Nirmala Sitharaman Presents 2022-2023 Union Budget, Highlights Here

Ms. Nirmala Sitharaman, the Union Finance Minister of India, on the 1st of February, 2022, presented the Union Budget 2022.

On Tuesday, Ms. Nirmala Sitharaman gave a speech at 11:00 A.M., and presented the budget for the fiscal year 2022 to 2023, in India. She said, “We strive to provide a necessary ecosystem for the middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100.”

In the 2022 Budget, the Union Finance Ministry put special emphasis on agriculture, start-up, medical and education sectors along with various development projects.

Highlights of the 6th Union Budget Session since the pandemic

Credit guarantee trust for micro and small enterprises would be revamped with the required infusion of funds. This would give Rs. 2 lakh crore more for MSMEs

More infra development, including 2,000 km under the Kawach program, 400 new generation Vande Bharat trains, and 100 PM Gati Shakti cargo terminals would be developed in 2022.

Minimum support price (MSP) of Rs. 2.7 lakh crore direct payment of minimum support price for wheat and paddy to farmers.

The National Highways are to be expanded by 25,000 km.

The government of India also announced a 5G rollout by private telcos in 2022 – 2023 and an online e-bill facility for all government supplies.

For education, One Class 1 TV channel is to be launched to give supplementary education to children to make up for the loss of formal education due to COVID-19.

Transliteration of land records in 8 languages would be rolled out.

E-passports using embedded chips and futuristic tech would be rolled out.

The PM development initiative for the northeast to fund infra and social development projects.

For women and child development

2 lakh Anganwadis to be upgraded with better facilities.

Emergency Credit Line Guarantee Scheme will be extended up to March 2023 and the guaranteed cover will be expanded by Rs. 50,000 crore to cover an amount of Rs. 5 lakh crore.

A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain would be set up.

Production Linked Incentives (PIL) schemes have been announced to provide 60 lakh jobs in the next 5 years.

This year’s budget has been made considering women, youth, farmers in India.

Meanwhile, as per the Union Budget 2022 and Economic Survey, presented on the 31st of January, this fiscal year (2022-2023) the Gross Domestic Product (GDP) is expected to be 8% to 8.5%.

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