forward losses from previous years, is not a resident in India (as per the income tax act), owns unlisted equity shares, or have foreign assets or foreign income, they cannot file ITR-4. Further, taxpayers with income from more than one house property, or who are the director of a company are also not allowed to file ITR-3. ITR-4 is a much simpler form as compared to ITR-3. ITR 5 In case of Partnerships, Limited Liability Partnerships (LLP), Investment funds, Business trusts, local authority, Estate of insolvent, Estate of deceased, Artificial Juridical Person (AJP), Body of Individuals (BOIs) and Associations of Persons (AOPs), ITR-5 is required to be filed. Partnership firms can also opt to file ITR-4 if they fulfil the criteria. ITR-5 is a detailed income tax return. ITR 6 ITR-6 is for all domestic or foreign companies, whether public or private. However, this form cannot be opted by companies who are claiming exemptions under Section 11. ITR 7 ITR-7 is a special income tax return required to be filed by taxpayers who are mandated to file the return under Section 139(4A) where individuals receive income from a property that belongs to trust or income generated solely for religious or charitable purposes; under section 139(4B) where a taxpayer is a political party; under section 139(4C) where a taxpayer is a Scientific Research Association, Institutions or association that come under Section 10(23A), Medical institutions, hospitals, universities, funds, and other educational institutions, News agencies, institutions that come under section 10(23B); under section 139(4D), where a taxpayer is a college, university, or other institutions; under section 139(4E) where a taxpayer is a business trust; under section 139(4F) where a taxpayer is an investment fund under Section 115UB. The due date for filing returns The due date for filing an income tax return for FY 2021-22, unless extended, is July 31, 2022. However, for taxpayers who are required to comply with tax audit provisions, the due date is October 31, 2022, after filing tax audit reports on or before September 30, 2022. In the case of taxpayers who are required to submit a transfer pricing report under section 92E, the due date for filing the report is October 31, 2022, and the due date for filing an income tax return is November 30, 2022. After filing the income tax returns, returns can be revised up to December 31, 2022. The last date to file an income tax return, in case a taxpayer has missed filing a return, is also December 31, 2022. Changes in income tax forms for FY 2022 The Central Board of Direct Taxes (CBDT) has notified the forms for income tax return filing for FY 2022 with some changes. These forms will be soon made available on the income tax portal for the electronic filing of returns. The changes in the income tax return are as follows: 1. Concerning declaration of foreign assets, the new income tax returns now require taxpayers to declare assets as per calendar year i.e. as of December 31, 2021, irrespective of the financial year followed by other countries. 2. New ITR forms now require the additional disclosures in the Schedule Capital Gains: a) Date of purchase and sale of land/building b) Country and zip code if the property is situated in a foreign country 3) Fair market value of capital assets and consideration received in a slump sale transaction 4) Yearwise details of the cost of improvement to land/building 5) Separate disclosure of the cost of acquisition and indexed cost of acquisition. 3. In new forms, Schedule Capital Gains has been amended to disclose the deduction allowable under Section 48(iii) in respect of the capital gains under section 45(4) attributable to the capital asset remaining with a partnership firm. (ITR-5) 4. Dividend income taxable under section 2(22)(e) is now required to be reported separately. Payment by way of loan or advance, by a closely held company, to a shareholder who owns 10% or more equity, or to a concern in which the shareholder has a substantial interest is deemed to be a dividend under the income tax act and such dividend is taxable under section 2(22)(e). 5. Section 9(1)(i) Explanation 2A provides that the ‘Significant Economic Presence (SEP) of a non-resident in India shall constitute a business connection in India. In the new ITR forms, a non-resident has to provide details of Significant Economic Presence (SEP) in India 6. In ITR-2 and ITR-3, disclosure of interest accrued on the provident fund which is taxable is now required to be entered separately in the schedule of other sources. 7. Taxpayers who opt for Section 115BAC are not eligible to set off unabsorbed depreciation attributable to additional depreciation. In the Schedule DPM, the written down value of the block at on beginning of the year is to be increased by the amount of unabsorbed depreciation not allowed to be adjusted on account of opting for Section 115BAC and similarly under Section 115BAD. 8. A new schedule ‘Tax on Deferred ESOP’ has been inserted for reporting tax-deferred on ESOP. The details to be disclosed are – Amount of tax-deferred in previous return, date of sale of securities and tax attributable to such sale; Date on which cease to be an employee; tax payable in the current year; and balance tax-deferred to next year. This schedule will now keep track of the tax-deferred by the employee and the year it should be taxed. 9. The Finance Act 2020 abolished the Dividend Distribution Tax and moved to the traditional system of taxation wherein the shareholders are liable to pay tax on such dividends. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has removed the enhanced surcharge on such dividend income. Thus, changes have been made in Schedule Part B – TTI to limit the rate of surcharge on dividends. 10. Section 89A with effect from the AY 2022-23 has provided that the income of a specified person from the specified account shall be taxed as prescribed by rules which are not been notified yet. However, the ITR Forms have amended Schedule Salary to disclose – Income from retirement benefits in a notified country under Section 89A and income from retirement benefits account in a country other than notified country 11. Schedule BP (Computation of income from business or profession) allows exclusion of certain incomes which are credited to the profit and loss account but are taxable under other heads of income. The new income tax return Forms have added dividends in the list to exclude them from the Schedule BP if it is credited to the Profit and Loss account, in line with section 56(2)(i). 12. A new row has been inserted in the Schedule Other Sources to allow disclosure of the interest referred to in Section 194LC. 13. Schedule MAT and Schedule AMT now require separate disclosure of adjusted total income under Section 115JC for Units located in IFSC, and other units. 14. Schedule 80GGA has been inserted for the partners deriving only profit from the firm. Section 80GGA allows a deduction for the amount contributed to specified associations or institutions, to taxpayers who do not have any income under the head PGBP. The schedule seeks details such as the Name and address of Donee, PAN of Donee, Amount of donation (In cash and another mode) and eligible amount of donation. 15. Changes have been made in Schedule 80-IA and 80-IB as the sunset clause has been incorporated for eligibility to claim the deduction. 16. The Schedule TPSA now requires taxpayers to indicate the total adjustments made in respect of all the assessment years. 17. In Part A OI Other Information, the taxpayers are now required to disclose the interest on any loan or advances from Deposit-taking NBFCs or Systemically Important Non-deposit Taking NBFCs, disallowed in the earlier year, but it is allowable now. 18. Schedule Exempt income now requires separate disclosure for income exempt under Sections 10(23FB), 10(23FBA), 10(23FC), 10(23FCA), 10(23FE), 10(23FF), 10(4D). 19. Schedule Special income requires separate disclosure of the income taxable under Section 115AC – Income by way of interest received by a non-resident from bonds purchased in foreign currency; and Income by way of dividend received by a non-resident from GDRs purchased in foreign currency. 20. Reference to Section 153A and 153C for the income tax return filed in response to a notice, in the filing status of return income, has been removed. 21. Nature of employment for pensioners has been further categorised into Pensioners – CG, Pensioners – SC, Pensioners – PSU and Pensioners – Others. 22. Following new disclosures are required in ITR 3 and ITR 4 in respect of Section 115BAC – 1) Whether the assessee has opted for an alternative tax regime and has filed Form 10-IE in the previous year, 2) Whether the assessee is Opting in now, Not opting, Continue to opt, Opt-out in the current assessment year. A similar disclosure is required in respect of the alternative tax regime under Section 115BA/115BAA/115BAB/115BAD. 23. Audit under Section 44AB is mandatory if the sales turnover exceeds INR 1 crore. However, if the cash receipt and cash payment do not exceed 5%, the threshold is INR 10 crore. The old ITR Forms required the assessee to furnish a response regarding cash receipts and payments only, and it did not seek information concerning receipt or payment through non-account payee cheque or demand draft. This anomaly has now been removed. 24. New Schedule IF has been inserted to disclose investment made in an unincorporated entity requiring details such as the Name of the entity, type of the entity, PAN of the entity, and whether the entity is liable for the audit? Whether section 92E applies to the entity?, Share in the profit of the entity, Amount of share in the profit; and Capital balance on March 31 in the entity.

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Tag: business consulting services,financial services,business

Budget 2022 - Sectorwise key announcements and new schemes

Posted by 29 days ago (https://www.greenvissage.com/budget-2022/)

Description: Public infrastructure A new mission – In Budget 2022‘PM GatiShakti National Master Plan’ has been announced which will focus on the development of – Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics infrastructure. Road projects – 20,000 crores has been allocated for the development of 25,000 km national highways Digital enhancement – ‘Unified Logistics Interface Platform (ULIP)’ will be developed for data exchange amongst all modes of transportation of goods and passengers Warehousing – Contracts for developing ‘Multimodal Logistics Park’ at four locations, under Public-Private Partnership (PPP) model. Logistic parks are industrial areas designed for storage, management, distribution and transportation of goods. Railway projects – In budget 2022 400 new Vande Bharat trains to be manufactured (over next 3 years) Railway projects – ‘Kavach’ technology of Indian railways for safety and capacity augmentation will be increased to cover a 2,000 km rail network Marketing initiative – In Budget 2022Railways will launch new products and efficient logistics services for farmers and small enterprises; ‘One station one product’ to popularise local products; Railways and postal network to be integrated. Water transportation – In budget 2022 , 100 PM GatiShakti Cargo terminals to be developed (over next 3 years) Remote connectivity – Contracts for 8 ropeway projects for a length of 60 km to be awarded under the Public-Private Partnership (PPP) model City transportation – Faster implementation and standardisation of metro systems Agriculture MSP procurements – In Budget 2022, 2.37 lakh crore allocated for procurement of wheat and paddy through Minimum Support Price (MSP) arrangements River linking project – Implementation of ‘Ken-Betwa Link Project’ with an estimated cost of 44,605 crores which will provide irrigation, water supply, hydroelectricity generation and solar power generation; 1,400 crores have been allocated for FY 2023 River linking project – Support for five river linking projects will be provided once consensus is reached amongst concerned states; namely Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-Krishna, Krishna-Pennar and Pennar-Cauvery Drones for farming – ‘Kisan Drones’ for crop assessment, digitization of land records, spraying of insecticides, and nutrients Sustainable farming – Chemical-free Natural Farming to be promoted, with 5 km corridor along river Ganga in the first stage Millets – Support for Millets production, as 2023 has been declared International Year of Millets Oilseed – A rationalised comprehensive scheme to increase oilseed production Digital enhancement – Digital and hi-tech services to farmers through public-private partnership (PPP) model Fruits and vegetables – Comprehensive package for the adoption of suitable varieties of fruits and vegetables for food processing Small businesses and corporates Digital rupee – Central Bank Digital Currency (CBDC) ‘Digital Rupee’ to be launched for a more efficient and cheaper currency management system, using blockchain and other technologies. It will be issued by the Reserve Bank of India (RBI) starting FY 2023. New mission – ‘Ease of Doing Business EODB 2.0’ and ‘Ease of Living’ to be launched New mission – ‘Raising and Accelerating MSME Performance (RAMP)’ programme to be launched for strengthening the MSME sector, estimated outlay of 6,000 crores (over next 5 years) Green clearances – Single window portal ‘Parivesh’ for green clearances (launched in 2018) to be expanded; application for all four approvals through a single form and tracking through Centralized Processing Centre-Green (CPC-Green) Drones – ‘Drone Shakti’ project will promote startups that facilitate Drone-as-a-Service (DrAAS) Emergency credit – Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 2023 with guaranteed cover increased by 50,000 crores to existing 5 lakh crores; of which certain amount will be earmarked for the hospitality sector Credit guarantee – Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme to be revamped with a required infusion of funds, to facilitate additional credit of 2 lakh crore Digital enhancement – Udyam, e-Shram, NCS and ASEEM portals to be interlinked, and to provide providing G2C, B2C and B2B services concerning credit facilitation, skills development and recruitment Digital enhancement – 100% of the 1.5 lakh post office savings bank to integrate with core banking system (CBS) Digital banking – 75 Digital Banking Units (DBUs) to be set up in 75 districts of the country by Scheduled Commercial Banks. Digital payments – Financial support for developing digital payment ecosystem to be continued Cross border insolvency – Amendments in the Insolvency and Bankruptcy Code (IBC) to be carried out to enhance the efficacy of the resolution process and facilitate cross border insolvency resolution. Accelerated corporate exit – Digital systems to be established for Processing Accelerated Corporate Exit (C-PACE) to facilitate and speed up the voluntary winding-up of companies within 6 months, instead of 2 years (only for companies registered through ‘Accelerated Registration’) Special Economic Zones (SEZ) – Special Economic Zones Act to be replaced with new legislation to enable the states to become partners in ‘Development of Enterprise and Service Hubs’. Government procurements – Payment of 75% of the Government procurements, mandatorily within 10 days and encouraging settlement of disputes through conciliation; Online e-bill system for all central government ministries to be launched. Government procurements – Surety bonds will be accepted as a substitute for bank guarantee Education and employment Animation, Visual Effects, Gaming, and Comic (AVGC) sector – AVGC promotion task force to be set up to recommend to build domestic capacity in the sector. Sunrise opportunities – Support for research and development in Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems Financing of Sunrise opportunities – For encouraging important sunrise sectors, thematic funds with blended finance consisting of 20% government funds and managed by private fund managers to be launched. GIFT City – World-class foreign universities and institutions to be allowed to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics free from domestic regulations, in the Gujarat International Finance Tec-City (GIFT City), an under-construction central business district in Gandhinagar. VC and PE investments – Expert committee to examine and suggest appropriate measures for scale-up Venture Capital and Private Equity investments Educational qualifications – National Skill Qualification Framework (NSQF) which organises qualifications according to levels of knowledge, skills and aptitude, to be realigned Digital skills and training – ‘Digital Ecosystem for Skilling and Livelihood’ (DESH-Stack) e-portal to be launched to empower citizens to skill, reskill or upskill through online training School education – PM eVIDYA ‘One class, One TV channel’ to be expanded from 12 to 200 television channels, enabling states to provide supplementary education in regional languages for classes 1-12 Urban planning courses – Courses in urban planning and design to be set up in 5 academic institutions designated as centres of excellence, with endowment funds of 250 crores each Digital university – Establishment of ‘Digital University to provide access to world-class universal education Vocational courses – Promotion of vocational courses related to critical thinking skills, creativity; 750 virtual labs in science and mathematics, and 75 skilling e-labs for simulated learning to be set up; digital teachers to provide high-quality e-content Health and sanitation New mission – ‘National Digital Health Ecosystem’ to be rolled out consisting of digital registries of health providers and health facilities, unique health identity, consent framework, and universal access to health facilities. Mental health – ‘National Tele Mental Health Programme’ to be launched which will include 23 tele-mental health centres, with NIMHANS being the nodal centre and International Institute of Information Technology – Bangalore (IIITB) providing technical support. Women and children – Mission ‘Shakti’, Mission ‘Vatsalya’, ‘Saksham Anganwadi’ and ‘Poshan 2.0’ to continue providing integrated benefits to women and children. Two lakh anganwadis to be upgraded. Water supply – Coverage of ‘Har Ghar, Nal Se Jal’ to be expanded from existing 8.7 crores (5.5 crore new connections in last 2 years) to cover 3.8 crore additional households in next year; 60,000 crores allocated to the scheme Small housing – 80 lakh houses to be identified as eligible beneficiaries of ‘PM Awas Yojana’ with 48,000 crore allocation Projects for Northeast – ‘Prime Minister’s Development Initiative for North-East’ (PM-DevINE) to be implemented through the North-Eastern Council for social development projects in North-east; an initial amount of 1,500 crores allocated Backward districts – ‘Aspirational District Programme’ to continue improving 112 backward districts of the country Remote villages – In budget 2022‘Vibrant Villages Programme’ to develop infrastructure in remote villages (in northern states). Urban development and living Urban planning – High-level committee of reputed urban planners, urban economists and institutions to be formed to recommend policies, capacity building, planning, implementation and governance. Urban planning support – Support to state governments will be provided for modernization of building bye-laws, Town Planning Schemes (TPS), and Transit-Oriented Development (TOD) Electronic land records – State governments to be encouraged to adopt the ‘Unique Land Parcel Identification Number’ to facilitate electronic management of land records. Property registration – In budget 2022 ‘National Generic Document Registration System (NGDRS)’ to be rolled out nationwide under ‘One-Nation One Registration Software’ scheme to facilitation ‘anywhere registration’ of deeds & documents. E-passports – e-Passports using embedded chips and futuristic technology to be rolled out in FY 2023 to enhance convenience for the citizens in their overseas travel. Battery swapping policy – Battery Swapping Policy to be introduced and private sector to be encouraged to develop sustainable and innovative business models for ‘Battery or Energy as a Service, to address the space constraint in urban areas for setting up charging stations. Telecom 5G Spectrum Auctions – Spectrum auctions to be conducted in 2022 to facilitate the rollout of 5G mobile services in FY 2023 Production Linked Incentive (PLI) scheme – A PLI scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G telecom services. Affordable telecom services – 5% of annual collections in ‘Universal Service Obligation Fund’ to be allocated to promote research and development, and commercialization of technologies and solutions for affordable broadband and mobile services Optical Fibre – Contracts for laying optical fibre in villages and remote areas to be awarded under the ‘Bharatnet’ Project through in FY 2023, expected to be completed by FY 2025 Defence New mission – In Budget 2022, 68% of the capital procurement to be earmarked for the domestic industry in FY 2023 (58% in FY 2022) Research and development – Defence R&D will be opened up for private industries, startups and academia with 25% of defence budget earmarked for this purpose; independent nodal umbrella body to be set up for testing and certification requirements. Energy Data Centres and Energy Storage – Data Centres and Energy Storage Systems including dense charging infrastructure and grid-scale battery systems to be included in the harmonized list of infrastructure, to facilitate credit availability for digital infrastructure and clean energy storage. Solar energy – Production Linked Incentive (PLI) scheme for the manufacture of high-efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules will receive an additional allocation of 19,500 crores to facilitate a target of 280 gigawatts installed solar capacity by 2030 Recycling products – Active public policies covering regulations, extended producers’ responsibilities framework and innovation facilitation as a part of the action plan for electronic waste, end-of-life vehicles, used oil waste, and toxic & hazardous industrial waste Thermal power – 5-7% biomass pellets to be co-fired in thermal power plants to save CO2 of 38 MMT annually. Coal gasification – 4 pilot projects for coal gasification and conversion of coal into chemicals required for the industry to be set up Forests – Policies and legislative changes to be brought in to promote agroforestry and private forestry Green bonds – In Budget 2022 Sovereign Green Bonds to be issued for mobilizing resources for green infrastructure; proceeds to be deployed in public sector projects that help in reducing carbon

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