Union Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 in Parliament.
Following are the key highlights of the annual budget:
Total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore. Total receipts other than borrowings in 2022-23 is estimated at Rs 22.84 lakh crore. Fiscal deficit in the current financial year is estimated to rise to 6.9 per cent of GDP against 6.8 per cent in Budget Estimates. For 2022-23 financial year the fiscal deficit is pegged at 6.4 per cent of GDP. A target set to reduce fiscal deficit to 4.5 per cent of GDP by 2025-26.
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 per cent of GSDP, of which 0.5 per cent will be tied to power sector reforms.
On the Direct Tax side, the budget allows taxpayers to file updated income tax return within 2 years for correcting errors. It also provides tax relief to persons with disability.
A Digital University will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats.
The Government proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23 for more efficient and cheaper currency management system.
National Highways Network to be expanded by 25000 kms in 2022-23. Rs 20000 crore to be mobilised for National Highways Network expansion in 2022-23.
Railways: 2000 kms 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 lakh Crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
Health: 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.
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.
e-Passports with embedded chip and futuristic technology to be rolled out.
Digital Rupee: Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.
Meanwhile, the Opposition has slammed the Centre over the Budget 2022, saying there is nothing for the middle class.
From Mamata Banerjee to Rahul Gandhi, here's how Opposition leaders reacted:
1. Mamata Banerjee
"BUDGET HAS ZERO FOR COMMON PEOPLE, WHO ARE GETTING CRUSHED BY UNEMPLOYMENT & INFLATION. GOVT IS LOST IN BIG WORDS SIGNIFYING NOTHING - A PEGASUS SPIN BUDGET," West Bengal CM Mamata Banerjee tweeted.
2. Rahul Gandhi:
Congress leader Rahul Gandhi wrote: "M0di G0vernment’s Zer0 Sum Budget!
Nothing for
- Salaried class
- Middle class
- The poor & deprived
- Youth
- Farmers
- MSMEs."
3. Sachin Pilot
Finance Minister didn't utter a word for the poor, youth, & unemployed or even inflation. There's no law on digital currency but there's a tax against it now, said Congress leader Sachin Pilot.
4. KC Venugopal
"I don’t think this budget is going to be up to the mark to face the current economic situations of the country. Without legislation via budget they're legalising that (crypto), this is not a right parliamentary practice," said Congress leader & Rajya Sabha MP KC Venugopal.
5. Bhupesh Baghel
"It is a directionless Budget. It doesn't have anything to offer to farmers, women, and the youth. This Budget says nothing about doubling farmers' income and the smart city project," said Chhattisgarh CM Bhupesh Baghel.
6. Anand Sharma
"The expectation that Budget will bring relief for the poor & common people, & taxpayers who are affected by rising inflation has not been fulfilled. Rising inequality has not been addressed. This Budget has brought no relief for small industries also," said Congress leader Anand Sharma.
7. Mallikarjun Kharge
"Budget is only for the rich; has nothing for the poor. It's Arjuna & Dronacharya's budget, not Eklavya's (from Mahabharata). They also mentioned cryptocurrency, which doesn't have any law, nor has it been discussed before;budget benefitting their friends," said Mallikarjun Kharge, RS LoP.
8. Shashi Tharoor
"Extremely disappointing, a damp squib! There seems to be absolutely nothing in this Budget. It's an astonishingly disappointing Budget. When you listen to the speech, no mention of MGNREGA, of Defence, of any other urgent priorities facing the public," said Congress MP Shashi Tharoor.
"We are facing terrible inflation and there's no tax relief for the middle class. This is a Budget that seems to be pushing the mirage of 'achhe din' even farther away. Now it's India at 100, we'll have to wait for 25 more yrs for 'acche din' to arrive," he added.
9. Mayawati
Bahujan Samaj Party (BSP) chief Mayawati said the Union Budget has been brought to "woo the public with new promises" and alleged that the Centre has forgotten to implement its old announcements.
In a series of tweets in Hindi, Mayawati said, "The Union Budget presented in the Parliament today has been brought to woo the public with new promises, while the implementation of the past promises and old announcements have been forgotten. How appropriate is it? Why is the Centre free from worries of poverty, unemployment, inflation and suicides by farmers."
"The central government is patting its back. The tax burden has made the life of the people miserable. Hence, it would be better if the Centre makes efforts to reduce the despair and disappointment among the people due to inflation and insecurity," she said.
10. Vinayak Raut
The Shiv Sena dubbed the Union Budget as "very depressing", saying it has neither given any relief to the middle class nor it has any reference to Prime Minister Narendra Modi's vision of making India a "USD 5 trillion" economy.
After the budget, Shiv Sena MP Vinayak Raut said the Union Budget 2022-23 only has jugglery of words like the PM-Gati Shakti, Atmanirbhar Bharat, while old schemes are presented as new.
"The budget is very depressing. During the coronavirus pandemic, people of the country paid Rs 1.40 lakh crore as GST but, unfortunately, the schemes that were to be implemented with regard to taxes do not find a place in the budget," Raut told reporters.
He claimed the budget has misled people.
"The budget has given no relief to the middle class with regard to the Income Tax. There is no reference to the prime minister's vision of making India a USD 5 trillion economy," Raut said.
(With ANI and PTI inputs)
