KEY HIGHLIGHTS OF BUDGET 2022-23 » Bhajpa Ki Baat
-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 and development.
–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.
–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.
–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.
–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.
–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.
– ‘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.
– 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.
– 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.
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.
Energy Transition and Climate Action :
– Additional allocation of Rs. 19,500 crore for Production Linked Incentive for manufacture of high efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030.
– Five to seven per cent biomass pellets to be co-fired in thermal power plants:
– CO2 savings of 38 MMT annually,
–Extra income to farmers and job opportunities to locals
Public Capital Investment:
– Public investment to continue to pump-prime private investment and demand in 2022-23.
–Outlay for capital expenditure stepped up sharply by 35.4% to Rs. 7.50 lakh crore in 2022-23 from Rs. 5.54 lakh crore in the current year.
–Outlay in 2022-23 to be 2.9% of GDP.
–‘Effective Capital Expenditure’ of Central Government estimated at Rs. 10.68 lakh crore in 2022-23, which is about 4.1% of GDP.
– Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.
– Providing Greater Fiscal Space to States
– Enhanced outlay for ‘Scheme for Financial Assistance to States for Capital Investment’:
– From Rs. 10,000 crore in Budget Estimates to Rs. 15,000 crore in Revised Estimates for current year
– Allocation of Rs. 1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest free loans, over and above normal borrowings
– In 2022-23, States will be allowed a fiscal deficit of 4% of GSDP, of which 0.5% will be tied to power sector reforms
– Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent.
– To provide a level playing field between cooperative societies and companies.
(News Source -Except for the headline, this story has not been edited by Bhajpa Ki Baat staff and is published from a Bhajpa Ki Baat feed.)