The union budget seeks to complement macroeconomics level growth with a focus on microeconomic level all-inclusive welfare. the union minister for finance and corporate affairs, Smt. Nirmala Sitharaman tabled the union budget 2022-23 in parliament. The key highlights of the budget are as follows:
- India's economic growth is estimated at 9.2% to be the highest among all large economies.
- 60Lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
- PLI Schemes have the potential to create an additional production of RS.30 lakh crore.
- Entering Amrit Kaal, the 25 years long lead up to India @100, the budget provides the impetus for growth along with four priorities:
- PM Gatishakti
- Inclusive development
- Productivity, enhancement & investment, sunrise opportunities, energy transition, and climate action.
- Financing of investment
- The seven engines that drive PM gatishakti are roads, railways, airports, ports, mass transports, waterways, and logistics infrastructure.
PM Gatishakti national master plan
- The scope of PM Gatishakti national master plan will encompass the seven engines for economic transformation, seamless multimodel connectivity and logistics efficiency.
- The projects pertaining to these 7 engines in the national infrastructure pipeline will be aligned with the PM Gatishakti framework.
- National highway network to be expanded by 25000km in 2022-23.
- RS.20000 Crores to be mobilized for national highway network expansion.
Multimodel logistics parks
- Contracts to be awarded through PPP help local businesses & supply chains.
- 2000 KM of the railway network to be brought under kavach, the indigenous world-class technology and capacity augmentation in 2022-23.
- 400 new generation vande bharat trains to be manufactured during the next three years.
- 100 PM Gatishakti cargo terminals for multimodel logistics to be developed during the next three years.
- National ropeways development program. parvatmala to be taken up on PPP mode
- Contracts to be awarded in 2022-23 for 8 ropeway projects of 60 km length.
Inclusive Development Agriculture
- Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy.
- Chemical-free natural farming to be promoted throughout the county. The initial focus is on farmers lands in 5Km wide corridors along river Ganga.
- NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.
- 'Kisan drones ' for crop assessment. digitization of land records, spraying of insecticides and nutrients.
Ken Betwa projects
- 1400 Crores outlay for implementation of the Ken - Betwa link project.
- 9.08 lakh hectares of farmers land to receive irrigation benefits to the Ken Betwa link project.
- Udyam, e-shram, NCS and ASEEM portals to be interlinked.
- 130 lakh MSMEs provided additional credit under emergency credit-linked guarantee scheme (ECLGS)
- ECLGS to be extended up to March 2023.
- Guarantee cover under ECLGS to be expanded by Rs. 50000 crores to a total cover of Rs. 5 lakh crore.
- Rs. 2 lakh crore additional credit for micro and small-medium enterprises (CGTMSE)
- Raising and accelerating MSME performance (RAMP) programme with an outlay of Rs. 6000 crore to be rolled out.
- Digital ecosystem for skilling and livelihood (DESH-stack e-portal ) will be launched to empower citizens to skill, reskill or upskill through online training startups will be promoted to facilitate 'drone shakti' and for Drone-as-a-service (DrAAS).
- One class-one TV channel programme of PM eVIDYA to be expanded to 200 Tv channels.
- Virtual labs and skilling e- labs to be set up to promote critical thinking skills and a simulated learning environment.
- High-quality e-content will be developed for delivery through digital teachers.
- Digital university for world-class quality universal education with a personalised learning experience to be established.
- An open platform for the national digital health ecosystem to be rolled out.
- 'National tele mental health programme ' for quality mental health counselling and care services to be launched.
- A network of 23 tele-mental health centres of excellence will be set up, with NIMHANS being the nodal centre and international institute of information technology - Bangalore (IIITB) providing technical support.
- Integrated benefits to women and children through mission shakti, mission vatsalya, saksham Anganwadi and Poshan 2.0
- Two lakhs anganwadis to be upgraded to saksham anganwadis.
Har Ghar, nal se jal
- Rs. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under har Ghar, nal se jal.
Housing for all
- Rs. 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.
Prime ministers development initiative for the northeast region (PM-DevINE)
- New scheme PM - DevINE launched to fund infrastructure and social development projects in the northeast.
- An initial allocation of Rs. 1,500 crore made to enable livelihood activities for youth and women under the scheme.
Vibrant villages programme
- Vibrant villages programme for the development of border villages with a sparse population, limited connectivity and infrastructure on the northern border.
- 100 per cent of 1.5 lakh post offices to come on the core banking system.
- Scheduled commercial bank to set up 75 digital banking units (DBUs) in 75 districts.
- e-Passport with embedded chip and futuristic technology to be rolled out.
- Modernization of building bye-laws, town planning schemes (TPS), and transit-oriented development (TOD) Will be implemented.
- Battery swapping policy to be brought out for setting up charging stations at scale in urban areas.
Local record management
- Unique land parcel identification number for IT-based management of land records.
Accelerated corporate exit
- Centre for processing accelerated corporate exit(C-PACE) to be established for speedy winding up of companies.
AVGC Promotion task force
- An animation, visual effects, gaming and comics (AVGC) promotion task force to be set up to realize the potential of this sector.
- Scheme for designed-led manufacturing to be launched to build a strong ecosystem for 5g as part of the production linked incentive scheme
- Special economic zones act to be replaced with new legislation to enable states to become partners in 'development of enterprise and service hubs'.
Atmaniirbhar in defene:
- 68 % of capital procurement budget earmarked for the domestic industry in 2022-23, up from 58% in 2021-22.
- Defence R&D to be opened up for industry, startups and academia with 25 % of defence R&D budget earmarked.
- Independent nodal umbrella body to be set up for meeting testing and certification requirements.
- Government contribution to be provided for R&D in sunrise opportunities like artificial intelligence, Geospatial system and drones, semiconductor and its ecosystem, space economy, Genomics and pharmaceuticals, green energy, and clean mobility system.
Energy transition and climate action:
- Additional allocation for Rs. 19,500 crores for production linked incentives for manufacture of high-efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030.
- Five to seven percent biomass pellets to be co-fired in the thermal power plants:
- CO2 saving of 38 MMT annually,
- Extra income to farmers and job opportunities to locals, help to avoid stubble burning in agriculture field.
- Four pilot projects to be set up for coal gasification and conversion of coal into chemicals for the industry
- Financial support to farmers belonging to scheduled castes and scheduled tribes, who want to take up agro-forestry.
Public capital investment :
- Public investment to continue to pump prime private investment and demand in 2022-23.
- Outlay for capital expenditure stepped up sharply by 35.4% TO RS. 7.50 lakh crore in 2022-23 from RS. 5.54 lakh crores in the current year.
- Outlay in 2022-23 , which is about 4.1% of GDP
- World-class foreign universities and institutions to be allowed in the gift city.
- An international arbitration centre to be set up for timely settlement of disputes under international jurisprudence.
- Data centres and energy storage system to be given infrastructure status.
- Venture capital and private equity invested more than Rs.5.5 lakh crore last year facilitating one of the largest start-up and growth ecosystems. measures to be taken to help scale up this investment.
- Blended funds to be promoted for sunrise sectors.
- Sovereign green bonds to be issued for mobilizing resources for green infrastructure.
- Introduction of the digital rupee by the reserve bank of India starting 2022-23.
Providing greater fiscal space to states
- Enhanced outlay for the scheme for financial assistance to states for capital investments:'
- From RS. 10,000 crore in budget estimates to RS.15,000 crore in revised estimates for the current year
- Allocation of RS. 1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest-free loans, over and above normal borrowings
- In 2022-23 states will be allowed a fiscal deficit of 4% of GSDP, of which 0.5% will be tied to power sectors reforms
- Budget estimates 2021-22: RS.34.83 lakh crore
- Revised estimates 2021-22: Rs.37.70 lakh crore
- Total expenditure in 2022-23 estimated at RS.22.84 Lakh crore
- Fiscal deficit in current year:6.9% of GDP (Against 6.8% in budget estimates)
- Fiscal deficit in 2022-23 estimates at 6.4% of GDP