Wednesday, February 16, 2022

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


business as

business such as gold imports may also

find this useful


the insurance regulator has given the

framework for the issue of surety bonds by

insurance companies

abgc promotion

task force

the animation visual effects


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


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


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


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


will be replaced with the news


that will enable the states to become


in development of enterprise and service


this will cover

all large existing and new industrial


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


an independent nodal umbrella body will

be set up for meeting wide-ranging


and certification requirements

artificial intelligence geospatial

systems and drones

semiconductor and its


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



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


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


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


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


the action plans for 10 sectors

such as electronic waste

end of life vehicles


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


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


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


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


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


35.4 percent

from 5.54

lakh crore in the current year


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


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


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


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


international arbitration center will be

set up in the gift city for timely

settlement of disputes under

international jurisprudence


services for global capital for

sustainable and climate finance in the

the country will be facilitated in the Gibbs


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


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


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


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


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


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


creating productive assets and

generating remunerative employment the

scheme for financial assistance

to states for capital investment

has been extremely well received by the


in deference to the requests

received during my meeting with the

chief ministers and state finance


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


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


and reforms related to building by-laws

town planning schemes transit-oriented

development and transferable development


in 2223 in accordance with the

recommendations of the 15th finance


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


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