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Union Budget 2022 in numbers: Covid spending, fiscal deficit and GST collection
Union Budget 2022: Finance minister Nirmala Sitharaman focussed on uplifting the lives of the poor and marginalised as she presented the financial document for the upcoming finance year. The key focus was laying a roadmap for the next 25 years.
Presenting the Union Budget, finance minister Nirmala Sitharaman talked about the strides made by India in various sectors, especially during the coronavirus disease (Covid-19) pandemic. In her fourth successive Budget, Sitharaman aimed to boost growth amid continued disruption from Covid-19 and rising inflation.
Full Coverage: Union Budget 2022
Here are the key numbers to watch out for in the Budget, where the focus was on preparing a roadmap for the next 25 years and boost manufacturing, helping rural and agri-economy and infrastructure creation.
Covid spending: The finance minister began her presentation of Unioln Budget 2022 by expressing empathy with those who were affected by the adverse health and economic effects of the Covid-19 pandemic. She said that Covid-19 has accentuated mental health problems in people of all ages, and announced the launch of a national tele mental health programme. "This will include a network of 23 tele mental health centres of excellence with Nimhans being the nodal centre and IIIT Bangalore providing technical support," added Sitharaman.
Fiscal deficit: The Budget projected a fiscal deficit of 6.4 per cent of Gross Domestic Product (GDP) in 2022/23 and 4.5 per cent by 2025/26. It also revised the fiscal deficit for 2021/22 at 6.9 per cent of the GDP. The states will be allowed 4% fiscal deficit to GDP in FY'23, announced Sitharaman.
Disinvestment/Privatisation: With a focus on privatisation and keeping in mind fiscal consolidation and capital expenditure, the number was one of the closely watched metrics in the Budget speech. Sitharaman announced that disinvestment receipts have been pegged at ₹65,000 crore next year. She also said that estimates for current year have been cut to ₹78,000 crore from ₹1.75 lakh crore.
Capital expenditure: The finance minister stated that the outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4 per cent from ₹5.54 lakh crore in the current year to ₹7.50 lakh crore in 2022-23. "This has increased to more than 2.2 times the expenditure of 2019-20. This outlay in 2022-23 will be 2.9 per cent of GDP," she added. Capital expenditure taken together with provision made for creation of capital assets through Grants-In-Aid to States, the 'Effective Capital Expenditure' of the Central Government is estimated at ₹10.68 lakh crore in 2022-23, which will be 4.1 per cent of GDP. The total expenditure in 2022-23 is estimated at ₹39.45 lakh crore, while the total receipts other than borrowings are estimated at ₹22.84 lakh crore.
Goods and Services Tax: In her Budget speech today, Sitharaman said that Goods and Services Tax (GST) played a remarkable reform in India's GDP. "GST revenues are buoyant despite the pandemic, gross GST collection for the month of January are over Rs. 1.4 lakh crore. The highest since the inception of GST," she said.
