CA| CURRENT AFFAIRS| UNION BUDGET 2022-23| FULL INFORMATION|ENGLISH MEDIUM
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CURRENT AFFAIRS
Union Budget 2022-23
The Union Budget 2022-23 was presented by Finance Minister Nirmala Sitharaman in Parliament on 1 February 2022. This budget has been named by the government as the target of the Amrit Kaal budget.
India has entered Amrit Kaal, after a long
journey of 25 years we will reach @100 (100th year of independence). The aim of
the government is to achieve the set goals of Amrit Kaal, which are as follows
-
Microeconomic Level - To assist in macroeconomic
development with an emphasis on overall welfare.
Promoting the digital economy and fintech,
technology-enabled growth, energy transition and climate action.
Promotion of private investment with the help of
public capital investment.
India's economic growth rate is estimated to be
9.2% in the financial year 2022-23. (Keep in mind that according to the
Economic Survey 2021-22, this estimate is 8 to 8.5%.)
Total
budget 39.45 lakh crore (39,44,909 crore)
Total Receipts - estimated at Rs 39,44,909
crore, of which
Revenue Receipts - 22,04,422 crores
Capital Receipts - Rs 17,40,487 crore
Estimated Total Expenditure - 39,44,909 Crores,
in which
Revenue Expenditure - 31,94,663 crore
Capital Expenditure - Rs 7,50,246 crore
Budget Deficit = Zero
Budget Deficit =
Total Receipts - Total Expenditure
= 3944909 -
3944909 = zero
|
|
Budget
Estimates 2022-23 |
|
Fiscal
Deficit |
GDP
का 6.4% Total
= 16,61,196 crore |
|
Revenue
Deficit |
GDP
का 3.8% Total
= 9,90,241 crore |
|
Effective
Revenue Deficit |
GDP
का 2.6% Total
= 672598 crore |
|
Primary
Deficit |
GDP
का 2.8% Total
= 7,20,545 crore |
Comment:
As per the recommendations of the 15th Finance
Commission in the year 2022-23, states will be allowed a fiscal deficit of up
to 4% of GSDP, of which 0.5% will be related to power sector reforms.
The fiscal deficit in the financial year 2022-23
has been estimated to be 16.61,196 crores (16.62 lakh crores). That is, this
time the government will have to take a loan of Rs 16.62 lakh crore.
The government has set a target of bringing down
the fiscal deficit to 4.5% of GDP by the year 2025-26.
Where
does the rupee come from?
(Top five items of
Budget 2022-23)
Borrowings and other liabilities - 35%
Goods and Services Tax (GST) - 16%
Corporation Tax - 15%
Income Tax - 15%
Central Excise Duty - 7%
Where
does the rupee go
(Top five items of
Budget 2022-23)
Interest Payment - 20%
States' share in taxes and fees - 17%
Central Sector Scheme - 15%
Finance commission and other transfers - 10%
Centrally Sponsored Schemes - 9%
To achieve the
vision of Atmanirbhar Bharat, the government had brought PLI (Production Linked
Incentive) for 14 sectors (14th Sector-Drone). In the budget 2022-23, the
government emphasized on creating a strong ecosystem for 5G under the PLI
scheme, may go ahead and declare 5G as the 15th sector of the PLI agreement
(currently there are 14 sectors).
In the budget
2022-23, it has been announced to allocate Rs 19,500 crore on high-efficiency
solar PV modules, one of the 14 sectors of PLI. According to this -
India will achieve the target of 280 W solar
power by 2030. Note, in COP-26, the Prime Minister had set a target of
achieving 500 GW of solar power by the year 2030. Due to which only 280 GW of
solar energy was obtained.
The government has also set a target of creating
60 lakh new jobs in 14 sectors.
The government
has set 4 priorities for development in the budget 2022-23, entering the Amrit
Kaal of India @ 100 for the next 25 years-
PM Dynamic / Inclusive Growth
Growth and Investment in Exchange, Bright Prospect,
Energy Transformation and Vibrant Action Plan / Investment Prospects
Union
Budget 2022-23 To The Point
PM Momentum
To start it, the government has set seven engines /
factors -
1. Road
2. Railway
3. Airport
4. Port
5. Goods
transportation
6. Waterways
7. Logistics
Infrastructure
According to the government, these seven engines together
will take the economy forward.
Important
announcements under PM Gatishakti National Master Plan -
(A) Road
transport
(i) 25,000 km of
National Highways will be constructed in the financial year 2022-23.
(ii) Multimodal
Logistics Parks will be started at four places on PPP mode in the financial
year 2022-23.
(B) Railway
(i) The concept
of One Station-One Product will be introduced in Railways.
(ii) 2000 km in
the financial year 2022-23 under self-reliant India. The railway network will
be linked with "Kavach" (security system).
(iii) 400 new
Vande-Bharat trains will be developed and manufactured in the next 3 years.
(iv) 100 PM Gati
Shakti Cargo Terminals to be built in the next 3 years. [Note: - India's
first PM Gati Shakti Cargo Terminals in Asansol Division near Thapar Nagar
station (Jharkhand) commissioned in March 2022.]
(C) Range:
National Ropeway Development Program
(i) The ropeway
will now be used as a public transport. It was included in the mountain range
project. 8 Ropche Project
60 km long i.e.,
now this road will come under the Ministry of Road Transport Highways.
(ii) A National
Ropeway Development Program will be implemented on PPP mode as an alternative
to conventional roads in difficult hilly areas.
(iii) 08 ropeway
projects will be started in the year 2022-23, whose total length will be 60 km.
Will happen
The government
will give an interest-free loan of Rs 1 lakh crore to the states for 50 years,
under which the states will promote infrastructure in their respective areas.
(D) Agriculture
(i) The year
2023 was declared as the International Year of Millets. (Keep in mind that the
United Nations General Assembly unanimously accepted the proposal presented by
India in March 2021 and declared the year 2023 as the International Millet
Year)
(ii) Farmers
will be encouraged to do chemical-free natural farming in five kilometers on
both sides of river Ganga.
(iii) The use of
farmer drones will be promoted for spraying pesticides and nutrients in the
fields.
In the budget
2022-23, it was announced to add 05 river link projects, which are as follows –
1. Damanganga -
Pinjal
2. Par-Tapi-
Narmada
3. Godavari -
Krishna
4. Krishna -
Pennar
5. Pennar -
Kaveri
Note: The
Ken-Betwa link project will be commissioned at a cost of Rs 44,605 crore. (The
water of Ken River will go to Betwa) 103 MW hydro power and 27 MW solar power
will also be produced from this project.
Top-3 subsidy
given for the financial year 2022-23
1. Food Subsidy
- 2,06,831 crores
2. Fertilizer
Subsidy - 1,05,222 crores
3. Petroleum
Subsidy - 5,813 crores
(E) Education
(i) The program
of One Class One TV Channel will be increased from 12 TV channels to 200 TV
channels under PM e-Vidya Yojana.
(a) It will
enable all the states to provide supplementary education in their regional
languages for the students of classes 1 to 12.
(ii) 750 virtual
labs in science and mathematics and 75 skilling e-labs for contemporary
learning environment will be set up in the year 2022-23 to promote skills under
vocational curriculum.
(iii) The
establishment of Digital University has been announced in the budget. This
university will be built on network-based hub-spoke model.
(F) Health
(i) National
Digital Health Ecosystem will be implemented.
(ii) 'National
Telemental Health Program' will be started for better access to mental health
counseling and care services. For this, a network of 23 telemental help centers
will be established. (NIMHANS will act as the nodal center and IIITB, Bangalore
will provide the technical support.)
(iii) Mission
Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 will be started for
overall health benefits of women and children. (All the schemes that were under
the Ministry of Women and Child Development have been divided into the above
schemes by combining them.)
(iv) 2 lakh
Anganwadis will be upgraded as Saksham Anganwadi.
(G) Micro,
Small and Medium Enterprises (MSME)
(i) Udyam,
E-shram, NCS and ASEEM portals will be linked together to benefit MSMEs.
(ii)
Additional loan will be provided to more than 130 lakh MSMEs under ECLGS
(Emergency Credit Line Guarantee Scheme).
(iii) Credit
Guarantee Trust for Micro and Small Enterprises Scheme (CGTMSE) related to
MSMEs will be revived. With this, MSME enterprises will be able to get an
additional loan of Rs 2 lakh crore.
(iv) Launched
RAMP program (Raising and Accelerating MSME Performance Program) with an outlay
of Rs 6,000 crore over 5 years will go.
(H) The
PM-Devine (Prime Minister's Development Initiative for North East Region)
scheme will be implemented through the North-Eastern Council.
(i) Rs 1500
crore will be spent for the development of North Eastern states under this
scheme.
(I)
Aspirational Block Program Under the Aspirational District Program
(implemented in 112 districts), more attention will be paid under this program
in the financial year 2022-23 to the block of the district whose development
has decreased.
(J) Vibrant
Villages Program - Villages in North Border/Border areas. Out of that, all
the villages have been deprived of the benefits of development. Such northern
villages will be given attention under this programme.
(K) In the
year 2022, 1.5 lakh post offices will be linked to the core banking system.
(L) Scheduled
commercial banks will set up 75 digital banking units in 75 districts.
(M) The second
phase of Ease of Doing Business 2.0 and Ease of Living will be launched in
this Amrit Kaal.
(i) Under this,
any kind of green clearance will be given through Parivesh Portal (PARIVESH).
Like - Environment, Forest, Wildlife and CRZ clearances.
(ii) C-PACE
shall be set up for smooth winding up / winding up of the company.
(iii) AVCG
Promotion Task Force will be constituted. (In January 2022, the Government of
Karnataka set up India's first AVCG center in Bangalore)
(iv) Embedded chip-based
e-passports will be issued in the financial year 2022-23.
(v) Battery
Swapping Policy will be brought in considering the paucity of space in urban
areas for setting up charging stations on a large scale.
(vi) It will be
encouraged to adopt Unique Land Parcel Identification Number for IT based
management of land documents.
(N) A target
of 2025 has been set to lay optical fiber in all villages including remote
areas.
(O) Every
household under tap water and 3.8 crore families will be covered in the
financial year 2022-23. (So far 8.7 crore families have been covered.)
(P) In the
year 2022-23, 80 lakh houses (rural and urban) will be built under PM Awas
Yojana.
(Q) The
Finance Minister announced the introduction of digital money by RBI from
the financial year 2022-23.
(R) Now 5% to
7% of the biomass will be burnt in the thermal power plant. Due to which 38
MMT CO2 will be saved every year.
(S) 4 private
projects will be set up for coal gasification and conversion of coal into
chemicals for industries.
(T) Sovereign
green bonds will be issued to raise resources for green infrastructure in
the financial year 2022-23.
(U) Tax rate
has been reduced from 18.5% to 15% in the year 2022-23 to bring equality in
both cooperative societies and companies. (Earlier cooperative organizations /
societies used to pay 18.5% tax and companies 15%)
(V) Along with
providing skills to the citizens, a Digital Ecosystem for Skilling and
Livelihood (Desh-Stock e-portal) will be created for livelihood.
(i) Objective
- To empower citizens so that they can develop their skills through online
training.
(W) An International
Arbitration Center will be established for timely settlement of disputes
under International Justice.
(X) Tax will
be charged at the rate of 30% on the income earned from virtual digital
assets (such as crypto).
(Y) Customs
duty on cut and polished diamonds and gem stones has been reduced to 5%.
(Only cut diamonds attract zero customs duty)
(Z) The rate
of surcharge/surcharge on Government Societies has been reduced from 12% to
7%.
Expenditure on
various schemes under Budget 2022-23 (Top-3)
1. MNREGA -
73000 crores
2. PM - Farmers
- 68,000 crores
3. Jal Jeevan
Mission - 60,000 crores
Expenditure on
various ministries under Budget 2022-23 (Top-3)
1. Ministry of
Defense - 5,25,166 crores
2. Ministry of
Consumer Affairs, Food and Public Distribution - 2,17,684 crores
3. Ministry of
Road Transport and Highways - 1,99,108 crore
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