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Union Budget 2022: Procurement budget for Defence to be for domestic industry, Budget speech in the Parliament

By FnF Correspondent | PUBLISHED: 01, Feb 2022, 12:04 pm IST | UPDATED: 01, Feb 2022, 12:09 pm IST

Union Budget 2022: Procurement budget for Defence to be for domestic industry,  Budget speech in the Parliament

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

 Housing projects allotted Rs 48,000 cr for FY23 under PM Housing scheme. Rs 60,000 crore allocated to cover 3.8 crore households for tapwater: FM

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

The pandemic has accentuated mental health problems in people of all ages. To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched: FM Nirmala Sitharaman

Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens: Finance Minister Nirmala Sitharaman

Government will pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations. The fiscal 2022-23 has been announced as International Year of Millets

With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched.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 

Data exchange among all-mode operators to be brought on Unified #Logistics Interface Platform, designed for API will enable the following:

- 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

 MSMEs such as Udyam,e-shram, NCS & Aseem portals will be interlinked,their scope will be widened... They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation,enhancing entrepreneurial opportunities: FM
One class, one TV channel' program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12: 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

Production Linked Incentive (PLI) Scheme for achieving AatmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next 5 years: 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