The Union Budget 2022-23 was recently presented by the Finance Minister in Parliament, outlining several key areas of focus and initiatives across diverse sectors. This article details these highlights sector by sector.
Inclusive Development: The Central Pillar of Budget 2022-23
At the heart of the budget is the principle of inclusive development. Sector-wise, the budget highlights initiatives in agriculture and food processing, industry and skill development, education and health, infrastructure and amenities, and the promotion of digital payments.
Agriculture & Food Processing: Boosting Farmer Prosperity
The Agriculture sector, central to India’s economy, receives significant focus. A direct payment of Rs. 2.37 lakh crore to about 1.63 crore farmers for procuring wheat and paddy is one of the major highlights. To promote ecological balance, chemical-free natural farming will be encouraged, particularly in areas along the river Ganga.
The International Year of Millets has been designated for the year 2023, and support measures have been ensured. Further, plans will be implemented to bolster domestic production of oilseeds.
To enhance farmer reachability, a scheme in PPP mode will be launched for delivery of digital and hi-tech services. NABARD will assist with provisioning funds for agri-startups & rural enterprises. For crop assessment and effective land management, ‘Kisan Drones’ will come into play.
The project concerning the Ken-Betwa river link has been allocated an outlay of Rs. 1400 crore, promising irrigation benefits to the surrounding agricultural lands.
Food Processing will also receive considerable attention. A comprehensive package will be provided, with state government participation, to encourage farmers to adopt suitable fruit and vegetable varieties, along with more effective harvesting techniques.
Industry & Skill Development: Empowering the MSMEs and Workforce
Under the MSME front, the initiatives are designed for resilience and efficiency. Plans to interlink key portals like Udyam, e-shram, National Career Service, and ASEEM are in place. Emergency Credit Linked Guarantee Scheme (ECLGS) will receive an extension and expansion.
Additionally, Rs 2 lakh Crore additional credit for Micro and Small Enterprises will be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE). The RAMP programme with an outlay of Rs 6000 crore is aimed at accelerating MSME performance.
Skill development receives a digital edge with the DESH-Stack e-portal. The portal will empower citizens to acquire or upgrade skills through online training. Startups will also benefit through initiatives facilitating ‘Drone Shakti’ and Drone-As-A-Service (DrAAS).
Education & Health Sector: Enhancing Quality and Reach
The ‘One class-One TV channel’ programme under PM eVIDYA will extend to 200 TV channels improving accessibility to quality education. Virtual labs, e-labs, and high-quality e-content are planned to promote critical thinking skills.
Healthcare is not left behind with plans for a National Digital Health Ecosystem open platform and a National Tele Mental Health Programme. A network of 23 tele-mental health centres will be set up with NIMHANS as the nodal centre and IIITB providing tech support. Integrated benefits for women and children are also on cards through Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0.
Infrastructure Upgrades: Ensuring Basic Amenities for All
The Har Ghar, Nal Se Jal initiative will receive Rs. 60,000 crore to cover 3.8 crore households. Housing for All under PM Awas Yojana gets Rs. 48,000 crore for completion of 80 lakh houses.
To add to the infrastructure initiatives, the PMDevINE scheme will fund projects in the North-East. Border villages with limited connectivity will be covered under the Vibrant Villages Programme, focusing on infrastructure improvements and livelihood generation.
Digital Payments: Enabling Financial Inclusion
The Union Budget emphasises financial inclusion through digital payments. By 2022, all 1.5 lakh post offices are expected to join the core banking system. This will enable online transfer of funds between post office accounts and bank accounts.
Plans are also afoot to establish 75 Digital Banking Units (DBUs) in 75 districts by Scheduled Commercial Banks. The support for the digital payment ecosystem announced in the previous budget will continue in 2022-23.
