New Delhi: With the looming Assembly elections in five states, it was widely expected that the Union Budget would be a popular one. From the onset the Union budget presented by Finance Minister Nirmala Sitharaman in the Parliament today did not seem to address significant concerns about acute unemployment that is affecting more than 200 million people in the country due to the Covid epidemic.
The main attraction of the budget is the project ‘PM Gati Shakti’. This is a digital platform that aims to bring 16 Ministries including Railways and Roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects.
There were no major takeaways for states. The budget was rather focused on the corporate sector and promises many benefits, both direct and indirect.
Union Finance Minister Nirmala Sitharaman has said that Rs 2.37 lakh crore has been earmarked in the budget for the agriculture sector to procure paddy and wheat. The amount has been earmarked for direct transfer of support price to the accounts of 1.63 crore farmers. Paperless e-billing system will be introduced for storage. Railway products will be developed for the small sector and small farmers.
The investment scheme will be implemented through NABARD (National Bank for Agriculture and Rural Development) to provide financial assistance to start-ups in the agricultural sector. Drone system will be prepared for crop determination. Drones can be used for land records and for spraying pesticides and nutrients on crops. The budget also states that various river integration projects will be undertaken for irrigation projects.
The 2022 budget focuses on four things in general. PM Kinetic Power Plan, Comprehensive Development, Product Development and Investment Promotion.
Other important budget announcements:
• Digital currency transactions from this year
• 5G spectrum auction this year
• E-passport from this year
• More amounts will be evaluated for the employment guarantee scheme
• The IT return can be renewed and filed within two years
• New system for income tax return
• Drinking water in 3.8 crore households
• One lakh crore financial assistance to states,
• Optic fiber cable in all villages of the country
• Three schemes for women and child welfare
• Promotion in the field of animation and visual effects
• A country is a registration scheme for industrial development
• 80 lakh houses under PM Awas Yojana
• National Mental Health Plan coming soon
• The privatization of LIC will not be delayed
• Welfare of youth, women, farmers and backward classes
• Two lakh crore for small and medium enterprises
• The plan to connect the five rivers is ready
Agricultural sector
• Support price for paddy and wheat
• Jal Jeevan Mission 60,000 crore
• Special scheme for organic farming
• Increases crop storage
• 2.7 lakh crore for support price
• Kisan drones for farmers
• 2.37 lakh crore to provide support price for crops
• Non-toxic cultivation will be promoted
• Startups will be started in the agricultural sector
Education
• Each channel project will be implemented for each class
• 200 local channels for digital class
• Digital University will start
• Two lakh anganwadis will be renovated
Transportation
• More incentives for electric vehicles
• Charging facilities will be increased
• Green vehicles in cities
• 2000 km of new road called Kavach
• 100 new cargo terminals
• Rapid development in seven transport sectors
• 100 new cargo terminals
• New project for hill transport
• 400 Vande Bharat trains in three years
• 2000 km of railway network will be expanded
Banking
• 75 digital banking units will be set up
• Core banking system connecting 1.5 lakh post offices
• The cess law will be replaced by a new rule
• The Special Economic Zone Act will be comprehensively changed
Defense
• Imports in the defense sector will be reduced
• About 68 per cent of defense purchases were made within the country.