UPSC  >  Indian Economy for UPSC CSE  >  Summary of Union Budget 2022-23

Summary of Union Budget 2022-23 - Indian Economy for UPSC CSE

Download, print and study this document offline
 Page 1


1 
 
UNION BUDGET 2022-23 
 
PRESS INFORMATION BUREAU 
GOVERNMENT OF INDIA 
*** 
 
 
SUMMARY OF UNION BUDGET 2022-23  
 
 
 
New Delhi, 1
st
 February,  2022 
 
India’s economic growth in the current year is estimated to be 9.2 per cent, 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 Smt Nirmala Sitharaman while presenting 
the Union Budget in Parliament today. 
 
Page 2


1 
 
UNION BUDGET 2022-23 
 
PRESS INFORMATION BUREAU 
GOVERNMENT OF INDIA 
*** 
 
 
SUMMARY OF UNION BUDGET 2022-23  
 
 
 
New Delhi, 1
st
 February,  2022 
 
India’s economic growth in the current year is estimated to be 9.2 per cent, 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 Smt Nirmala Sitharaman while presenting 
the Union Budget in Parliament today. 
 
2 
 
 
 
 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 micro-economic level all-
inclusive welfare focus,    
? Promoting digital economy  & fintech, technology enabled development, energy transition, and 
climate action, and   
? Relying on virtuous cycle starting from private investment with public capital investment helping 
to crowd-in private investment. 
 
Page 3


1 
 
UNION BUDGET 2022-23 
 
PRESS INFORMATION BUREAU 
GOVERNMENT OF INDIA 
*** 
 
 
SUMMARY OF UNION BUDGET 2022-23  
 
 
 
New Delhi, 1
st
 February,  2022 
 
India’s economic growth in the current year is estimated to be 9.2 per cent, 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 Smt Nirmala Sitharaman while presenting 
the Union Budget in Parliament today. 
 
2 
 
 
 
 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 micro-economic level all-
inclusive welfare focus,    
? Promoting digital economy  & fintech, technology enabled development, energy transition, and 
climate action, and   
? Relying on virtuous cycle starting from private investment with public capital investment helping 
to crowd-in private investment. 
 
3 
 
Since 2014, the government’s focus has been on empowerment of citizens, especially the poor 
and the marginalized and measures have been taken to  provided housing, electricity, cooking 
gas, and access to water. The government also have programmes for ensuring financial inclusion 
and direct benefit transfers and a commitment to strengthen the abilities of poor to tap all 
opportunities. 
 
The Finance Minister informed that the Productivity Linked Incentive in 14 sectors for achieving 
the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 
lakh new jobs, and an additional production of  Rs 30 lakh crore during next 5 years. Dwelling 
on the issue of  implementation of the new Public Sector Enterprise policy, She said, the strategic 
transfer of ownership of Air India has been completed, the strategic partner for NINL 
(Neelanchal Ispat Nigam Limited) has been selected, the public issue of the LIC is expected 
shortly and others too are in the process for 2022-23. 
 
Page 4


1 
 
UNION BUDGET 2022-23 
 
PRESS INFORMATION BUREAU 
GOVERNMENT OF INDIA 
*** 
 
 
SUMMARY OF UNION BUDGET 2022-23  
 
 
 
New Delhi, 1
st
 February,  2022 
 
India’s economic growth in the current year is estimated to be 9.2 per cent, 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 Smt Nirmala Sitharaman while presenting 
the Union Budget in Parliament today. 
 
2 
 
 
 
 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 micro-economic level all-
inclusive welfare focus,    
? Promoting digital economy  & fintech, technology enabled development, energy transition, and 
climate action, and   
? Relying on virtuous cycle starting from private investment with public capital investment helping 
to crowd-in private investment. 
 
3 
 
Since 2014, the government’s focus has been on empowerment of citizens, especially the poor 
and the marginalized and measures have been taken to  provided housing, electricity, cooking 
gas, and access to water. The government also have programmes for ensuring financial inclusion 
and direct benefit transfers and a commitment to strengthen the abilities of poor to tap all 
opportunities. 
 
The Finance Minister informed that the Productivity Linked Incentive in 14 sectors for achieving 
the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 
lakh new jobs, and an additional production of  Rs 30 lakh crore during next 5 years. Dwelling 
on the issue of  implementation of the new Public Sector Enterprise policy, She said, the strategic 
transfer of ownership of Air India has been completed, the strategic partner for NINL 
(Neelanchal Ispat Nigam Limited) has been selected, the public issue of the LIC is expected 
shortly and others too are in the process for 2022-23. 
 
4 
 
 
 
Smt Nirmala Sitharaman emphasized that this Budget continues to provide impetus for growth. It 
lays a parallel track of (1) a blueprint for the Amrit Kaal, which is futuristic and inclusive, which 
will directly benefit our youth, women, farmers, the Scheduled Castes and the Scheduled Tribes. 
And (2) big public investment for modern infrastructure, readying for India at 100 and this shall 
be guided by PM GatiShakti and be benefited by the synergy of multi-modal approach. Moving 
forward, on this parallel track, She outlined the following four priorities:   
? PM GatiShakti 
? Inclusive Development 
? Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition, and Climate 
Action   
? Financing of Investments 
Page 5


1 
 
UNION BUDGET 2022-23 
 
PRESS INFORMATION BUREAU 
GOVERNMENT OF INDIA 
*** 
 
 
SUMMARY OF UNION BUDGET 2022-23  
 
 
 
New Delhi, 1
st
 February,  2022 
 
India’s economic growth in the current year is estimated to be 9.2 per cent, 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 Smt Nirmala Sitharaman while presenting 
the Union Budget in Parliament today. 
 
2 
 
 
 
 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 micro-economic level all-
inclusive welfare focus,    
? Promoting digital economy  & fintech, technology enabled development, energy transition, and 
climate action, and   
? Relying on virtuous cycle starting from private investment with public capital investment helping 
to crowd-in private investment. 
 
3 
 
Since 2014, the government’s focus has been on empowerment of citizens, especially the poor 
and the marginalized and measures have been taken to  provided housing, electricity, cooking 
gas, and access to water. The government also have programmes for ensuring financial inclusion 
and direct benefit transfers and a commitment to strengthen the abilities of poor to tap all 
opportunities. 
 
The Finance Minister informed that the Productivity Linked Incentive in 14 sectors for achieving 
the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 
lakh new jobs, and an additional production of  Rs 30 lakh crore during next 5 years. Dwelling 
on the issue of  implementation of the new Public Sector Enterprise policy, She said, the strategic 
transfer of ownership of Air India has been completed, the strategic partner for NINL 
(Neelanchal Ispat Nigam Limited) has been selected, the public issue of the LIC is expected 
shortly and others too are in the process for 2022-23. 
 
4 
 
 
 
Smt Nirmala Sitharaman emphasized that this Budget continues to provide impetus for growth. It 
lays a parallel track of (1) a blueprint for the Amrit Kaal, which is futuristic and inclusive, which 
will directly benefit our youth, women, farmers, the Scheduled Castes and the Scheduled Tribes. 
And (2) big public investment for modern infrastructure, readying for India at 100 and this shall 
be guided by PM GatiShakti and be benefited by the synergy of multi-modal approach. Moving 
forward, on this parallel track, She outlined the following four priorities:   
? PM GatiShakti 
? Inclusive Development 
? Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition, and Climate 
Action   
? Financing of Investments 
5 
 
 
Elaborating the PM GatiShakti, the Finance Minister said that it is a transformative approach for 
economic growth and sustainable development. The approach is driven by seven engines, 
namely, Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics 
Infrastructure. All seven engines will pull forward the economy in unison. These engines are 
supported by the complementary roles of Energy Transmission, IT Communication, Bulk Water 
& Sewerage, and Social Infrastructure. Finally, the approach is powered by Clean Energy and 
Sabka Prayas – the efforts of the Central Government, the state governments, and the private 
sector together – leading to huge job and entrepreneurial opportunities for all, especially the 
youth. 
 
Read More

FAQs on Summary of Union Budget 2022-23 - Indian Economy for UPSC CSE

1. What is the Union Budget for the fiscal year 2022-23?
Ans. The Union Budget for the fiscal year 2022-23 is the financial plan presented by the government of India, which outlines its revenue and expenditure for the upcoming year.
2. What are the key highlights of the Union Budget 2022-23?
Ans. The key highlights of the Union Budget 2022-23 include measures to boost healthcare infrastructure, increased allocation for education and skill development, emphasis on digital economy and innovation, measures to support agricultural growth, and focus on sustainable development and renewable energy.
3. How does the Union Budget 2022-23 impact healthcare?
Ans. The Union Budget 2022-23 focuses on strengthening healthcare infrastructure by allocating funds for setting up health and wellness centers, improving healthcare facilities in rural areas, and enhancing public health systems. It also aims to increase access to affordable healthcare and promote research and development in the healthcare sector.
4. What measures are taken in the Union Budget 2022-23 to support agriculture?
Ans. The Union Budget 2022-23 introduces various measures to support the agriculture sector, including increased allocation for rural infrastructure development, promotion of farmer producer organizations, provisions for crop insurance, and investment in agri-processing and agri-infrastructure. It also emphasizes the development of agricultural markets and encourages the adoption of modern farming techniques.
5. How does the Union Budget 2022-23 promote digital economy and innovation?
Ans. The Union Budget 2022-23 encourages the digital economy and innovation through various initiatives such as the establishment of a National Digital Educational Architecture, promotion of digital payments, investment in research and development, and support for startups and entrepreneurship. It also aims to enhance connectivity in rural areas and promote digital literacy.
136 videos|336 docs|146 tests
136 videos|336 docs|146 tests
Download as PDF

How to Prepare for UPSC

Read our guide to prepare for UPSC which is created by Toppers & the best Teachers
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Download free EduRev App
Track your progress, build streaks, highlight & save important lessons and more!
(Scan QR code)
Related Searches

Free

,

Sample Paper

,

Viva Questions

,

Summary of Union Budget 2022-23 | Indian Economy for UPSC CSE

,

Extra Questions

,

study material

,

Summary

,

Summary of Union Budget 2022-23 | Indian Economy for UPSC CSE

,

Semester Notes

,

past year papers

,

MCQs

,

Important questions

,

shortcuts and tricks

,

video lectures

,

Summary of Union Budget 2022-23 | Indian Economy for UPSC CSE

,

Exam

,

ppt

,

Objective type Questions

,

Previous Year Questions with Solutions

,

mock tests for examination

,

practice quizzes

,

pdf

;