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Highlights of the Union Budget 2022-23.
Feb 01, 2022

The Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all inclusive welfare. The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament today.

The key highlights of the budget are as follows:

PART A

* India’s economic growth estimated at 9.2% to be the highest among all large economies.

* 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.

* PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.

Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities:

* PM GatiShakti

* Inclusive Development

* Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.

* Financing of investments

PM GatiShakti

The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure.

PM GatiShkati National Master Plan

The scope of PM GatiShakti National Master Plan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency.

The projects pertaining to these 7 engines in the National Infrastructure Pipeline will be aligned with PM GatiShakti framework.

Road Transport

National Highways Network to be expanded by 25000 Km in 2022-23.

Rs 20000 Crore to be mobilized for National Highways Network expansion.

Multimodal Logistics Parks

Contracts to be awarded through PPP mode in 2022-23 for implementation of Multimodal Logistics Parks at four locations.

Railways

One Station One Product concept to help local businesses & supply chains.

2000 Km of railway network to be brought under Kavach, the indigenous world class technology and capacity augmentation in 2022-23.

400 new generation Vande Bharat Trains to be manufactured during the next three years.

100 PM GatiShakti Cargo terminals for multimodal logistics to be developed during the next three years.

Parvatmala

National Ropeways Development Program, Parvatmala to be taken up on PPP mode.

Contracts to be awarded in 2022-23 for 8 ropeway projects of 60 Km length.

Inclusive Development

Agriculture

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

Chemical free Natural farming to be promoted throughout the county. Initial focus is on farmer’s lands in 5 Km wide corridors along river Ganga.

NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.

‘Kisan Drones’ for crop assessment, digitization of land records, spraying of insecticides and nutrients.

Ken Betwa project

1400 crore outlay for implementation of the Ken – Betwa link project.

9.08 lakh hectares of farmers’ lands to receive irrigation benefits by Ken-Betwa link project.

MSME

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

130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)

ECLGS to be extended up to March 2023.

Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs 5 Lakh Crore.

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).

Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 Crore to be rolled out.

Skill Development

Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training.

· Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS).

Education

‘One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.

· Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.

· High-quality e-content will be developed for delivery through Digital Teachers.

· Digital University for world-class quality universal education with personalised learning experience to be established.

Health

An open platform for National Digital Health Ecosystem to be rolled out.

· ‘National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched.

A network of 23 tele-mental health centres of excellence will be set up, with NIMHANS being the nodal centre and International Institute of Information Technology-Bangalore (IIITB) providing technology support.

Saksham Anganwadi

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

Two lakh anganwadis to be upgraded to Saksham Anganwadis.

Har Ghar, Nal Se Jal

Rs. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal.

Housing for All

Rs. 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.

Prime Minister’s Development Initiative for North-East Region (PM-DevINE)

New scheme PM-DevINE launched to fund infrastructure and social development projects in the North-East.

An initial allocation of Rs. 1,500 crore made to enable livelihood activities for youth and women under the scheme.

Vibrant Villages Programme

Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.

Banking

100 per cent of 1.5 lakh post offices to come on the core banking system.

Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.

e-Passport

e-Passports with embedded chip and futuristic technology to be rolled out.

Urban Planning

Modernization of building byelaws, Town Planning Schemes (TPS), and Transit Oriented Development (TOD) will be implemented.

Battery swapping policy to be brought out for setting up charging stations at scale in urban areas.

Land Records Management

Unique Land Parcel Identification Number for IT-based management of land records.

Accelerated Corporate Exit

Centre for Processing Accelerated Corporate Exit (C-PACE) to be established for speedy winding-up of companies.

AVGC Promotion Task Force

An animation, visual effects, gaming, and comic (AVGC) promotion task force to be set-up to realize the potential of this sector.

Telecom Sector

Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.

Export Promotion

Special Economic Zones Act to be replaced with a new legislation to enable States to become partners in ‘Development of Enterprise and Service Hubs’.

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