FULL TEXT: NIRMALA SITHARAMAN’S BUDGET SPEECH 2022

Finance Minister Nirmala Sitharaman gave a relatively short speech in Parliament today detailing government of India’s spending plans for the next financial year.

Here is the full text of the FM’s speech on Budget 2022.

“At the outset, I want to take a moment to express my empathy for those who had to bear adverse health and economic effects of the pandemic.

The overall, sharp rebound and recovery of the economy is reflective of our country’s strong resilience. India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies.

I recognise we are in the midst of an Omicron wave, with high incidence, but milder symptoms. Further, the speed and coverage of our vaccination campaign has helped greatly. With the accelerated improvement of health infrastructure in the past two years, we are in a strong position to withstand challenges. I am confident that with Sabka Prayas we will continue our journey of strong growth.

Hon’ble Speaker, we are marking Azadi ka Amrit Mahotsav, and have entered into Amrit Kaal, the 25-year-long leadup to India@100. Hon’ble Prime Minister in his Independence Day address had set-out the vision for India@100.

By achieving certain goals during the Amrit Kaal, our government aims to attain the vision. 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.

Since 2014 our government’s focus has been on empowerment of citizens, especially the poor and the marginalised. Measures have included programmes that have provided housing, electricity, cooking gas, and access to water.

We also have programmes for ensuring financial inclusion and direct benefit transfers. We are committed to strengthening the abilities of the poor to tap all opportunities. Our government constantly strives to provide the necessary ecosystem for the middle classes – a vast and wide section which is populated across various middle-income brackets – to make use of the opportunities they so desire.

This Budget seeks to lay the foundation and give a blueprint to steer the economy over the Amrit Kaal of the next 25 years – from India at 75 to India at 100. It continues to build on the vision drawn in the Budget of 2021- 22. Its fundamental tenets, which included transparency of financial statement and fiscal position, reflect the government’s intent, strengths, and challenges. This continues to guide us.

The initiatives of the last year’s Budget have seen significant progress and have been provided with adequate allocations in this Budget as well.

The strengthening of health infrastructure, speedy implementation of the vaccination programme, and the nation-wide resilient response to the current wave of the pandemic, are evident for all.

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 ` 30 lakh crore during next 5 years.

Towards implementation of the new Public Sector Enterprise policy, 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. Others too are in the process for 2022-23.

The National Bank for Financing Infrastructure and Development  (NaBFID) and National Asset Reconstruction Company have commenced  their activities.  13. Hon’ble Speaker sir, Budget 2021-22 had provided a sharp increase  in provision for public investment or capital expenditure. Throughout the  year, with the Hon’ble Prime Minister, guiding the implementation, our  economic recovery is continuing to benefit from the multiplier effect.

Click here to read the full speech in PDF.