Union Budget 2022-23: Key Highlights
➤ The Finance Minister, Smt. Nirmala Sitharaman is presenting the Union Budget for the fiscal year 2022-23 in the Parliament on 1st February 2022 and here we are with the Union Budget 2022-23 key highlights.
➤ Union Budget 2022 facts and figures will be extremely important for all the upcoming exams in 2022 such as SBI PO and Clerk, IBPS PO and Clerk, RBI Grade B Officer and Assistant, SSC CGL, SSC CHSL, SSC CPO, IBPS RRB PO, Railways RRB, SEBI and more.
➤ The FM has used a ‘made in India’ tablet computer to deliver a paperless Budget address. This was the fourth budget presented by the FM, Mrs Nirmala Sitharaman after 2019, 2020, and 2021. This time the term #AatmanirbharBharatKaBudget is being used.
➤ The Union Budget is an annual financial report of India. It contains the Government’s revenue and expenditure for a fiscal year, which runs from April 1 to March 31. It comprises the revenue budget and the capital budget. It also contains estimates for the next fiscal year. It is presented by the government every year before the start of the financial year.
Union Budget 2022-23 – Highlights from the Budget Speech by FM Nirmala Sitharaman
Budget of Amrit Kal
FM Nirmala Sitharaman in term Budget Speech, termed Union Budget 2022 as the foundation for Amirt Kal of Next 25 Years. She said “The Union Budget seeks to lay foundation and give blueprint of the economy over ‘Amrit Kal’ of next 25 years – from India@75 to India@100.”
Budget 2022 - 4 Priorities of Govt
At the onset of her Budget Presentation, FM outlined the 4 Key Priorities that the Government was trying to address through Budget 2022. These are:
PM Gati Shakti
Inclusive Development
Optimize Productivity
Financial Investment
Economy Related Announcements
On Economy front, FM Nirmala Sitharaman’s Budget speech covered some very important point. Building on her observations in the Economic Survey 2022 tabled yesterday, she reiterated that India’s growth is highest among all major economies that puts it in a strong position to withstand challenges. She said that Budget 2022 focuses on complimenting macro-economic growth along with micro-all-inclusive welfare. She also said that digital economy and fintech, tech-enabled development, energy transition and climate action, will remain the key drivers in FY23.
- CAPEX Expansion: To help Indian Economy continue on its current growth path, FM expanded the CAPEX target by 35.4% i.e., from Rs 5.54 Lakh Crore to Rs 7.50 Lakh Crore. This takes the effective CAPEX for FY23 to Rs 10.7 Lakh Crore.
- ECLGS Extended, Coverage Expanded: Emergency Credit Line Guarantee Scheme (ECLGS) to be extended till March 2023 and guarantee cover will be raised by Rs 50,000 cr to Rs 5 lakh cr. This scheme provided collateral free loans to stressed MSMEs.
- PLI Schemes: She also mentioned that Productivity-linked incentive schemes in 14 sectors have received excellent response; received investment intentions worth Rs 30 lakh crore
- Public Investment and Capital Spending: One economic front she mentioned that post-pandemmic Economic recovery will be spearheaded through two-pronged approach i.e., public investment and capital spending. This Budget will provide impetus to growth through these two factors.
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