Union Budget 2022 Released

On February 01, 2022, Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The finance minister in her Budget speech informed that the Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all-inclusive welfare, when India is celebrating Azadi ka Amrit Mahotsav and it has entered into Amrit Kaal, the 25-year-long leadup to India@100.

According to the budget India’s economic growth is estimated at 9.2%, 60 lakh new jobs are to be created under the productivity linked incentive scheme in 14 sectors and PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.

Entering Amrit Kaal, the 25 year-long lead up to India @100, the budget provides an impetus for growth along with four priorities: PM GatiShakti; Inclusive Development; Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action Financing of investments.

The PM GatiShakti National Master Plan will encompass the seven engines (Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure) for economic transformation, seamless multimodal connectivity and logistics efficiency.

In Agriculture the government shall release Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy. The budget also seeks to promote chemical-free natural farming. The initial focus is on farmer’s lands in 5 Km wide corridors along river Ganga.

Udyam, e-shram, NCS and ASEEM portals are to be interlinked to increase approach and scope for MSME. Also, 130 lakh MSMEs are to be provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS) and Guarantee cover under ECLGS is expanded by Rs 50000 Crore to a total cover of Rs 5 Lakh Crore.

To promote quality and universal education ‘One Class-One TV channel’ programme of PM eVIDYA is to be expanded to 200 TV channels.

In the health sector, an open platform for National Digital Health Ecosystem is to be rolled out. ‘National Tele Mental Health Programme’ for quality mental health counselling and care services is also to be launched.

In order to promote AtmaNirbharta in Defence, 68% of capital procurement budget is earmarked for the domestic industry in 2022-23.

Many such progressive steps have been undertaken to promote wholistic development of our country.

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