Sevendays

“Budget Lays Blueprint for India at Amrit Kal” – 10 Highlights From Budget 2022

Finance Minister Nirmala Sitharaman delivered the much-anticipated Union Budget for the coming financial year. “The Budget presents a blueprint of the economy from India at 75 to India at 100,” Sitharaman stated.

Here are the top ten things you should know about the Indian Union Budget 2022-23.

 


By Sonal Nain, 1 Feb 2022


  • PM Gati Shakti – Masterplan for Expressways

PM Gati Shakti master plan will encompass the seven engines of economic transformation: Railways, roads, airports, ports, mass transport, waterways and logistics infrastructure. The plan involves inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition, climate action and financing of investments.

In 2022-23, the National Highway network will be enlarged by 25,000 kilometres. In the next three years, 400 new-generation Vande Bharat trains will be built and manufactured. The ‘Kawach’ network will cover 2000 kilometres and 100 PM Gati Shakti cargo terminals will be built over the next three years. Moreover, the ‘one station, one product’ concept will be promoted to assist small companies.

 

  • ECLGs to be extended up to March 2023,  guaranteed cover extended by another Rs 50,000 crore

The Emergency Credit Line Guarantee Scheme (ECLGS) was announced to assist MSMEs in dealing with pandemic losses and was previously extended until March 31, 2022. Hospitality and related services, particularly for MSMEs, have yet to return to pre-pandemic levels. Given these considerations, the ECLGS will be extended until March 2023, and its guarantee cover will be increased by Rs 50,000 crore, for a total cover of Rs 5 lakh crore, as per Sitharaman.

 

  • 73 L CR Agri Procurement – Kisan Drones for Crop Monitoring

According to the FM, Kisan drones will be used for crop assessment, digitization of land records and spraying of insecticides. It will spark a technological revolution in the agricultural sector. MSP direct payments to wheat and paddy farmers are totalling Rs 2.37 lakh crore. Natural farming without chemicals will be promoted in India. A well-thought-out and comprehensive plan will be implemented to reduce reliance on oilseed imports.

 

  • Big provision for Education Sector – PM eVidya

States will be encouraged to revise agricultural university curricula to meet the needs of natural, zero-budget and organic farming, as well as modern-day agriculture. PM e-VIDYA’s ‘One class, one TV channel’ programme will be expanded from 12 to 200 TV channels. This will allow all states to provide supplementary education in regional languages to students in grades 1 through 12. Furthermore, a digital university will be launched to provide world-class universal education at the doorstep in various Indian languages.

 

  • E-passports Using Embedded Chips to be Rolled out

The issuance of E passports using embedded chips and futuristic technology will begin in 2022-23 to improve the convenience of citizens travelling abroad. The passport jacket will include an electronic chip with vital security information encoded on it.

 

  • Rs 48,000 crore is allotted for PM Awas Yojana 

In 2022-23, 80 lakh houses will be completed for identified PM Awas Yojana beneficiaries; 60,000 houses will be identified as PM Awas Yojana beneficiaries in rural and urban areas. 60,000 crore has been set aside to provide 3.8 crore households with access to running water. And 80 lakh households will be identified for the affordable housing scheme in 2022-23.

 

  • 5G Mobile Services 

Sitharaman stated that the required spectrum auction for the rollout of 5G mobile services by private telecom providers would take place in 2022. As part of the Production Linked Incentive (PLI) scheme, a design-led manufacturing scheme will be launched for the 5G ecosystem to enable affordable broadband and mobile communication in rural and remote areas.

 

  • Introducing Digital Currency 

Since the last budget, digital currency has been widely discussed in the country. After much anticipation, the Reserve Bank of India (RBI) will issue the digital currency in 2022-23. They will be taxed at a rate of 30% and will have a significant impact on the economy.

 

  • National Digital Health Ecosystem 

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 and universal access to health facilities.

Sitharaman announced a mental health programme, stating that the COVID-19 pandemic has exacerbated mental health problems in people of all ages and that a National Tele Mental Health programme will be launched to improve access to quality mental health counselling and care services. This will include a network of 23 excellent telemental health centres, with Nimhans serving as the nodal centre and IIIT Bangalore providing technical support.

 

  • Rs 1500 CR for Northeast

FM proposed launching a new scheme, PM Development Initiative for North East, to promote the region’s growth. She announced a Rs 1,500 crore allocation for northeast development initiatives. The new reforms “will enable youth and women to engage in livelihood activities.” This scheme is not intended to be a replacement for existing Centre or State programmes. She also stated that villages on India’s northern border will be included in a new vibrant village development programme.