Union Budget 2022 Highlights:
Finance Minister Nirmala Sitharaman on Tuesday presented a growth-oriented Budget which focused on 4 pillars – productivity, climate action, financing investments and PM Gati Shakti plan. The Budget stepped up the capital expenditure sharply by 35.4 per cent to Rs 7.50 lakh crore to attract more private investment and attract growth. The Budget announcements delighted experts as they believe emphasis on infrastructure and Capex expansion is the way to go forward. For 2022-23, allocation of Rs 1 lakh crore is announced to assist the states in catalyzing overall investments in economy. These 50-year interest-free loans are over and above the normal borrowings allowed to states. This money will be used for PM Gati Shakti-related and other productive capital investments of states, said FM.
ALSO READ | Budget 2022 Income Tax Live Updates
She further announced additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules to facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030. The Economic Survey released on Monday, January 31st forecasts an 8 per cent to 8.5 per cent growth in FY23. This is on top of an expected 9.2 per cent growth in the Gross Domestic Product (GDP) this year (FY22).
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Union Budget 2022 Highlights: FM Nirmala Sitharaman Budget Live Speech, Railway Budget 2022, Income Tax Slab Rate Change, Budget 2022 Announcements Live from Parliament
Alleging the Union Budget for 2022-23 has shown the government does not care about farmers' welfare, the Samyukta Kisan Morcha on Tuesday called on farmers to prepare for another “massive struggle” over minimum support price and other issues, reported PTI. The news agency reported that the umbrella body of farm unions, that spearheaded protests against the Centre's now-repealed agri laws, claimed there has been a reduction in the share of agriculture and allied activities in the Budget to 3.8 per cent from 4.3 per cent last time. It claimed the government wants to “punish” the farmers for their successful over a year-long demonstration at Delhi's borders that were withdrawn after the contentious farm laws were rescinded in Parliament last year.
Tata Steel CEO and Managing Director T V Narendran on Tuesday welcomed the Union Budget, describing it as yet another progressive, future focussed and inclusive budget that aimed to position the economy on an accelerated growth trajectory, especially in the backdrop of an encouraging broader economic recovery, a company statement said. (PTI)
Healthcare experts on Tuesday said the proposed National Tele Mental Health Programme was a welcome step by the Centre, especially in view of the long COVID, but the Union Budget did not give adequate attention to other critical issues such as incentives for health insurance and skill development, reports PTI.
Piyush Goyal slams Rahul Gandhi on budget remarks, says he does not understand Maths, finds 'sum of everything zero', reports ANI
PM Modi in a televised statement, said an important aspect of the Union Budget was the welfare of the poor. “It seeks to solve contemporary problems and create new opportunities for the common people,” he said. “The Budget aims to ensure pucca house, toilet, tap water and gas connection for every poor household. At the same time, the focus is on modern Internet connectivity also,” the prime minister said. (PTI)
I believe #budget2022 is visionary. MGNREGA is doing well currently; with increase in employment in manufacturing &service sectors,need for MGNREGA will reduce…Govt is improving middle-class situation by improving country's economic speed: NITI Aayog Vice-Chairman Dr Rajiv Kumar (ANI)
The Ministry of Tourism has been allocated Rs 2,400 crore in the Union Budget which is 18.42 per cent higher than the allocation for the financial year 2021-22, bringing some relief to a sector ravaged by the Covid pandemic, reports PTI.
“Defence Ministry decided to convert Experimental Scheme for Induction of Women Fighter Pilots in IAF into a permanent scheme. It is a testimony to capability of India’s ‘Nari Shakti’ & our PM’s commitment towards women empowerment,” says Defence Min Rajnath Singh (ANI)
The Ministry of Science and Technology has been allocated Rs 14,217 crore in the Union Budget 2022-23, a 3.9 per cent decrease from last fiscal.
The ministry has three departments — Department of Science and Technology (DST), Department of Biotechnology and Department of Scientific and Industrial Research (DSIR). An amount of Rs 6,000 crore has been allocated to the Department of Science and Technology, Rs 2,581 crore to the Department of Biotechnology and Rs 5,636 crore have been allocated to the Department of Scientific and Industrial Research. (PTI)
Focus of #budget2022 on tech &infrastructure-led growth will have a positive impact. Production-linked initiative schemes in 14 sectors &extension of Emergency Credit Line Guarantee Scheme would be helpful in mitigating supply-side constraints: Odisha CM &BJD chief Naveen Patnaik (ANI)
State borrowing in #budgetsession2022 has increased by 0.5% & linked to power sector reforms, which will immediately expand fiscal space of state govt & help in recovering post-COVID economy. Overall, FM has taken care of state finance: Assam CM & BJP leader Himanta Biswa Sarma (ANI)
This (Budget 2022) is just like another “Mann ki Baat” of Centre. By selling companies and properties of the country the BJP has become a company of worth Rs 5,000 Cr: Jharkhand CM Hemant Soren (ANI)
I thank PM Modi for a record allocation for railways. The new Vande Bharat & Kavach (indigenous tech for safety & capacity augmentation) announcement will change passenger experience. There are funds for redevelopment &modernization of stations:Union Railways Min Ashwini Vaishnaw (ANI)
Finance Minister Nirmala Sitharaman today advised Congress leader Rahul Gandhi to first “understand” the budget and then comment on it. Reacting to a question related to Rahul Gandhi’s criticism of the Budget, FM Sitharaman said that commenting on something just because one wanted to put something on Twitter doesn’t help. “I wish as a leader of the oldest political party, Shri Rahul Gandhi, please understand what has been said in the Budget. On every one of the categories that he has named, youth, farmer, I have mentioned repeatedly where and what benefits them. I pity people who come up with quick responses. Quick understanding response, I am ready to answer. But just because you want to put something on Twitter, it doesn’t help….I only pity a party which has a leader who just comments without thinking,” she said. READ MORE
Higher minimum support prices allocation for farmers will help drive consumption of FMCG products in the hinterland while enhancement of public expenditure will create a multiplier impact on growth, leading FMCG firms said on Tuesday, terming the Union Budget as “futuristic” and “growth-oriented”. With an unexpected higher thrust on capital investment, putting more money in the pockets of farmers and continued focus on infrastructure development, it takes the much-needed investment route to drive long-term economic growth for the country, Dabur India Ltd CEO Mohit Malhotra said in a statement. READ MORE
It's a Budget of self-reliant India. It reflects PM Modi's mantra of 'Sabka Sath, Sabka Vikas'. It provides a development package of Rs 15,00 crores for the Northeast. I thank PM Modi & congratulate FM Nirmala Sitharaman for this Budget: Union Minister Sarbananda Sonowal (ANI)
The RSS on Tuesday hailed the Budget 2022-23 as “well-balanced”. Senior RSS functionary Ram Madhav said a 'Digital Budget' has been announced by rolling out of 5G and taxing digital assets, as reported by PTI. However, RSS's affiliate Swadeshi Jagran Manch suggested that after taxing cryptocurrency, the government should move towards banning it.
The Union Budget was hailed as growth-oriented by bankers, who said it follows the “familiar strategy” of focusing on driving capital expenditure to help the economy. “The budget focussed on a familiar strategy of driving capital expenditure to drive growth, with the intention of crowding in private investment through higher public spending,” the country's largest private sector lender HDFC Bank said in a note. Micro-lending focused Bandhan Bank's chief executive CS Ghosh said the substantial rise in planned capital expenditure for the creation of infrastructure, focus on affordable housing, welfare and development of small enterprises, and the farm economy will prepare India for the next phase of growth. State-owned Bank of India's Atanu Kumar Das said pump-priming private investment as laid out in the budget proposals will lead to multiplier effects across all segments of the real sector. South-based private sector lender Federal Bank's chief executive Shyam Srinivasan said the document, with measures like a 35 per cent increase in capex for infra development, 65 per cent defence capex for local companies, tax incentives for startups and new cargo terminals, will benefit the banking sector. (PTI)
Karnataka Chief Minister Basavaraj Bommi on Tuesday said the Union Budget 2022 is “forward looking, growth oriented and progressive” and it has covered all sections and sectors”. “This is the budget amid COVID pandemic. This is the forward looking budget as far as the growth of the economy is concerned and through this budget investments in infrastructure will increase and it will boost the further growth of the economy,” Bommai said as reported by PTI.
In the Union Budget, many steps have been taken by the Central Govt to boost the pace of development in the country, which is commendable. The decision to build infrastructure on a large scale in the country is also welcome: Bihar CM Nitish Kumar (ANI)
Tax burden on the middle class has already been reduced quite a lot. Our efforts are to conserve resources & increase opportunities & income…Privately issued cryptocurrencies are not govt recognized legal tenders & will have a 30% tax: Union Commerce & Industry Min Piyush Goyal (ANI)
Union Finance Minister Nirmala Sitharaman presented a growth-oriented budget in the Parliament today. Analysts say that this year’s budget showed a modest fiscal consolidation. The government also emphasised on infrastructure building through the PM Gati Shakti scheme, increase in outlay on capital expenditure by around 36% to Rs 7.50 lakh crore, thrust on the digital ecosystem, support for start-up ecosystem, renewable energy, electric vehicles, etc. FM Sitharaman said that as a part of the government’s overall market borrowings in 2022-23, sovereign Green Bonds will be issued for mobilizing resources for green Infrastructure. On the LIC IPO, FM said that in all probability, LIC IPO will be happening this year. FM also proposed to introduce Digital Rupee, using blockchain and other technologies, which will be issued by the Reserve Bank of India starting 2022-23. READ FULL STORY
The B-day arrived in style as always. For Bond street, this is more celebrated than Valentines day – though both are in the same month. The economic survey did attempt a realistic stock taking of the economy, however, Budget math is something which is most watched factor for bond market participants. So how did the math look like? READ FULL STORY
The Union Budget has a provision of Rs 1.37 lakh crores of the capital investment support for the Railways. It will help complete the stalled Railways projects: Railway Minister Ashwini Vaishnaw (ANI)
The Union Budget 2022-23 has allocated Rs 2,600 crore to the Housing and Urban Affairs Ministry for the construction of non-residential office buildings of the Central Vista project, including the Parliament and Supreme Court. This is Rs 767.56 crore more than Rs 1,833.43 crore given in the last fiscal.
Union Budget's announcement of battery-swapping policy will be instrumental in supporting an efficient electric vehicle ecosystem, said TVS Motor Company Chairman Venu Srinivasan on Tuesday as reported by PTI. Srinivasan termed the Budget, presented by Union Finance Minister Nirmala Sitharaman, sets the pace for the economy's growth trajectory amid the challenges faced due to the COVID-19 pandemic.
“Budget 2022-23 appears to be growth-oriented by an increase in the capital outlay of Rs 7.5 lakh crore, fiscal deficit capped at 6.4% and efforts are being made to reduce compliance burdens and improve ease of doing business,” IndiGo Whole-Time Director and CEO Ronojoy Dutta said in his Budget reaction as reported by PTI.
I was astonished, shocked that the Finance Minister was outlining a plan for the next 25yrs. Govt seems to believe that the present does not need any attention & the public can be asked to wait patiently until 'Amrit Kaal' dawns. This is mocking the people of India: P Chidambaram (ANI)
RBI will issue a digital currency, no discussions over what are Crypto & Crypto assets for now. Consultation with stakeholders is underway. The description of digital assets will come after the consultation: FM Nirmala Sitharaman(ANI)
Today's budget speech was the most capitalist speech to be ever read by an FM. The word 'poor' occurs only twice in para 6 & we thank FM for remembering that there are poor people in this country; people will reject this capitalist budget. I was astonished, shocked that the Finance Minister was outlining a plan for the next 25yrs. Govt seems to believe that the present does not need any attention & the public can be asked to wait patiently until 'Amrit Kaal' dawns. This is mocking the people of India: Former FM & Congress leader P Chidambaram (ANI)
The govt is working to tackle the issues of unemployment and inflation have taken several steps. We didn't let inflation go to double-digit figure. Yes, it did breach the 6% limit for a month but never crossed it. However, before 2014 it was always in the range of 10,11,12,13: Finance Minister Nirmala Sitharaman (ANI)
Pandemic snatched away so many jobs across the world. Our Atmanirbhar Bharat Package saved the jobs of a lot of people. We are trying to help those who lost their jobs, through various schemes. I am denying but it is not fair to say that we didn't do anything: Finance Minister Nirmala Sitharaman (ANI)
Clear instruction from PM to not increase tax during pandemic, we have not added any additional tax this time, says FM Nirmala Sitharaman
An announcement of over Rs 2.25 lakh crores MSP will be directly transferred (to farmers); budget will double farmers' income. For MSMEs, credit guarantee and many new schemes have been announced: PM Modi on Budget (ANI)
FM Nirmala Sitharaman announced the issuance of e-Passports with an embedded chip and use futuristic technology. It will be will be rolled out in 2022-23 and is expected to enhance convenience for the citizens in their overseas travel.
For the first time in India, 'Parvat Mala' scheme is being kickstarted. It will help is smooth transportation in regions like Himachal Pradesh, Uttarakhand, J&K, northeast. It'll facilitate modern system of transportation & connectivity in hills. This will provide strength to border villages and help in the nation's security. I congratulate Finance Minister Nirmala Sitharaman for this 'People Friendly and Progressive budget'. I will speak in detail on the Budget at 11 am tomorrow, says PM Modi
PM Modi says river Ganga is revered by Indians hence special emphasis has been given on its cleaning. Chemical-free Natural Farming to be promoted with focus land in 5-km wide corridors along river Ganga.
This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full of 'more infrastructure, more investment, more growth and more jobs'. There is also a new provision of green jobs; budget ensures a bright future for youth, says PM Modi (ANI)
Current 8.7 crore households have access to Har Ghar, Nal Se Jal. Of this, 5.5 crore homes got the tap water in last 2 years itself. FM has allocated Rs 60,000 crore to cover 3.8 crore households in 2022-23.
For better access to quality mental health services, FM Nirmala Sitharaman announced ‘National Tele Mental Health Programme’ which will include a network of 23 tele-mental health centres of excellence. NIMHANS will be the nodal centre for it and International Institute of Information Technology-Bangalore (IIITB) will provide technology support.
An open platform, for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity, consent framework, and universal access to health facilities.
A Digital University will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats. The University will be built on a networked hub-spoke model, with the hub building cutting edge ICT expertise. The best public universities and institutions in the country will collaborate as a network of hub-spokes.
As a preferred ecologically sustainable alternative to conventional roads in difficult hilly areas, National Ropeways Development Programme will be taken up on PPP mode. The aim is to improve connectivity and convenience for commuters, besides promoting tourism. This may also cover congested urban areas, where conventional mass transit system is not feasible. Contracts for 8 ropeway projects for a length of 60 km will be awarded in 2022-23.
The Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs, and an additional production of Rs 30 lakh crore during next 5 years.
Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with required infusion of funds. This will facilitate additional credit of Rs 2 lakh crore for Micro and Small Enterprises and expand employment opportunities.
Emergency Credit Line Guarantee Scheme (ECLGS) has provided much-needed additional credit to more than 130 lakh MSMEs. This has helped them mitigate the adverse impact of the pandemic. The hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business. Considering these aspects, the ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore, with the additional amount being earmarked exclusively for the hospitality and related enterprises.
For farmers to adopt suitable varieties of fruits and vegetables, and to use appropriate production and harvesting techniques, our government will provide a comprehensive package with participation of state governments – Finance Minister Nirmala Sitharaman
Budget 2022:
Union Budget of India is the country’s comprehensive Annual Financial Statement. The Union Budget consists of a detailed account of the government’s finances, its revenues from various sources and expenditures to be incurred on different activities that it will incur. As mentioned in the Article 112 of the Indian Constitution, the Union Government lays a statement of its estimated receipts and expenditure for that year, From April 1 to March 31, before both the Houses of Parliament.
What do you mean by Union Budget? What is the annual Budget of India?
