Finance
Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2022-23 in Parliament House on Tuesday said that India’s economic growth is estimated to be 9.2% in the upcoming financial year which could be the highest in the world.
Delivering her fourth budget speech Sitharaman said, “this Union Budget seeks to lay foundation and give blueprint of economy over ‘Amrit Kal’ of next 25 years from India at 75 to India at 100.”
“We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we’ll continue with strong growth,” she said.
“There was a sharp increase in public investment and capital expenditure in Budget 2021-22…This Budget (2022-23) will benefit, youth, women, farmers, SC, ST… ; shall be guided by PM Gati Shakti master plan,” she added.
“Moving forward on this parallel track, we lay the following four priorities – PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action and financing of investments,” she further said.
The economic recovery is continuing to benefit from the multiplier effect and the budget 2022-23 is designed primarily to benefit two core sectors:
- Women, Students, Farmers
- Big public infrastructure for modernisation and development with PM Gati Shakti
PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth, she added.
The Minister informed that the National Highway network will be expanded by 25,000 kilometres in 2022-23.
PM Gati Shakti will encompass the seven engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people & goods through Rs 20,000 crore financed by the government to speed up this project.
Railways will develop efficient logistics for small farmers and enterprises. 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.
As a part of Atma Nirbhar Bharat, over 2,000 kilometres will be brought under KAWACH the indigenous world-class technology in 2022-23. ‘Parwatmala’ for conventional roads in hilly areas to be taken in PPP mode.
