New Delhi: Prime Minister Narendra Modi called the Union Budget 2022 "progressive" on Wednesday and said the country's GDP has increased by over 1 lakh in seven or eight years.
PM Modi said, "Seven-eight years ago, India's GDP was around Rs 1,10,000 crore. Today the GDP is around Rs 2,30,000 crore."
"In 2013-14, India's exports were around Rs 2.50 crore. But today, the export is around 4,70,000 crore," PM Modi said.
"Seven years ago, $275 billion [foreign exchange reserve] was reserved in India and today, the foreign exchange reserve is around $630 billion," PM Modi said.
"Even during the Covid-19 pandemic, the economy in India has strengthened and grabbed the interest of the world," PM Modi said.
PM Modi said this while addressing Bharatiya Janata Party (BJP) workers on Wednesday. He explained various provisions of the budget 2022 and urged them to inform about the same people across states.
He said the budget focuses on providing necessities to the needy, middle class and the youth. Here are some top points from his speech:
Rural development
PM Modi said, "Around 9 crore rural houses have been provided tap water and more than 5 crore rural houses were given water connection in 2 years under this scheme."
"This year, approximately 4 crore rural houses will have access to pipe water connection...which will help farmers with irrigation and farming," PM Modi said.
In this year's budget, the government has proposed to make 80 lakh pucca houses for the needy. For this project, Rs 48,000 crore will be spent. [In the past], the government has made any women the owners of the house," PM Modi said.
Development in border villages
PM Modi said border villages act as "forts". He said the government has a holistic approach to boost development in these villages. He mentioned the "vibrant village programme" which is expected to help it accomplish this aim.
"In the budget, a "vibrant village programme" has been mentioned. Border villages can become tourist places...and we can introduce homestay networks in such areas [in Uttarakhand, Arunachal Pradesh and Ladakh]. These villages can also become an attraction for nature lovers. This programme will help these villages," PM Modi said.
PM Modi said the government also plans to set up NCC schools in border villages.
" TheKen-Betwa river interlinking project is set to change the face of Bundelkhand spanning Madhya Pradesh and Uttar Pradesh," PM Modi said.
Farmers' welfare.
PM Modi urged farmers to adopt organic farming and technologies. Promoting the use of "Kisaan drones", PM Modi said farmers will be provided drone technology and other equipment through Farmer Producer Organisations (FPOs).
He also mentioned the "Natural Farming Corridor" along the banks of River Ganga that would help farmers with the irrigation process and also help in Ganga Swatchchta Abhiyaan. He said the corridor would be 2500 km long and 10 km wide, and pass through states such as Uttarakhand, Jharkhand, Bengal and Uttar Pradesh.
Besides, for the MSP, Rs 68,000 crore will be directly sent to the accounts of farmers, 11 crore more than benefited.
Sports
The budget has given importance to sports, PM Modi said. He said the budget for it has increased three times over the years and will benefit the youth. He also mentioned the Khelo Abhiyan.
Post offices
PM Modi said there are more than 1.5 lakh post offices in the country. "People will now be able to have access to mobile banking, ATM and online fund transfer benefits. They don't need to go to the post office to deposit money and use an online transfer facility to transfer money.
5-G technology
"Very soon every village will have optical fibre connectivity and the 5G technology will usher in the new era," PM Modi said.
" The 5-G technology will encourage ease of living and ease of doing business," PM Modi said, adding that smart transportation will become a reality.
Digital Rupee
Digital Rupee will open up new opportunities for the Fintech sector, PM Modi said.
PM Modi said the digital currency will be introduced by the RBI and will be monitored and controlled. "It can be exchanged by physical currency. Digital payment will be risk-free," PM Modi said.
Tax benefits for startups and public investment
Tax benefits for startups in the budget will motivate youngsters to innovate, PM Modi said.
PM Modi said the public investment, in this year's budget, has been capped at 7,50,000 crore. "The budget proposes to make a four-fold increase in public investments from UPA years. It will open up immense opportunities," PM Modi said.
I-T return filing
PM Modi said if there was a computer error or print error in I-T return filing, the person can get the mistake rectified within two years.
PM Modi said this a day after
Finance Minister Nirmala Sitharaman announced that taxpayers can now update I-T returns within 2 years.
"To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year," said the Nirmala Sitharaman.