India’s economic growth in the current year is estimated to be 9.2%, the highest among all large economies. The overall sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s strong resilience. This was stated by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman while presenting the Union Budget in Parliament on February 1, 2022.
The Finance Minister said, India is celebrating Azadi ka Amrit Mahotsav and it has entered into Amrit Kaal, the 25-year-long leadup to India@100; the government aims to attain the vision of Prime Minister outlined in his Independence Day address and they are:
Complementing the macro-economic level growth focus with a microeconomic level all-inclusive welfare focus,
Promoting digital economy & fintech, technology-enabled development, energy transition, and climate action, and
Relying on a virtuous cycle starting with private investment with public capital investment helps crowd-in private investment.
According to Union Minister of State for Jal Shakti and Food Processing Department Prahlad Singh Patel, the general budget is better financial management to achieve the goal of sustainable development.
Union Minister of State Prahlad Patel expressed happiness on Union Budget 2022 and said, “This time a lot of money has been given to implement the schemes compared to the previous years. For example, the Ministry of Food Processing budget has been increased by 135 times. Earlier, the Ministry of Food Processing budget was 1199 crores, but it has now increased to 2822 crores. Similarly, the budget increase has been done in most of the departments. Better far-reaching results will be seen from this budget increase. Whether it is employment or self-employment, it will be beneficial in every field.”
He shared, “Rs 60 thousand crore have been allocated for Jal Jeevan Mission. With this, the Ministry of Jalshakti will bring water to every household. The work of Ken-Betwa river has started. The DPR for connecting the remaining five rivers is also ready. These are all those rivers that remain dry even in the rainy season. On the other hand, special attention has been given to farmers and the middle class in the budget. An allocation of Rs 1022 crore has been made for 2022-23 under the PLI (Production Linked Incentive) scheme, giving relief to marine products like shrimp, under which exporters will benefit. Farmers will be given help to increase the quality and production of fruits and vegetables. Giving opportunity to start startups for the rural enterprise through NABARD will fulfill the dream of self-reliant India.”
“The budget of Pradhan Mantri Kisan Sampada Yojana has also been increased by 28.6 times. Under which the budget of Rs 200 crore will be increased in this scheme in the financial year of 2022-23. It will directly benefit the farmers. Apart from this, the PMFME (PM Formalization of Micro Food Processing Enterprises) scheme has increased by 80% this year compared to the last financial year. The increase in this scheme will directly benefit the small entrepreneurs.”