Lawstreet Journal

Union Budget 2022-23: Short Summary

Lawstreet Journal 4 Feb 2022 12:55am

Image courtesy: Lawstreet Journal Executive Union Budget 2022-23: Short Summary

Union Finance Minister Nirmala Sitharaman, on 1st February, presented the Union Budget 2022.

She said that the Budget proposals for this financial year rest on health and well-being, infrastructure, inclusive development, energy transition and climate action, financing of investments and 'Minimum Government, Maximum Governance. India’s economic growth is estimated at 9.2% to be the highest among all large economies. 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.

Significant announcements include digital currency, e-passports and a slew of infrastructure projects. Edible oil, wearable electronics, imitation jewellery, polished diamond are to be cheaper. Fiscal deficit is 6.9% of GDP. Tax relief announced to persons with disabilities. No change in personal income tax rates.

Here is a quick summary of the Budget 2022-23:

Expenditure: The government proposes to spend Rs 39,44,909 crore in 2022-23, which is an increase of 4.6% over the revised estimate of 2021-22. In 2021-22, total expenditure is estimated to be 8.2% higher than the budget estimate

Receipts: The receipts (other than borrowings) in 2022-23 are expected to be to Rs 22,83,713 crore, an increase of 4.8% over the revised estimate of 2021-22. In 2021-22, total receipts (other than borrowings) are estimated to be 10.2% higher than the budget estimates.

GDP: The government has estimated a nominal GDP growth rate of 11.1% in 2022-23 (i.e., real growth plus inflation).

Deficits: Revenue deficit in 2022-23 is targeted at 3,8% of GDP. which is lower than the revised estimate of 4.7% in 2021-22.… Continue Reading...

Tagged: Nirmala Sitharaman   Budget 2022   Budget 2019  
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