Central Government Budget 2022 – 2023
Central Govt Budget is the annual budget of India. Our Union Finance Minister Nirmala Sitaraman presented for the fourth time (first time in paperless) Union budget 2022-23 in the parliament on 1st Feb 2022. The Union Budget comes under Article 112 of the Indian constitution of India. The union budget keeps account of the finance of the fiscal year (i.e 1st April to 31st March)
Some Important facts of Union Budget 2022-23
- The total Budget size for 2022-23 is 39.45 lakh crores.
- Revised estimates – 37.70 lakh crore
- Primary Deficit – 7.21 lakh crore
- Revenue Deficit – 9.90 lakh crore
- Fiscal Deficit – 16.61 lakh crore
- The growth rate of the Indian economy is estimated to be 9.27% in the financial year 2021-22.
- The Tax deduction limit for central and state government employees will be increased from 10% to 14%.
- Income from long-term capital gains will be taxed at 15%.
- The corporate surcharge has been reduced from 12% to 7%.
- Digital Rupee will be issued as soon as possible by RBI.
- Gatishakti master plan will be prepared to create a world-class infrastructure.
- E- Passport will be issued from 2022-23.
- 25000 km of National Highways will be built in 2022-23.
- The year 2023 has been declared the National Year of Millets.
- 400 New Vande Bharat trains will be built in the next three years.
- 48,000 crore will be allocated to complete the construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in 2022-23.
- 60,000 crores has been allocated for tap to water scheme in 3.8 crore households.
- Under the bharatNet project, the contract for laying optical fiber in the villages will be given.
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|Govt Expenses||Borrowing & Liabilities|
|Interest payment – 20%||GST – 16%|
|Finance commission & other transfers – 10%||Income tax – 15%|
|Centrally sponsered scheme – 9%||Corporation tax – 15%|
|Central sector scheme – 15%||Customs – 5%|
|State share in taxes and duties – 17%||Centra excise duty – 7%|
|Defence – 8%||Non tax revenue – 5%|
|Subsidy – 8%|
|Pension – 4%|
|Other expenses – 9%|
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What are the 4 priorities of the Govt for the next 25 years?
1) PM Gatishakti
2) Financing of Investments
3) Inclusive Development
4) Productivity Enhancement and Investment, Sunrise opportunities, Energy Transaction, and Climate Action.
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