The main priority areas talked over in the Budget today were PM Gati Shakti, Inclusive Development, Productivity Enhancement, Opportunities, Energy Transition, Climate Action, and Financing of investment.
Important Announcements in Budget 2022
1. PM Gati Shakti
PM Gati Shakti’s Masterplan will advance the economy by creating more jobs and opportunities for the youth. It will include the seven engines of economic change. PM Gatishakti highway concept will be developed in the coming fiscal year. In 2022-23, the National Highway network will be enlarged by 25,000 kilometers. In FY23, four contracts for multi-modal national parks will be granted. The Gati Shakti program will provide railways with a boost. In the next three years, 400 new Vande Bharat trains will be designed and built. The concept of “one station, one product” will be popularised to aid small enterprises. In the next three years, India hopes to build 100 cargo terminals.
2. Emergency Credit Line Guarantee Scheme (ECLGS )
It will be extended until March 2023, with a guaranteed cover increase of Rs 50,000 crore. The scheme now has a total cover of Rs 5 lakh crore. An additional sum has been set aside for the hospitality industry.
3. For Indian Farmers
In India, chemical-free natural farming will be promoted. Kisan drones will be pushed for crop evaluation, land record digitization, and insect pesticide spraying—also, MSP direct payments to wheat and paddy farmers totaling Rs 2.37 lakh crore.
4. Digital Ecosystem
Digital ecosystem for upskilling and livelihood will take place this financial year.
This programme will use online training to educate, reskill, and upskill citizens. To locate appropriate jobs and possibilities, API-based skill credentials and payment layers are used.
An open platform for the digital health ecosystem will be launched.
5. Small Enterprises
MSMEs like Udyam, e-shram, NCS & Aseem portals will be interlinked and also their scope will be widened. They will now act as portals with live organic databases, delivering G-C, B-C, and B-B services, including credit facilitation and expanding entrepreneurial chances. A fund with blended capital raised under NABARD’s will support agriculture and rural enterprises for the farm product value chain.
6. Financial Inclusion
All 1.5 lakh post offices will come under the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between the post office and bank accounts.
This would be especially beneficial to farmers and senior residents in rural areas, allowing for interoperability and financial inclusion.
7. Educational Sector
States will be urged to alter agricultural university curricula to fit the needs of natural, low-cost, organic farming and modern-day agriculture.PM eVIDYA’s “one class, one TV channel” program will be expanded from 12 to 200 channels. As a result, all states will provide extra education in regional languages to students in grades 1 through 12.
8. Defense sector
Through the SPV model, private industry will be encouraged to collaborate with DRDO and other organizations to design and manufacture military platforms and equipment. In 2022-23, 68% of the defense capital procurement budget will go to local industry (up from the 58% last fiscal). Defense R&D will be opened up for industry, start-ups, and academia with 25% of the defined R&D budget.
9. Digital Rupee digital currency
RBI plans to develop a digital rupee based on blockchain technology in 2023.
In addition, digital currency will result in a more efficient and cost-effective currency management system. As a result, it is suggested that the Reserve Bank of India produce digital rupees utilizing blockchain and other technology beginning in 2022 and 2023.
10. Infrastructure
Auctions for the 5G spectrum will be held in 2022. The production-linked strategy will include a design-led manufacturing scheme for 5G.To award contracts for installing optical fiber in rural areas, with a completion date of 2025. In 2022/23, 480 billion rupees will be made aside for affordable housing. An additional 195 billion rupees would be allocated for production-linked incentives for solar equipment manufacturers.
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