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Central Government Of India Complete Budget 2022-23 - Minister of Finance of India Nirmala Sitharaman Budget 2022-23 Full Speech in Loksabha (Parliament of India)

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


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