Honourable Finance Minister, Smt Nirmala Sitaraman, has presented the Annual Budget for the Financial Year 2022 – 2023 in the Parliament today ie 1st February, 2022.
The budget is presented in the context of an omicron wave and the nation is in the final stage of our vaccination drive and is in the process of eliminating the Covid restrictions and facilitating revival of our economy to adapt with the post covid world.
The budget lays down following goals for a 25-year-long Amrit Kaal leadup to India@100:
- 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.
During the budget, the finance minister pointed out that as a result of the government’s strong commitment for ‘minimum government & maximum governance, over 25000 compliances were reduced and 1486 Union laws were repealed in past years and has announced that with the advent of Amrit Kaal, the next phase of Ease of Doing Business EODB 2.0 and Ease of Living, will be launched.
Budget 2022-23 shows an increase in capital expenditure by 35.4% (`1,96,010 crore) over the year 2021-22. 4. In year 2021-22, the total expenditure has been estimated at `37,70,000 crore and is more than Actual (2020-21) by `2,60,164 crore
The budget recognizes following four priorities:
- PM GatiShakti
- Inclusive Development
- Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition, and Climate Action
- Financing of Investments
