Minister of Finance of India Smt. Nirmala Sitharaman presents the Budget for the years 2022 to 2023 for India from the Central Government of India. The complete structure of the Budget from the Cabinet Minister is given below.
government procurement government rules have recently been modernized for the needs of amritakal.
The new rules have benefited from the inputs from various stakeholders.
The modernized rules allow the use of transparent quality criteria besides cost and evolution evaluation of complex tenders provisions have been made for payment of running bills mandatory within 10 days and for encouraging settlements of disputes through conciliation as a further step to enhance transparency and to reduce delays and payments a completely paperless, the end-to-end online e-bill system will be launched for use by all central ministries for their procurements.
The system will enable the suppliers and contractors to submit online
their digitally signed bills and claims
and tracked the status from anywhere
to reduce indirect costs for suppliers
and work contractors the use of surety
bonds as a substitute for bank guarantee
will be made acceptable in gram garment
procurements
business as
business such as gold imports may also
find this useful
irdai
the insurance regulator has given the
framework for the issue of surety bonds by
insurance companies
abgc promotion
task force
the animation visual effects
gaming
and comic the abgc sector
offers immense potential to employ youth
the avgc promotion task force
with all stakeholders
will be set up
to recommend ways to realize this
and build domestic capacity for serving
our markets and
the global demand
telecom sector
telecommunications in general
and 5g technology in particular
can enable growth and offer job
opportunities
required spectrum auctions will be
conducted in 2022 to facilitate the rollout
of 5g's mobile services
within 2022-23
by private telecom providers
a scheme for
a scheme for design lead manufacturing
will be launched to build a strong
ecosystem
for 5g as part of the production linked
incentive scheme
to enable affordable broadband
and mobile service proliferation
in rural and remote areas
five percent of annual collections under
the universal
service obligation fund will be located
this will provide and this will promote
r d and commercialization of
technologies and solutions
our vision is that all villages and
their residents should have the same
access to
e-services communication facilities
and digital resources
as urban areas and their residents
the contracts for laying optical fiber
in all villages
including remote areas
will be awarded under the bharath net
project
through ppp in 22 and 23.
completion is expected in 2025
measures will be taken to enable
better and more efficient use of the
optical fiber
export promotion
the special economic zones
act
will be replaced with the news
legislation
that will enable the states to become
partners
in development of enterprise and service
hubs
this will cover
all large existing and new industrial
enclaves
to optimally utilize
available infrastructure and enhance
competitiveness of exports
in defense
our government is committed to reducing
imports and promoting atmanirbharta in
equipment for the armed forces
of the capital procurement budget
will be a year marked for domestic
industry in 2023
up from 58 in 2122
defense r d
will be opened up for industry startups
and academia with 25 percent of defense
r d budget year mark
private industry will be encouraged to
take up design and development of
military platforms
and equipment in collaboration with drdo
and other organizations through spv
model
an independent nodal umbrella body will
be set up for meeting wide-ranging
testing
and certification requirements
artificial intelligence geospatial
systems and drones
semiconductor and its
ecosystem
space economy
genomics and pharmaceuticals
green energy and clean mobility systems
have immense potential to assist
sustainable development
at scale and modernize the country
they provide employment opportunities
for our youth
and make indian industry more efficient
and competitive
supportive policies
light touch
regulations facilitative actions to
build domestic capacities and promotion
of research and development will guide
the government's approach
for r d in the sunrise opportunities in
addition to efforts of collaboration
among academia
industry and public institutions
government contribution will be provided
energy transition and climate change
the risks of climate change are the
strongest negative external
externalities that affect India and
other countries
as the honorable prime minister said at the
cop 26 summits in Glasgow last November
what is needed today is mindful and
deliberate utilization
instead of mindless destructive
consumption
unquote
the low carbon development strategy as
enunciated in the panchamrit
that he announced in a is an important
reflection of our government's strong
commitment towards sustainable
development
the strategy opens up huge employment
opportunities and will take the country
on a sustainable development path
this budget proposes
several near-term and long-term actions
accordingly
solar power
to facilitate domestic manufacturing for
the ambitious goal of 280 gigawatts of
installed solar capacity by 2030
an additional allocation of
19500 crores for pli production
incentive
for manufacturing of
high efficiency
modules with priority to fully integrate
manufacturing units
from polysilicon to solar PV modules
will be made
honorable speaker sir
the circular economy transition is
expected to help in productivity
enhancement as well as creating large
opportunities for new businesses and
jobs
the action plans for 10 sectors
such as electronic waste
end of life vehicles
used
oil waste
toxic and hazardous industrial waste
are already
ready the focus will now be on
addressing important cross-cutting
issues of infrastructure
rivers logistics
technology up-gradation and integration
with informal sector
this will be supported by active public
policies covering regulations extended
producers responsibilities framework and
innovation facilities
five to seven percent biomass pellets
will be co-fired in thermal power plants
resulting in carbon dioxide savings
of 38 mmt
annually this will also provide extra
income to farmers and job opportunities
to locals
and help avoid stubble burning in
agricultural fields
saving energy is an important aspect of
the energy management
hence energy efficiency and savings
measures will be promoted
this will be done in large commercial
buildings through the energy service
company business model it will
facilitate capacity building and
awareness for energy audits
performance contracts and common
measurement of and verification protocol
four pilot projects for coal
gasification and conversion of coal into
chemicals required for the industry will
be set up to evolve technical and
financial viability
the policies and required legislative
changes to promote agroforestry and
private forestry will be brought in
in additional financial support will be
provided to farmers belonging to
scheduled cats and scheduled tribes who
want to take up
agroforestry
honorable speaker, i now move to the
fourth priority financing of investments
capital investment holds the key to
speedy and sustainable economic revival
and consolidation through its multiplier
effect
capital investment also helps in
creating employment opportunities
induced enhanced demand for manufactured
input from large industries
and MSMEs
services from professionals and help
farmers through better agree
infrastructure
the economy has shown
strong resilience to come out of the
effects of the pandemic
with high growth
however, we need to sustain that level to
make up for the setback of 2020 2021.
as outlined in
para5 earlier the virtuous cycle of
investment requires
public investment to crowd in private
investment
at this stage, private investments seem
to require that support to rise to their
potential and to the needs of the
economy public investment must continue
to take the lead and pump prime the
private investment and demand in 2022-23
considering the above imperative
the outlay for capital expenditure
in the union budget
is once again being stepped up sharply
by
35.4 percent
from 5.54
lakh crore in the current year
to
7.50 lakh crores in 2223
this has increased to more
uh more than 2.2 times the expenditure
of 2019-20
this outlay in 2223 will be
2.9
of the gdp
effective capital expenditure
with this investment
taken together with the provision made
for creation of capital assets through
grants and aids it through grants in aid
to states
the effective capital expenditure of the
the central government is estimated at 10.68
lakh growth in 2223
which will be about
4.1 percent of the GDP
green bonds
as a part of the government's overall
market borrowings in 2223
sovereign green bonds will be issued for
mobilizing resources for green
infrastructure
the proceeds will be deployed in public
sector projects
which help in reducing the carbon
the intensity of the economy
gift ifsc
world-class foreign universities
and institutions will be allowed in the
Gibbs city
to offer courses in the financial
management fintech
science
technology engineering and mathematics
free from domestic regulations
except goes by the ifsca
to facilitate the availability of high-end
human resources for financial services
and technology
and
international arbitration center will be
set up in the gift city for timely
settlement of disputes under
international jurisprudence
services
services for global capital for
sustainable and climate finance in the
the country will be facilitated in the Gibbs
city
infrastructure status
data centers
and energy storage systems
including dense charging infrastructure
and grid-scale battery systems will be
included in the harmonized list of
infrastructure
this will facilitate credit availability
for digital infrastructure and clean
energy storage
venture capital and private equity
invested more than 5.5 lakh groves
last year facilitating one of the
largest startup and grow startup growth
system
scaling up this investment requires a
a holistic examination of regulatory and
other frictions an expert committee will
be set up to examine and suggest
appropriate measures
government-backed funds
niif and sydbi
fund of funds have provided scale
capital creating a multiplier effect
for encouraging important sunrise
sectors such as climate action
deep tech digital economy
pharma
and i agree tech the government will pro
promote these thematic funds
for blended finance with the government
share being limited to 20
and the funds being managed by private
fund managers
for financing this in
the infrastructure needs the stepping up
of public investment
will need to be complemented by private
capital at a significant scale
measures will be taken
to enhance the financial viability of
projects including ppp
with technical and knowledge assistance
from multilateral agencies
enhancing financial viability shall also
be obtained by adopting global best
practices innovative ways of financing
and balanced risk allocation
digital grouping
introduction of a central bank digital
currency
will give a boost
a big boost to the digital economy
digital currency
will also lead to a more efficient and
cheaper currency management system
it is therefore proposed
to introduce
digital rupee
using blockchain and other technologies
to be issued by the reserve bank of
India
starting 2022 and 23
financial assistance to states for
capital investment
reflecting the true spirit of
cooperative federalism is the central
government is committed to bolstering
the hands of the states in enhancing
their capital investment towards
creative
creating productive assets and
generating remunerative employment the
scheme for financial assistance
to states for capital investment
has been extremely well received by the
states
in deference to the requests
received during my meeting with the
chief ministers and state finance
ministers
the outlay for this scheme is being
enhanced from 10 000 crores in the
budget estimates to 15 000 crores in the
revised estimates for the current year
for 22-23
I'll repeat that sentence for the
the benefit of many of our honorable members
in deference to
the requests received from received
during my meeting with chief ministers
and state finance ministers
the outlay for this scheme is being
enhanced from ten thousand crores in the
be
to fifteen thousand crores one five
thousand crores in the area of the
current year
for 22 23
the allocation is one lakh crores
to assist the states
in catalyzing the overall investments in
the economy
this 50-year
interest-free bond loans
are over and above the normal borrowings
allowed to the states are over and above
the normal borrowings to the states
this allocation will be used for bmpm
related and other productive capital
investments of the states
it will also include components for
supplemental funding for priority
segments of pm gram Sadak Yojana
including support for the state share
digitization of the economy including
digital payments and completion of ofc
network
and reforms related to building by-laws
town planning schemes transit-oriented
development and transferable development
rights
in 2223 in accordance with the
recommendations of the 15th finance
commission
the states will be allowed a fiscal
deficit of four percent of the gstp of
which 0.5 will be tied to the power sector
reforms
for which the conditions have already
been communicated in 2122
fiscal management
as against a total expenditure of 34.83
lakh crores of rupees projected in the
be 2122
the revised estimate is
37.70 lakh crores
the revised estimate of capital
expenditure is 6.3 lakh crores of rupees
this includes an amount of 51
971 crores towards the settlement of
outstanding guaranteed liabilities of
air India
and its other sundry commitments
coming to the budget estimates honorable
speaker sir
the total expenditure in 2223
