Key highlights of FM’s Budget 2022-23

Key highlights of FM’s Budget 2022-23

Hummingbird News Desk

NEW DELHI, 1 FEB: Union Finance Minister, Nirmala Sitharaman, delivered her fourth Budget in the Parliament on 1 February. This is the second consecutive year that a paperless budget was presented.

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Here are sector-wise highlights of the 2022 Union Budget presented by Finance Minister Nirmala Sitharaman.
–India’s economic growth estimated at 9.2% to be the highest among all large economies;

–60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors;

–National Highways Network to be expanded by 25000 Km in 2022-23;

–Rs 20000 crore to be mobilised for National Highways Network expansion;
–Contracts to be awarded through PPP mode in 2022-23 for implementation of Multimodal Logistics Parks at four locations.

– Public issue of Life Insurance Corporation expected shortly

– Union Budget seeks to lay foundation & give blueprint of economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100

– Budget to focus on 4 pillars – productivity, climate action, financing investments and PM Gati Shakti plan

–One Station One Product concept to help local businesses & supply chains;
–2000 Km of 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 multimodal logistics to be developed during the next three years.

–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 farmer’s lands in 5 Km 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.

–‘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 simulated learning environment;
— High-quality e-content will be developed for delivery through Digital Teachers;
–· Digital University for world-class quality universal education with personalised learning experience to be established.

–An open platform for 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 technology support.

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 Minister’s Development Initiative for North-East Region (PM-DevINE):
–New scheme PM-DevINE launched to fund infrastructure and social development projects in the North-East;
–An initial allocation of Rs. 1,500 crore made to enable livelihood activities for youth and women under the scheme.

–100 per cent of 1.5 lakh post offices to come on the core banking system;
–Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.

–e-Passports with embedded chips and futuristic technology to be rolled out.

Urban Planning:
–Modernisation of building byelaws, 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.

Telecom Sector:
–Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.

Export Promotion:
–Special Economic Zones Act to be replaced with a new legislation to enable States to become partners in ‘Development of Enterprise and Service Hubs’.

AtmaNirbharta in Defence:
–68% of capital procurement budget earmarked for 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.

Digital Rupee:
–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.

Tags: #Budget2022 #FinanceMinister #NirmalaSitharaman #Parliament

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