Budget Speech

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Dear readers, here we have brought to you the Budget Speech PDF. The union budget of 2022 is presented by the Union Finance Minister. The overall, sharp rebound and recovery of the economy is reflective of our country’s strong resilience. India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies.
Nirmala Sitharaman Ji also said that The strengthening of health infrastructure, speedy implementation of the vaccination programme, and the nation-wide resilient response to the current wave of the pandemic, are evident for all.The initiatives of the last year’s Budget have seen significant progress and have been provided with adequate allocations in this Budget as well.

Budget Speech in English PDF

Introduction
1. At the outset, I want to take a moment to express my empathy for those who had to bear adverse health and economic effects of the pandemic.
2. The overall, sharp rebound and recovery of the economy is reflective of our country’s strong resilience. India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies.
3. I recognise we are in the midst of an Omicron wave, with high incidence, but milder symptoms. Further, the speed and coverage of our vaccination campaign has helped greatly. With the accelerated improvement of health infrastructure in the past two years, we are in a strong position to withstand challenges. I am confident that with Sabka Prayas we will continue our journey of strong growth.
4. Hon’ble Speaker, we are marking Azadi ka Amrit Mahotsav, and have entered into Amrit Kaal, the 25-year-long leadup to India@100. Hon’ble Prime Minister in his Independence Day address had set-out the vision for India@100.
5. By achieving certain goals during the Amrit Kaal, our government aims to attain the vision. They are:

  • 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 investment.

6. Since 2014 our government’s focus has been on empowerment of citizens, especially the poor and the marginalised. Measures have included programmes that have provided housing, electricity, cooking gas, and
access to water. We also have programmes for ensuring financial inclusion and direct benefit transfers. We are committed to strengthening the abilities of the poor to tap all opportunities. Our government constantly strives to provide the necessary ecosystem for the middle classes – a vast and wide section which is populated across various middle-income brackets – to make use of the opportunities they so desire.
7. This Budget 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. It continues to build on the vision drawn in the Budget of 2021- 22. Its fundamental tenets, which included transparency of financial statement and fiscal position, reflect the government’s intent, strengths, and challenges. This continues to guide us.
8. The initiatives of the last year’s Budget have seen significant progress and have been provided with adequate allocations in this Budget as well.
9. The strengthening of health infrastructure, speedy implementation of the vaccination programme, and the nation-wide resilient response to the current wave of the pandemic, are evident for all.
10. The Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs, and an additional production of ` 30 lakh crore during next 5 years.
11. Towards implementation of the new Public Sector Enterprise policy, the strategic transfer of ownership of Air India has been completed. The strategic partner for NINL (Neelanchal Ispat Nigam Limited) has been selected. The public issue of the LIC is expected shortly. Others too are in the process for 2022-23.
12. The National Bank for Financing Infrastructure and Development (NaBFID) and National Asset Reconstruction Company have commenced their activities.
13. Hon’ble Speaker sir, Budget 2021-22 had provided a sharp increase in provision for public investment or capital expenditure. Throughout the year, with the Hon’ble Prime Minister, guiding the implementation, our economic recovery is continuing to benefit from the multiplier effect.
14. This Budget continues to provide impetus for growth. It lays a parallel track of (1) 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 (2) big public investment for modern infrastructure, readying for India at 100. This shall be guided by PM GatiShakti and be benefited by the synergy of multi-modal approach. Moving forward, on this parallel track, we lay the following four priorities:

  • PM GatiShakti
  • Inclusive Development
  • Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition, and Climate Action
  • Financing of Investments (Note :- it is not the complete Budget Speech, kindly download the complete pdf to read the full speech)

Budget 2022 Highlights

  1. India’s economic growth estimated at 9.2% to be the highest among all large economies.
  2. 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
  3. PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.
  4. Tax returns can now be revised for omission and mistakes including declared income not reported. The changes can be made through a one-time window till two years from the end of the assessment year on payment of tax.
  5. The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure
  6. Surcharge on transfer of any long-term capital gains has been capped at 15 per cent.
  7. Minimum Alternate Tax rate for cooperatives at 18.5 per cent has been reduced to bring it with parity of the rate for corporates. Also, the surcharge for cooperatives has been reduced to 7 per cent from 12 per cent for total income ranging between Rs 1-10 crore.
  8. Reduction of surcharge on unlisted shares from 28.5% to 23% – In a move that will ease exits from startups and Unicorns, the Finance Minister announced reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.
  9. A new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India starting 2022-23.
  10. Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate export of jewellery through e-commerce, simplified regulations will be in place by June this year.
  11. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore —the highest since the inception of the tax: Finance Minister Nirmala
  12. Corporate surcharge to be reduced from 12% to 7%
  13. Income from transfer of digital assets to be charged 30% tax, plus 1% tax on transaction: FM
  14. Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23: FM Sitharaman
  15. Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.
  16. Rs. 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal
  17. Rs. 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.
  18. Agriculture
    1. Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy.
    2. 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.
    3. NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.
    4. Kisan Drones’ for crop assessment, digitization of land records, spraying of insecticides and nutrients.
  19. MSME Sector
    1. Udyam, e-shram, NCS and ASEEM portals to be interlinked.
    2. 130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)
    3. ECLGS to be extended up to March 2023.
    4. Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs 5 Lakh Crore.
    5. 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).
    6. Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 Crore to be rolled out.
  20. Education Sector
    1. One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.
    2. Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.
    3. High-quality e-content will be developed for delivery through Digital Teachers.
    4. Digital University for world-class quality universal education with personalised learning experience to be established.
  21. Health Sector
    1. An open platform for National Digital Health Ecosystem to be rolled out.
    2. National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched.
    3. 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 TechnologyBangalore (IIITB) providing technology support.
  22. Banking Sector
    1. 100 per cent of 1.5 lakh post offices to come on the core banking system.
    2. Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.

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