By FnF Correspondent | PUBLISHED: 01, Feb 2022, 12:04 pm IST | UPDATED: 01, Feb 2022, 12:09 pm IST
New Delhi: Finance Minister Nirmala Sitharaman has started reading her Budget speech in the Parliament.
This is Sitharaman's fourth straight Union Budget when she presents financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023). The Budget Session of the parliament commenced from January 31 with President Ram Nath Kovind`s address. The first part of the Budget Session of Parliament will be held from January 31 to February 11 and the second part will take place from March 14 to April 8.
Special Economic Zones Act will be replaced with new legislation...for the development of enterprise and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports: FM
To reduce the delay in payment, an online bill system to be launched which will be used by all Central ministries
68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal: FM Nirmala Sitharaman
To promote a shift to the use of public transport in urban areas, special mobility zones with zero fossil fuel policy to be introduced...Considering space constraints in urban areas, a 'Battery Swapping Policy' will be brought in: FM FM Nirmala Sitharaman
Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens: Finance Minister Nirmala Sitharaman
With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched. We will follow the idea of trust based government. With the aim to take Digital Banking to every citizen. 75 digital banking units in 75 districts of the country will be launched: FM
- Efficient movement of goods
- Reduce logistics costs and time
- Assist Just In Time inventory management
- Eliminate tedious documentation
400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems: FM
Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers& Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts: FM Sitharaman
Chemical-free natural farming will be promoted throughout the country with a focus on farmers' land in 5 km wide corridors along the river Ganga, in the first stage: FM Nirmala Sitharaman
PM GatiShakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods NH network to be expanded by 25,000 km in 2022-23. Rs 20,000 crore to be mobilized to complement public resources.
National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities. Budget 2021 had provided sharp increase in provision for public investment. Economic Recovery is continuing to benefit from the multiplier effect of investment: FM Sitharaman
Towards implementing new Public Sector Enterprise (PSE) Policy, strategic transfer of Air India in has been completed. Strategic Partner for Neelanchal Ispat Nigam has been selected, public issue of LIC expected shortly, others in process for 2022-23: FM Sitharaman
Prime Minister Narendra Modi arrives for the union cabinet meeting. Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the