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Highlights of the Budget 2022-23

India’s economic growth is estimated at 9.2% to be the highest among all large economies; One Station One Product concept to help local businesses & supply chains; Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy;

Highlights of the Budget 2022-23

(ANI Photo/ Rahul Singh)

Following are the highlights of the Union Budget 2022-23 presented in Parliament by Finance Minister Nirmala Sitharaman today:
–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;
–National Highways Network to be expanded by 25000 Km in 2022-23;
–Rs 20000 crore to be mobilised for National Highways Network expansion;
–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.

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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. The 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.

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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.

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.

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 chips and futuristic technology to be rolled out.

Urban Planning:
–Modernisation 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.

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’.

AtmaNirbharta in Defence:
–68% of capital procurement budget earmarked for domestic industry in 2022-23, up from 58% in 2021-22;
–Defence R&D to be opened up for industry, startups and academia with 25% of defence R&D budget earmarked;
–Independent nodal umbrella body to be set up for meeting testing and certification requirements.

Digital Rupee:
–Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.

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