New Delhi, Feb 1 (IANS) Finance Minister Nirmala Sitharaman on Tuesday announced that Union Budget 2022-23 seeks to lay the foundation and give a blueprint to steer the economy over the 'Amrit Kaal' of the next 25 years – from India at 75 to India at 100.
The outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4 per cent from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23. This has increased to more than 2.2 times the expenditure of 2019-20. This outlay in 2022-23 will be 2.9 per cent of GDP.
With this investment taken together with the provision made for creation of capital assets through Grants-in-Aid to States, the 'Effective Capital Expenditure' of the Central Government is estimated at Rs 10.68 lakh crore in 2022-23, which will be about 4.1 per cent of the GDP.
As against a total expenditure of Rs 34.83 lakh crore projected in the Budget Estimates 2021-22, the Revised Estimate is Rs 37.70 lakh crore. The Revised Estimate of capital expenditure is Rs 6.03 lakh crore. This includes an amount of Rs 51,971 crore towards settlement of outstanding guaranteed liabilities of Air India and its other sundry commitments.
Coming to the Budget Estimates, the total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore, while the total receipts other than borrowings are estimated at Rs 22.84 lakh crore.
The revised Fiscal Deficit in the current year is estimated at 6.9 per cent of the GDP as against 6.8 per cent projected in the Budget Estimates. The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of the GDP, which is consistent with the broad path of fiscal consolidation announced last year to reach a fiscal deficit level below 4.5 per cent by 2025-26.
"While setting the fiscal deficit level in 2022-23, I am conscious of the need to nurture growth, through public investment, to become stronger and sustainable", the Finance Minister added.
Sitharaman said the government aims to attain the vision by complementing the macro-economic level growth focus with a micro-economic level all-inclusive welfare focus, promoting digital economy & fintech, technology enabled development, energy transition, and climate action, and relying on virtuous cycle starting from private investment with public capital investment helping to crowd-in private
Sitharaman said this Budget continues to provide impetus for growth. It lays a parallel track of a blueprint for the Amrit Kaal, which is futuristic and inclusive. This will directly benefit our youth, women, farmers, the Scheduled Castes and the Scheduled Tribes. And big public investment for modern infrastructure, readying for India at 100. This shall be guided by PM Gati Shakti and be benefited by the synergy of multi-modal approach, she added.
PM Gati Shakti Master Plan for Expressways will be formulated in 2022-23 to facilitate faster movement of people and goods. The National Highways network will be expanded by 25,000 km in 2022-23. Rs 20,000 crore will be mobilized through innovative ways of financing to complement the public resources.
One hundred PM Gati Shakti Cargo Terminals for multimodal logistics facilities will be developed during the next three years.
Innovative ways of financing and faster implementation will be encouraged for building metro systems of appropriate type at scale. Multimodal connectivity between mass urban transport and railway stations will be facilitated on priority.
BUDGET 2022 KEY POINTS IN BRIEF
Customs duty on capital goods to be phased out: FM
Unblended fuels to attract higher duty from Oct: FM
No change in income tax rate and slab
Taxation of virtual digital assets at 30%
Taxpayers can file updated returns within 2 years from end of Assessment Year
Revised FY22 fiscal deficit estimated at 6.9% of GDP, says FM
States to get Rs 1 lakh cr as 50-year interest-free loans, says FM
5G spectrum auction to be held in FY23: FM
Rs 60,000 Cr allocated for access to tap water to 3.8 Cr households
80L houses to be completed for identified beneficiaries of PM Awas Yojana in 2022-23
Open platform for National Digital Health Ecosystem to be rolled out
E-passports with embedded chips to be launched in FY23, says FM
Ease of Doing Business, Ease of Living 2.0 to be launched: FM
Chemical-free natural farming to be promoted across the country
India to have 100 new cargo terminals in 3 years
One station, one product concept to be popularised to help local businesses
400 new generation 'Vande Bharat' trains in the next 3 years: FM
Transfer of Air India ownership now complete: FM
Budget FY23 seeks to lay foundation for the next 25 yrs: FM
Public issue of LIC expected shortly: FM
Estimated economic growth to be at 9.2% this year: Sitharaman
12.45 pm - "The government will pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations," said FM
The fiscal 2022-23 has been announced as International Year of Millets, the finance minister said while presenting the Union Budget for 2022-23.
12.40 pm - India will allocate an additional Rs 19,500 ($2.62 billion) for production-linked incentives towards solar equipment manufacturing - FM
12.35 pm - 100 PM Gati Shakti Cargo terminals to be developed in 3 years: FM
12.27 pm - GST collection in January crossed Rs 1.38 lakh crore in January, a growth of 15 per cent over the year-ago period, on pick up in economic activity and anti-evasion measures, the highest mop-up since the tax regime's inception. This is a win for the taxpayers: FM
12.21 pm - Tax deduction limit to be reduced for central government employees from 18 per centto 15 per cent in their contribution to NPAs.State govt employees' tax deduction limit has been increased from 10 per cent to 14 per cent.
12.15 pm - Any income from the transfer of digital assets willbe taxed at 30 per cent and 1 per cent TDS on transfer of virtual digital assets. This income cannot be set off against any other income by an individual: FM
12.05 pm - The total expenditure in FY22 stands at Rs 39.45 lakh crore and total receipts without borrowing at Rs 22.84 lakh crore.Fiscal deficit in FY22 was at6.9 per cent of the GDP as against 6.8 per cent projected in the Budget estimates. Fiscal deficit for FY23 is projected at 6.4 per cent
12.03 pm - Introduction of a digital currency will give a big boost to currency. It is proposed to launch adigital rupee with blockchain: Sitharaman
11.55 am - Economy has shown strong resilience against pandemic impact. The virtuous cycle of investment requires public investment to with private. Public investment must continue to take the lead in 2022-23. The outlay for capital expenditure is being stepped up by 35.4 per cent from Rs 5.54 lakh crore to Rs 7.50 lakh crore - FM
11.51 am - 5G spectrum auction in 2022 to roll out 5G services across India.The laying of optical fibre in villages willbe completed by 2025 - FM
11.47 am - Defence R&D to be opened up to startups, academia. Private industry to be encouraged to take up design of military infrastructure in consultation with DRDO. 68 per centof R&D budget in Defence earmarked for Make In India, says Sitharaman
11.45 am - An end-to-end e-Bill facility will be launched for all government procurements, announces FM
11.44 am - A battery swapping policy to be brought out and interoperability standards will be formed. The private sector will be encouraged to boost EV infrastructure: FM
11.42 am - ePassports will be rolled out in 2022-23 for convenience in overseas travel: FM Sitharaman
11.40 am - Next phase of 'Ease of Doing Business' to be launched. With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched. We will follow the idea of a trust-based government. By the time of India@100, half of our population will be in urban India. We need to nurture megacities to become centres of economic growth and need tier-2 and 3 cities to take the mantle in the future
11.35 am - 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural and urban areas. In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana
11.33 am - Digital banking and fintech development have grown in the country. Government is ensuring that these services reach remote areas in India. Taking this forward, we aim to set up 75 digital banking units in 75 districts of the country by banks
11.31 am - Prime Minister's development initiatives for the North East to be implemented with the help of PM Gati Shakti infrastructure to enable livelihood activities for youth and women. It will not be a substitute for existing schemes - FM
11.29 am - Digital DESH e-portal to be launched. Skilling programs will be reoriented. For skilling, upskilling andreskilling of our youth, Digital DESH e-portal will be launched.'One Class One TV Channel' will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for classes 1-12: Sitharaman
11.25 am - Recognising the importance of Nari Shakti, during the Amrit Kal, we have revamped the schemes of Women and Child Development Ministry
11.24 am - FM says, "Five river linking projects finalised. The implementation of the Ken-Betwa link worth Rs 44,605 crore will be taken up to provide irrigation of over 9 lakh hectares of the farmers land providing irrigation, farming andlivelihood facilities to farmers andlocal population."
11.21 am - Credit-linked guarantee scheme extended till March 2023. The scopes of portals meant to support MSMEs will be widened, with efforts to further formalise the economy. Emergency credit line gave support to more than 1 lakh MSMEs. The hospitlaity sector firms are yet to regain their pre-pandemic level of business. The ECLGS will be extended till March 2023 and its guarentee cover will be expanded by Rs 50,000 cr to total cover of Rs 5 lakh crore - FM
11.17 am - Railways will develop efficient logistics for small farmers andenterprises. 'One station, one product' to help supply chain of local products - Sitharaman
11.13 am - FM says, "This Budget lays afuturistic for Amrit Kal for women, youth and marginalised communities, big public investment for infrastructure guided by PM Gati Shakti, productivity enhancement, energy transition and climate action and financing of investments. PM Gati Shakti will pull forward the economy and will lead to more jobs andopportunities for the youth. The National Highway network will be expanded by 25,000 kms in 2022-23. PM Gati Shakti masterplan will encompass the sevenengines for economic transformation, seamless multimodal connectivity and logistics efficiency."
11:11 am - Union Budget 2022 will focus on macroeconomic growth, will promote fintech and technology-based development. It is committed to strengthening the abilities of the poor to stand challenges and will lay the foundation for economic growth over the next 25 years: FM Nirmala Sitharaman
11.08 am - The initiatives of the last year's Budget have seen significant progress and financial outlays. Strengthening of the health infrastructure and speedy vaccination program have been enabled by the entire country: Sitharaman
11.06 am - "Since 2014, our government's focus has been on empowerment of citizens. Programs have provided housing, cooking gas and water, ensuring inclusive policies. Our government strives to provide the necessary ecosystem to the middle classes: FM Sitharaman while presenting Union Budget 2022," says FM.
11.04 am - India's growth is pegged at 9.2 per cent, highest amongst all economies. We are in the midst of the third Covid-19 wave, we are in a strong position to withstand challenges: Sitharaman
11:03 am - Union Finance Minister Nirmala Sitharaman has started her Budget speech by remembering all those lives that were lost owing to the Covid-19 pandemic.
Finance minister Nirmala Sitharaman set to present Union Budget 2022
Daijiworld Media Network – New Delhi
New Delhi, Feb 1: Finance minister Nirmala Sitharaman is set to present the Union Budget 2022-23 for the fourth time on Tuesday February 1.
Sitharaman will table the Budget on February 1 at 11 am. This year’s Budget is expected to have plans to boost spending to revive investment and create jobs. This will be the fourth straight time that Sitharaman will present the Union Budget.
She is expected to announce more spending on roads, railways, besides higher subsidies for affordable housing amid growing public criticism over inadequate relief following the economic disruption after the outbreak of pandemic in 2020.
This year, the Budget is going to be paperless for the second time in a row, the finance ministry had earlier notified. The Union Budget 2022 -23 would also be available on the Mobile App after the process of Union Budget presentation has been completed on February 1, 2022 in the Parliament. This will be the tenth budget of the Narendra Modi government.
Live updates shortly.