Explainer: Here are all details about Union Budget 2022

Hyderabad: Minister of Finance Nirmala Sitharaman presented the Union Budget 2022-23. With this Budget, India has marked 75 years of Independence through Azadi ka Amrit Mahotsav. Apart from this, the budget also lays down a plan for the next 25 years and refers to the same period as Amrit Kaal. It has also announced some […]

Hyderabad: Minister of Finance Nirmala Sitharaman presented the Union Budget 2022-23. With this Budget, India has marked 75 years of Independence through Azadi ka Amrit Mahotsav.

Apart from this, the budget also lays down a plan for the next 25 years and refers to the same period as Amrit Kaal. It has also announced some important measures for taxpayers. Read on the highlight of the Budget.

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Amrit Kaal

India has entered into Amrit Kaal, the 25-year-long leadup to India@100. During the Amrit Kaal, the government aims to attain the following vision:

1. Complementing the macro-economic level growth focus with a micro-economic level all-inclusive welfare focus.
2. Promoting digital economy & fintech, technology enabled development, energy transition, and climate action.
3. Relying on a virtuous cycle starting from private investment with public capital investment helping to crowd-in private investment.

Budget in Constitutional

According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).

It is a statement of the estimated receipts and expenditure of the Government in a Financial Year which begins on 1st April of the current year and ends on 31st March of the following year.

Budget in Parliament

1. Presentation of Budget.
2. General discussion.
3. Scrutiny by Departmental Committees.
4. Voting on Demands for Grants.
5. Passing an Appropriation Bill.
6. Passing of Finance Bill.

The Budget Division of the Department of Economic Affairs in the Ministry of Finance is the nodal body responsible for preparing the Budget. The first Budget of Independent India was presented in 1947.

Highlights of Budget 2022

1. India’s economic growth in the current year (2021-22) is estimated to be 9.2% of GDP, the highest among all large economies.
2. The revised Fiscal Deficit in the current year is estimated at 6.9% of GDP (Gross Domestic Product) as against 6.8% projected in the Budget Estimates.
3. The Fiscal Deficit in 2022-23 is estimated at 6.4% of GDP, which is consistent with the broad path of fiscal consolidation announced last year to reach a fiscal deficit level below 4.5% by 2025-26.

Major Announcements in Budget:
1. Railways: One Station One Product concept to help local businesses & supply chains.
2. Parvatmala: It is a National Ropeways Development Program, Parvatmala to be taken up on PPP mode.
3. Kisan Drones: For crop assessment, digitization of land records, spraying of insecticides and nutrients.
4. MSME: Udyam, e-shram, NCS and ASEEM portals to be interlinked.
5. 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.
6. Education: ‘One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.
7. Health: An open platform for the National Digital Health Ecosystem to be rolled out.
8. Saksham Anganwadi (New Generation Anganwadi): Integrated benefits to women and children through Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0.
9. PM-DevINE: New scheme Prime Minister’s Development Initiative for North-East Region (PM-DevINE) launched to fund infrastructure and social development projects in the North-East.
10. Vibrant Villages Programme: Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.
11. Digital Rupee: Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.

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