Fiscal deficit 6.4% of the GDP: Nirmala Sitharaman

Union Finance Minister Nirmala Sithraman presented the Union Budget in Lok Sabha on Tuesday. She read out the digitized budget from a tablet which was kept inside a red coloured cover with a golden coloured national emblem embossed on it.

New Delhi: Union Finance Minister Nirmala Sitharaman announced in her Budget Speech in Lok Sabha on Tuesday that the effective capital expenditure of the Central Government is estimated to be at Rs 10.68 lakh crore in 2022-23 which is about 4.1 per cent of the GDP. She also said that the fiscal deficit stands at 6.4 per cent of the GDP. Sitharaman announced the Government will launch a national tele-mental health program to deal with the mental health issues among the people which has been brought to the fore by the Covid-19 pandemic.

The Finance Minister also announced that the Government will launch an open platform for the National Digital Health Ecosystem. She said that the platform will comprise of digital registries of healthcare providers and health facilities and ensure universal health facilities.

Presenting the Union Budget on Tuesday in Lok Saha Union Finance Minister Nirmala Sithraman announced that the National Highway network will be expanded by 25,000 kms during the financial year of 2022-23. She also announced that 400 new generation Bande Bharat trains will be rolled out in the next three years.

She also said that 100 Cargo Terminals will be set up under the PM Gatishaki in the next few years. The Finance Minister said that that PM Gatishakti PM GatiShakti will pull forward the economy and will lead to more jobs and opportunities for the youth. "PM GatiShakti masterplan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency," she added.

As for the agricultural sector, she said that natural farming will be promoted along Ganga corridor. Sithraman said that "inclusive development" is the priority of the Government adding 1,000 LMT Paddy is expected to be procured benefitting over 1 crore farmers.

She also said that the use of KIssan drones for the purpose of crop assessments, maintaining land records and spraying of insecticides is expected to usher in a new wave of technology in the agriculture and farming sector. The Finance Minister also said that the Ken-Betwa link worth Rs 44,605 crore will be embarked upon to provide irrigation of over 9 lakh hectares of agricultural land, farming and livelihood facilities to farmers and the local population.

"We strive to provide the necessary ecosystem for the middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100," she added. The FM began her speech saying, "We strive to provide a necessary ecosystem for the middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100. Budget 2022 to focus on four pillars – productivity, climate action, financing investments & PM Gati Shakti plan."

Earlier in the day the Finance Minister accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and senior government met President Ram Nath Kovind as per tradition.

"Nirmala Sitharaman, Minister of Finance along with Ministers of State for Finance, Dr Bhagwat Kishanrao Karad, Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022-23," Rashtrapati Bhavan stated in a tweet.

Earlier the MoS finance said that the Union Budget will be inclusive and ensure benefits to everyone. "Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors' needs. It will be benefiting everyone...All sectors (including farmers) should have expectations from today's budget," said Chowdhury.

Sithraman on Monday presented the Economic Survey which predicted that India's economy will grow by 9.2 per cent during Financial Year 2021-22 and by 8-8.5 per cent in fiscal 2023 beginning 1 April.