Union Budget 2022-23 will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister Nirmala Sitharaman said while presenting the budget in the Lok Sabha on Tuesday.
Union Budget 2022 comes at a crucial juncture for the public and policymakers alike for the following reasons: 1) upcoming elections in five states, 2) looming omicron threat, 3) nascent economic recovery, and 4) key numbers like fiscal deficit, tax collection, and spending outlook.
Prime Minister Narendra Modi-led govt expects to lead the world in economic growth this year in a post-pandemic bounceback, according to Economic Survey 2022.
Tax incentives for startups to be incorporated until March 31, 2023
1 lakh cr to assist the states
For 2022-23,allocation is ₹1 lakh cr to assist the states in catalyzing overall investments in economy. These 50-yr interest-free loans are over&above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related&other productive capital investments of states:FM
Taxpayers can now file an updated return within 2 years
To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year: FM Nirmala Sitharaman
Total expenditure is estimated at ₹39.45 lakh crore. Receipts are estimated at Rs22.84 lakh cr. FY'23 fiscal deficit target at 6.4% of GDP vs 6.9%
Budget 2022 key points
4 pilot projects for coal gasification to be set up: FM.
Financial support will be provided to farmers to take up agro-forestry: FM.
Risks of climate change are strongest externalities for the world:FM.
India will auction 5G airwaves this year to facilitate a roll out of the next-generation telecoms service in 2022-23.
All 1.5 lakh post offices to connected
All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks, Finance Minister Nirmala Sitharaman announced on Tuesday.
Digital Rupee with blockchain tech
Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman
Effective Capital Expenditure of the Central Govt is estimated at ₹10.68 lakh crores in 2022-23, about 4.1% of GDP: FM Nirmala Sitharaman
Outlay for capex higher by 35% to ₹7.05 lakh cr for FY23
Paperless e-bill system
A completely paperless, e-bill system will be launched by ministries for procurement, says FM.
5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of ₹250 cr: FM.
5G spectrum auction to be conducted in 2022: FM
68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal: FM Nirmala Sitharaman
Modern building by-laws will be introduced: FM.
E-passport with embedded chip will be rolled out, says FM.
Finance Minister Nirmala Sitharaman on Tuesday proposed to set up a digital university to provide education that will be built on a hub and spoke model.
A high-level panel to be set up for urban planning: FM
Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers: FM Nirmala Sitharaman
Use of Kisan Drones to be promoted for crop assessment, digitization of land records, spraying of insecticides and nutrients: FM Nirmala Sitharaman
New vibrant village programme
Villages on northern border of India will be covered under a new vibrant village programme to enhance development: FM.
PM Awas Yojna
80 lakh affordable houses will be completed at ₹44,000 cr under PM Awas Yojna in 2022-23: Sitharaman
'Battery Swapping Policy'
To promote a shift to the use of public transport in urban areas...special mobility zones with zero fossil fuel policy to be introduced...Considering space constraints in urban areas, a 'Battery Swapping Policy' will be brought in: FM FM Nirmala Sitharaman
2,000 km of rail network
2,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation: FM Nirmala Sitharaman
National Tele Mental Health program
The pandemic has accentuated mental health problems in people of all ages. To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched: FM Nirmala Sitharaman
ECLGS will be extended
Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, the guaranteed cover will be expanded by ₹50,000 crores to total cover of ₹5 lakh crores: FM Nirmala Sitharaman
Issuance of e-passport will be rolled out
Issuance of e-passport will be rolled out in 2022-23 for the convenience of citizens in their overall travels.
'One class, one TV channel' program
'One class, one TV channel' program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12
Affordable housing scheme
In 2022-23, 80 lakh households will be identified for the affordable housing scheme: FM
Access to tap water
60,000 crore allocated for providing access to tap water to 3.8 crore households: FM
One Station One Product
One Station One Product to be popularized to help local Businesses and supply chains
- FM Sitharaman
Chemical-free natural farming
Chemical-free natural farming will be promoted throughout the country with a focus on farmers' land in 5 km wide corridors along the river Ganga, in the first stage: FM Nirmala Sitharaman
ECLGS to be extended upto March 2023
ECLGS to be extended upto March 2023. Guarantee cover for ECLGS will be expanded by ₹50,000 cr to a total of ₹5 lk cr.
PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. NH Motorway network to be expanded by 25,000 km in 2022-23. Rs. 20,000 crore to be mobilized to complement public resources
PM Gati Shakti is driven by 7 engines
PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways and logistics infra. All 7 engines will pull forward the Economy in unison. Supported by energy transmission, IT communication, bulk water and sewerage and social infra.
Procurement of wheat
Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers& ₹2.37 lakh crores will be the direct payment of MSP value to their accounts: FM Sitharaman
Four priorities of Budget 2022
Moving forward on this parallel track, we lay the following four priorities - PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action & financing of investments: FM Nirmala Sitharaman
Vande Bharat trains
400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems...: FM Nirmala Sitharaman
Production Linked Incentive (PLI) Scheme
Production Linked Incentive (PLI) Scheme for achieving AatmaNirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years: FM
Budget 2022 'Amrit Kaal'
Budget 2022 seeks to lay the foundation to steer the economy over Amrit Kaal of next 25 years, from India at 75 to India at 100, continuing to build on the vision of Budget 2021 - FM
400 Vande Bharat trains
400 Vande Bharat trains in next three years: FM Sitharaman
We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we'll continue with strong growth: FM Sitharaman
Impetus for growth
This budget will provide impetus for growth: FM Sitharaman
Budget 2022 has provided a sharp increase in provision for public investment and capital expenditure: FM
Aatmanirbhar Bharat has received excellent response, says Sitharaman
Air India sale
Strategic transfer of ownership of Air India has been completed: FM Sitharaman
FM presenting Budget 2022
India's economic growth in current year is estimated to be 9.2%, highest among all large economies
Budget 2020 LIVE
FM begins presentation of Budget 2022 by expressing empathy with those who had to bear adverse health and economic affects of COVID19 Pandemic. Overall sharp rebound and recovery of the economy is reflective of India's strong resilience
Budget 2022 speech starts
Finance Minister Nirmala Sitharaman is presenting the Narendra Modi govt's 10th Union Budget in Parliament. This is the fourth budget presentation by FM Sitharaman.
Union Cabinet approves the Budget 2022
Union Cabinet approves the Budget 2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly
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