Budget 2022-23

The focus of the union budget for the financial year 2022-23 was basically on providing basic amenities to the poor, middle-class, and youth generation. Prime Minister Narendra Modi termed this budget as a step towards a modern and self-reliant India. Prime Minister, mentioning this budget as people-friendly and progressive, has said this budget proposes to make a four-fold increase in public investments as compared to the previous era. Union finance minister Nirmala Sitharaman has also described this budget as people-friendly as a conscious decision was taken not to increase taxes because of the struggle country's people had to do due to the Covid pandemic. The union finance minister, while presenting the budget stated that the country is expected at 9.27 percent in the coming year.

The Budget Goals For Financial Year 2022-23

1. Focus on growth and all-inclusive welfare.

2. Encouraging technology-enabled development, energy transition, and climate action.

3. Virtuous cycle starting from private investment crowded in by public capital investment.

4. Financing of investment.

The Union Budget's aims to strengthen its focus on four priorities

1. PM GatiShakti

2. Inclusive development.

3. Productivity enhancement & investment, Sunrise opportunities, energy transition, and climate action.

Key Features

India's GDP has seen a strong recovery twice with the past two waves of the pandemic.

Providing Greater Fiscal To The States

1. Enhanced expenditure for 'scheme for financial assistance to states for capital investment' from Rs 10 crore in budget estimates to Rs 15 crore in revised estimates for the current year.

2. Allocation of Rs 1 lakh crore in 2022-23 to assist the states in motivating overall investments in the economy, 50-y6ear interest-free loans, over and above normal borrowings.

3. In 2022-23 states will be allowed a fiscal deficit of 4% of GSDP of which 0.5% will be associated with power sector reforms.

Agriculture & Allied Sectors

1. Rs 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy.

2. Chemical-free natural farming to be promoted throughout the country. Initial focus on farmers' lands in 5km wide corridors along river Ganga.

3. NABARD to facilitate with blended capital to finance start-ups for agriculture & rural enterprise.

4. 'Kisan Drones' for crop assessment, digitization of land records, spraying of insecticides and nutrients.

MSMEs & Industry

1. Udayam, e-shram, NCS, and ASEEM portals to be interlinked.

2. Rs 130 lakh MSMEs provided additional credit under the emergency credit-linked guarantee scheme (ECLGS).

3. ECLGS to be extended up to March 2023.

4. Guarantee cover under ECLGS to be expanded by Rs 50,000 crore to the total cover of Rs 5 lakh crore.

5. Rs 2 lakh crore additional credit for micro and small enterprises to be facilitated under the credit guarantee trust for micro and small enterprises (CGTMSE).

6. Raising and accelerating MSME performance (RAMP) program with an outlay of Rs 6000 crore to be rolled out.

Education

1. One class-one TV channel program of PM e-Vidya to be developed with 200 TV channels.

2. Virtual labs and skilling e-labs to be installed to promote critical thinking skills and a simulated learning environment.

3. High-quality e-content being developed for delivery through digital teachers.

4. Digital university for world-class quality universal education with a personalized learning experience to be established.

Public Capital Investment

1. Public Investment to pump-prime personal investment and demand in 2022-23.

2. Layout of capital expenditure stepped up sharply by 35.4% to Rs 7.50 lakh crore in 2022-23 from Rs 5. 54 lakh crore.

3. Outlay in 2022-23 to be 2.9% of GDP.

4. Effective capital expenditure of the central government estimated at Rs 10.68 lakh crore in 2022-23 is about 4.1% of GDP.

Saksham Anganwadi

1. Integrated benefits to women and children through Mission Shakti, Mission Vatsalaya, Saksham Anganwadi, and Poshan 2.0

2. Two lakh Anganwadies to be upgraded Saksham Anganwadis.

Health:

1. An open platform for a national digital health ecosystem to be rolled out.

2. National tele-mental health program for quality health-counseling and care services which are to be introduced ultimately.

3. A network of 23 tele-mental health centers will be established with NIMHANS being the nodal center and the international institute of information technology, Bangalore IITB. IITB will provide technical support.

Energy Transition & Climate Action

1. Additional allocation of Rs 19,500 crore for production linked incentive for the purpose of manufacturing high-efficiency solar modules that are expected to achieve the goal of 280 GW from installed solar power by 2030.

2. Five to seven percents biomass pellets to be co-fired in thermal power plants.

3. Savings of CO2 at an amount of 38 MMT every year.

4. Additional income for farmers and job opportunities for locals.

5. Help the farmers so that they do not need to make stubble-burning in agricultural fields.

6. Four pilot projects to be established for coal gasification and conversion of coal into chemicals for industry.

7. Financial support to farmers who belong to scheduled castes and scheduled tribes and who are willing to take up agro-forestry.

Sunrise Opportunities

Government contribution to be provided for R&D in Sunrise opportunities like artificial intelligence, Geospatial systems and drones, semi-conductors and their eco-system, space economy, genomics and pharmaceuticals, green energy, and clean mobility systems.

Banking:

1. 100 percent of 1.5 lakh post offices to come on the core banking system.

2. Scheduled commercial banks to set up 75 digital banking units in 75 districts.