Finance Minister Nirmala Sitharaman presented Union Budget in Parliament today. In this year’s budget, the main focus was laid on agriculture sector and various other sectors. If, in case you missed the speech of Nirmala Sitharaman, here is the full text of her speech.

Speech of
Nirmala Sitharaman
Minister of Finance
February 1, 2022
Hon’ble Speaker,
I present the Budget for the year 2022-23.
Introduction

1. 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.
2. 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.
3. 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.
4. 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.
5. 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,
   2
    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.
6. 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.
7. 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-
   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.
8. The initiatives of the last year’s Budget have seen significant
   progress and have been provided with adequate allocations in this Budget
   as well.
9. 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.
10. 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.
11. 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.
12. 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.
14. This Budget continues to provide impetus for growth. It lays a
    parallel track of (1) a blueprint for the Amrit Kaal, which is futuristic and
    inclusive. This will directly benefit our youth, women, farmers, the
    Scheduled Castes and the Scheduled Tribes. And (2) big public investment
    for modern infrastructure, readying for India at 100. This shall be guided by
    PM GatiShakti and be benefited by the synergy of multi-modal approach.
    Moving forward, on this parallel track, we lay the following four priorities:
     PM GatiShakti
     Inclusive Development
     Productivity Enhancement & Investment, Sunrise
    Opportunities, Energy Transition, and Climate Action
     Financing of Investments

PM GatiShakti

15. PM GatiShakti is a transformative approach for economic growth
    and sustainable development. The approach is driven by seven engines,
    namely, Roads, Railways, Airports, Ports, Mass Transport, Waterways, and
    Logistics Infrastructure. All seven engines will pull forward the economy in
    unison. These engines are supported by the complementary roles of Energy
    Transmission, IT Communication, Bulk Water & Sewerage, and Social
    Infrastructure. Finally, the approach is powered by Clean Energy and Sabka
    Prayas – the efforts of the Central Government, the state governments, and
    the private sector together – leading to huge job and entrepreneurial
    opportunities for all, especially the youth.
    PM GatiShakti National Master Plan
16. The scope of PM GatiShakti National Master Plan will encompass the
    seven engines for economic transformation, seamless multimodal
    connectivity and logistics efficiency. It will also include the infrastructure
    developed by the state governments as per the GatiShakti Master Plan. The

focus will be on planning, financing including through innovative ways, use
of technology, and speedier implementation.

17. The projects pertaining to these 7 engines in the National
    Infrastructure Pipeline will be aligned with PM GatiShakti framework. The
    touchstone of the Master Plan will be world-class modern infrastructure
    and logistics synergy among different modes of movement – both of people
    and goods – and location of projects. This will help raise productivity, and
    accelerate economic growth and development.
    Road Transport
18. PM GatiShakti Master Plan for Expressways will be formulated in
    2022-23 to facilitate faster movement of people and goods. The National
    Highways network will be expanded by 25,000 km in 2022-23. ` 20,000
    crore will be mobilized through innovative ways of financing to complement
    the public resources.
    Seamless Multimodal Movement of Goods and People
19. The data exchange among all mode operators will be brought on
    Unified Logistics Interface Platform (ULIP), designed for Application
    Programming Interface (API). This will provide for efficient movement of
    goods through different modes, reducing logistics cost and time, assisting
    just-in-time inventory management, and in eliminating tedious
    documentation. Most importantly, this will provide real time information to
    all stakeholders, and improve international competitiveness. Open-source
    mobility stack, for organizing seamless travel of passengers will also be
    facilitated.
    Multimodal Logistics Parks
20. Contracts for implementation of Multimodal Logistics Parks at four
    locations through PPP mode will be awarded in 2022-23.
    Railways
21. Railways will develop new products and efficient logistics services
    for small farmers and Small and Medium Enterprises, besides taking the
    lead in integration of Postal and Railways networks to provide seamless
    solutions for movement of parcels.
22. ‘One Station-One Product’ concept will be popularized to help local
    businesses & supply chains.
    
23. As a part of

Atmanirbhar Bharat, 2,000 km of network will be
brought under Kavach, the indigenous world-class technology for safety and
capacity augmentation in 2022-23. Four hundred new-generation Vande
Bharat Trains with better energy efficiency and passenger riding experience
will be developed and manufactured during the next three years.

24. One hundred PM GatiShakti Cargo Terminals for multimodal logistics
    facilities will be developed during the next three years.
    Mass Urban Transport including Connectivity to Railways
25. Innovative ways of financing and faster implementation will be
    encouraged for building metro systems of appropriate type at scale.
    Multimodal connectivity between mass urban transport and railway
    stations will be facilitated on priority. Design of metro systems, including
    civil structures, will be re-oriented and standardized for Indian conditions
    and needs.
    Parvatmala: National Ropeways Development Programme
26. As a preferred ecologically sustainable alternative to conventional
    roads in difficult hilly areas, National Ropeways Development Programme
    will be taken up on PPP mode. The aim is to improve connectivity and
    convenience for commuters, besides promoting tourism. This may also
    cover congested urban areas, where conventional mass transit system is not
    feasible. Contracts for 8 ropeway projects for a length of 60 km will be
    awarded in 2022-23.
    Capacity Building for Infrastructure Projects
27. With technical support from the Capacity Building Commission,
    central ministries, state governments, and their infra-agencies will have
    their skills upgraded. This will ramp up capacity in planning, design,
    financing (including innovative ways), and implementation management of
    the PM GatiShakti infrastructure projects.
    Inclusive Development
    Agriculture
28. The procurement of wheat in Rabi 2021-22 and the estimated
    procurement of paddy in Kharif 2021-22 will cover 1208 lakh metric tonnes
    of wheat and paddy from 163 lakh farmers, and ` 2.37 lakh crore direct
    payment of MSP value to their accounts.
29. Chemical-free Natural Farming will be promoted throughout the
30. country, with a focus on farmers’ lands in 5-km wide corridors along river
31. Ganga, at the first stage.
32. 2023 has been announced as the International Year of Millets.
33. Support will be provided for post-harvest value addition, enhancing
34. domestic consumption, and for branding millet products nationally and
35. internationally.
36. To reduce our dependence on import of oilseeds, a rationalised and
37. comprehensive scheme to increase domestic production of oilseeds will be
38. implemented.
39. For delivery of digital and hi-tech services to farmers with
40. involvement of public sector research and extension institutions along with
41. private agri-tech players and stakeholders of agri-value chain, a scheme in
42. PPP mode will be launched.
43. Use of ‘Kisan Drones’ will be promoted for crop assessment,
44. digitization of land records, spraying of insecticides, and nutrients.
45. States will be encouraged to revise syllabi of agricultural universities
46. to meet the needs of natural, zero-budget and organic farming, modern-day
47. agriculture, value addition and management.
48. A fund with blended capital, raised under the co-investment model,
49. will be facilitated through NABARD. This is to finance startups for
50. agriculture & rural enterprise, relevant for farm produce value chain. The
51. activities for these startups will include, inter alia, support for FPOs,
52. machinery for farmers on rental basis at farm level, and technology
53. including IT-based support.
54. Ken Betwa project and Other River Linking Projects
55. Implementation of the Ken-Betwa Link Project, at an estimated cost
56. of 44,605 crore will be taken up. This is aimed at providing irrigation benefits to 9.08 lakh hectare of farmers’ lands, drinking water supply for 62 lakh people, 103 MW of Hydro, and 27 MW of solar power. Allocations of
57. 4,300 crore in RE 2021-22 and ` 1,400 crore in 2022-23 have been made for
58. this project.
59. Draft DPRs of five river links, namely Damanganga-Pinjal, Par-TapiNarmada, Godavari-Krishna, Krishna-Pennar and Pennar-Cauvery have been

finalized. Once a consensus is reached among the beneficiary states, the
Centre will provide support for implementation.
Food Processing

38. For farmers to adopt suitable varieties of fruits and vegetables, and
    to use appropriate production and harvesting techniques, our government
    will provide a comprehensive package with participation of state
    governments.
    MSME
39. Udyam, e-Shram, NCS and ASEEM portals will be interlinked. Their
    scope will be widened. They will now perform as portals with live, organic
    databases, providing G2C, B2C and B2B services. These services will relate
    to credit facilitation, skilling, and recruitment with an aim to further
    formalise the economy and enhance entrepreneurial opportunities for all.
40. Emergency Credit Line Guarantee Scheme (ECLGS) has provided
    much-needed additional credit to more than 130 lakh MSMEs. This has
    helped them mitigate the adverse impact of the pandemic. The hospitality
    and related services, especially those by micro and small enterprises, are
    yet to regain their pre-pandemic level of business. Considering these
    aspects, the ECLGS will be extended up to March 2023 and its guarantee
    cover will be expanded by 50,000 crore to total cover of 5 lakh crore,
    with the additional amount being earmarked exclusively for the hospitality
    and related enterprises.
41. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE)
    scheme will be revamped with required infusion of funds. This will facilitate
    additional credit of ` 2 lakh crore for Micro and Small Enterprises and
    expand employment opportunities.
42. Raising and Accelerating MSME Performance (RAMP) programme
    with outlay of ` 6,000 crore over 5 years will be rolled out. This will help the
    MSME sector become more resilient, competitive and efficient.
    Skill Development
43. Skilling programmes and partnership with the industry will be
    reoriented to promote continuous skilling avenues, sustainability, and
    employability. The National Skill Qualification Framework (NSQF) will be
    aligned with dynamic industry needs.
44. Digital Ecosystem for Skilling and Livelihood – the DESH-Stack eportal – will be launched. This aims to empower citizens to skill, reskill or
45. upskill through on-line training. It will also provide API-based trusted skill
46. credentials, payment and discovery layers to find relevant jobs and
47. entrepreneurial opportunities.
48. Startups will be promoted to facilitate ‘Drone Shakti’ through varied
49. applications and for Drone-As-A-Service (DrAAS). In select ITIs, in all states,
50. the required courses for skilling, will be started.
51. Universalization of Quality Education
52. Due to the pandemic-induced closure of schools, our children,
53. particularly in the rural areas, and those from Scheduled Castes and
54. Scheduled Tribes, and other weaker sections, have lost almost 2 years of
55. formal education. Mostly, these are children in government schools. We
56. recognise the need to impart supplementary teaching and to build a
57. resilient mechanism for education delivery. For this purpose, ‘one class-one
58. TV channel’ programme of PM eVIDYA will be expanded from 12 to 200 TV
59. channels. This will enable all states to provide supplementary education in
60. regional languages for classes 1-12.
61. In vocational courses, to promote crucial critical thinking skills, to
62. give space for creativity, 750 virtual labs in science and mathematics, and 75
63. skilling e-labs for simulated learning environment, will be set-up in 2022-23.
64. High-quality e-content in all spoken languages will be developed for
65. delivery via internet, mobile phones, TV and radio through Digital Teachers.
66. A competitive mechanism for development of quality e-content by
67. the teachers will be set-up to empower and equip them with digital tools of
68. teaching and facilitate better learning outcomes.
69. Digital University
70. A Digital University will be established to provide access to students
71. across the country for world-class quality universal education with
72. personalised learning experience at their doorsteps. This will be made
73. available in different Indian languages and ICT formats. The University will
74. be built on a networked hub-spoke model, with the hub building cutting
75. edge ICT expertise. The best public universities and institutions in the
76. country will collaborate as a network of hub-spokes.

Ayushman Bharat Digital Mission

52. An open platform, for the National Digital Health Ecosystem will be
    rolled out. It will consist of digital registries of health providers and health
    facilities, unique health identity, consent framework, and universal access
    to health facilities.
    National Tele Mental Health Programme
53. The pandemic has accentuated mental health problems in people of
    all ages. To better the access to quality mental health counselling and care
    services, a ‘National Tele Mental Health Programme’ will be launched. This
    will include a network of 23 tele-mental health centres of excellence, with
    NIMHANS being the nodal centre and International Institute of Information
    Technology-Bangalore (IIITB) providing technology support.
    Mission Shakti, Mission Vatsalya, Saksham Anganwadi & Poshan 2.0
54. Recognizing the importance of Nari Shakti as the harbinger of our
    bright future and for women-led development during the Amrit Kaal, our
    government has comprehensively revamped the schemes of the Ministry of
    Women & Child Development. Accordingly, three schemes, namely,
    Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 were
    launched recently to provide integrated benefits to women and
    children. Saksham Anganwadis are a new generation anganwadis that have
    better infrastructure and audio-visual aids, powered by clean energy and
    providing improved environment for early child development. Two lakh
    anganwadis will be upgraded under the Scheme.
    Har Ghar, Nal Se Jal
55. Current coverage of Har Ghar, Nal Se Jal is 8.7 crores. Of this 5.5
    crore households were provided tap water in last 2 years itself. Allocation of
    ` 60,000 crore has been made with an aim to cover 3.8 crore households in
    2022-23.
    Housing for All
56. In 2022-23 80 lakh houses will be completed for the identified
    eligible beneficiaries of PM Awas Yojana, both rural and urban. ` 48,000
    crore is allocated for this purpose.
57. The Central Government will work with the state governments for
    reduction of time required for all land and construction related approvals,
    for promoting affordable housing for middle class and Economically Weaker

Sections in urban areas. We shall also work with the financial sector
regulators to expand access to capital along with reduction in cost of
intermediation.
Prime Minister’s Development Initiative for North East Region (PMDevINE)

57. A new scheme, Prime Minister’s Development Initiative for NorthEast, PM-DevINE, will be implemented through the North-Eastern Council. It
    will fund infrastructure, in the spirit of PM GatiShakti, and social
    development projects based on felt needs of the North-East. This will
    enable livelihood activities for youth and women, filling the gaps in various
    sectors. It will not be a substitute for existing central or state schemes.
    While the central ministries may also pose their candidate projects, priority
    will be given to those posed by the states. An initial allocation of ` 1,500
    crore will be made, and the initial list of projects is given in Annexure-1.
    Aspirational Blocks Programme
58. Our vision to improve the quality of life of citizens in the most
    backward districts of the country through Aspirational Districts Programme
    has been translated into reality in a short span of time. 95 per cent of those
    112 districts have made significant progress in key sectors such as health,
    nutrition, financial inclusion and basic infrastructure. They have surpassed
    the state average values. However, in those districts, some blocks continue
    to lag. In 2022-23, the programme will focus on such blocks in those
    districts.
    Vibrant Villages Programme
59. Border villages with sparse population, limited connectivity and
    infrastructure often get left out from the development gains. Such villages
    on the northern border will be covered under the new Vibrant Villages
    Programme. The activities will include construction of village infrastructure,
    housing, tourist centres, road connectivity, provisioning of decentralized
    renewable energy, direct to home access for Doordarshan and educational
    channels, and support for livelihood generation. Additional funding for
    these activities will be provided. Existing schemes will be converged. We will
    define their outcomes and monitor them on a constant basis.
    Anytime – Anywhere Post Office Savings
60. In 2022, 100 per cent of 1.5 lakh post offices will come on the core
    banking system enabling financial inclusion and access to accounts through

net banking, mobile banking, ATMs, and also provide online transfer of
funds between post office accounts and bank accounts. This will be helpful,
especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion.
Digital Banking

61. In recent years, digital banking, digital payments and fintech
    innovations have grown at a rapid pace in the country. Government is
    continuously encouraging these sectors to ensure that the benefits of digital
    banking reach every nook and corner of the country in a consumer-friendly
    manner. Taking forward this agenda, and to mark 75 years of our
    independence, it is proposed to set up 75 Digital Banking Units (DBUs) in 75
    districts of the country by Scheduled Commercial Banks.
    Digital Payments
62. The financial support for digital payment ecosystem announced in
    the previous Budget will continue in 2022-23. This will encourage further
    adoption of digital payments. There will also be a focus to promote use of
    payment platforms that are economical and user friendly.
    Productivity Enhancement & Investment, Sunrise Opportunities, Energy
    Transition, and Climate Action
    Productivity Enhancement & Investment
    Ease of Doing Business 2.0 & Ease of Living
63. In recent years, over 25,000 compliances were reduced and 1486
    Union laws were repealed. This is the result of our government’s strong
    commitment for ‘minimum government & maximum governance’, our trust
    in the public, and ease of doing business (EODB).
64. For the Amrit Kaal, the next phase of Ease of Doing Business EODB
    2.0 and Ease of Living, will be launched. In our endeavour to improve
    productive efficiency of capital and human resources, we will follow the
    idea of ‘trust-based governance’.
65. This new phase will be guided by an active involvement of the
    states, digitisation of manual processes and interventions, integration of the
    central and state-level systems through IT bridges, a single point access for
    all citizen-centric services, and a standardization and removal of
    overlapping compliances. Crowdsourcing of suggestions and ground level

assessment of the impact with active involvement of citizens and businesses
will be encouraged.
Green Clearances

66. A single window portal, PARIVESH, for all green clearances was
    launched in 2018. It has been instrumental in reducing the time required for
    approvals significantly. The scope of this portal will now be expanded, to
    provide information to the applicants. Based on location of units,
    information about specific approvals will be provided. It will enable
    application for all four approvals through a single form, and tracking of the
    process through Centralized Processing Centre-Green (CPC-Green).
    e-Passport
67. The issuance of e-Passports using embedded chip and futuristic
    technology will be rolled out in 2022-23 to enhance convenience for the
    citizens in their overseas travel.
    Urban Development
68. By the time of India @ 100, nearly half our population is likely to be
    living in urban areas. To prepare for this, orderly urban development is of
    critical importance. This will help realize the country’s economic potential,
    including livelihood opportunities for the demographic dividend. For this, on
    the one hand we need to nurture the megacities and their hinterlands to
    become current centres of economic growth. On the other hand, we need
    to facilitate tier 2 and 3 cities to take on the mantle in the future. This
    would require us to reimagine our cities into centres of sustainable living
    with opportunities for all, including women and youth. For this to happen,
    urban planning cannot continue with a business-as-usual approach. We plan
    to steer a paradigm change.
69. A high-level committee of reputed urban planners, urban
    economists and institutions will be formed to make recommendations on
    urban sector policies, capacity building, planning, implementation and
    governance.
    Urban Planning Support to States
70. For urban capacity building, support will be provided to the states.
    Modernization of building byelaws, Town Planning Schemes (TPS), and
    Transit Oriented Development (TOD) will be implemented. This will
    facilitate reforms for people to live and work closer to mass transit systems.

The Central Government’s financial support for mass transit projects and
AMRUT scheme will be leveraged for formulation of action plans and their
implementation for facilitating TOD and TPS by the states.

71. For developing India specific knowledge in urban planning and
    design, and to deliver certified training in these areas, up to five existing
    academic institutions in different regions will be designated as centres of
    excellence. These centres will be provided endowment funds of ` 250 crore
    each. In addition, AICTE will take the lead to improve syllabi, quality and
    access of urban planning courses in other institutions.
    Clean & Sustainable Mobility
72. We will promote a shift to use of public transport in urban areas.
    This will be complemented by clean tech and governance solutions, special
    mobility zones with zero fossil-fuel policy, and EV vehicles.
    Battery Swapping Policy
73. Considering the constraint of space in urban areas for setting up
    charging stations at scale, a battery swapping policy will be brought out and
    inter-operability standards will be formulated. The private sector will be
    encouraged to develop sustainable and innovative business models for
    ‘Battery or Energy as a Service’. This will improve efficiency in the EV ecosystem.
    Land Records Management
74. Efficient use of land resources is a strong imperative. States will be
    encouraged to adopt Unique Land Parcel Identification Number to facilitate
    IT-based management of records. The facility for transliteration of land
    records across any of the Schedule VIII languages will also be rolled out.
75. The adoption or linkage with National Generic Document
    Registration System (NGDRS) with the ‘One-Nation One-Registration
    Software’ will be promoted as an option for uniform process for registration
    and ‘anywhere registration’ of deeds & documents.
    Insolvency and Bankruptcy Code
76. Necessary amendments in the Code will be carried out to enhance
    the efficacy of the resolution process and facilitate cross border insolvency
    resolution.

Accelerated Corporate Exit

77. Several IT-based systems have been established for accelerated
    registration of new companies. Now the Centre for Processing Accelerated
    Corporate Exit (C-PACE) with process re-engineering, will be established to
    facilitate and speed up the voluntary winding-up of these companies from
    the currently required 2 years to less than 6 months.
    Government Procurement
78. Government rules have recently been modernized for the needs the
    Amrit Kaal. The new rules have benefitted from the inputs from various
    stakeholders. The modernised rules allow use of transparent quality criteria
    besides cost in evaluation of complex tenders. Provisions have been made
    for payment of 75 per cent of running bills, mandatorily within 10 days and
    for encouraging settlement of disputes through conciliation.
79. As a further step to enhance transparency and to reduce delays in
    payments, a completely paperless, end-to-end online e-Bill System will be
    launched for use by all central ministries for their procurements. The
    system will enable the suppliers and contractors to submit online their
    digitally signed bills and claims and track their status from anywhere.
80. To reduce indirect cost for suppliers and work-contractors, the use
    of surety bonds as a substitute for bank guarantee will be made acceptable
    in government procurements. Business such as gold imports may also find
    this useful. IRDAI has given the framework for issue of surety bonds by
    insurance companies.
    AVGC Promotion Task Force
81. The animation, visual effects, gaming, and comic (AVGC) sector
    offers immense potential to employ youth. An AVGC promotion task force
    with all stakeholders will be set-up to recommend ways to realize this and
    build domestic capacity for serving our markets and the global demand.
    Telecom Sector
82. Telecommunication in general, and 5G technology in particular, can
    enable growth and offer job opportunities. Required spectrum auctions will
    be conducted in 2022 to facilitate rollout of 5G mobile services within 2022-
    23 by private telecom providers.
83. A scheme for design-led manufacturing will be launched to build a
    strong ecosystem for 5G as part of the Production Linked Incentive Scheme.
84. To enable affordable broadband and mobile service proliferation in
85. rural and remote areas, five per cent of annual collections under the
86. Universal Service Obligation Fund will be allocated. This will promote R&D
87. and commercialization of technologies and solutions.
88. Our vision is that all villages and their residents should have the
89. same access to e-services, communication facilities, and digital resources as
90. urban areas and their residents. The contracts for laying optical fibre in all
91. villages, including remote areas, will be awarded under the Bharatnet
92. project through PPP in 2022-23. Completion is expected in 2025. Measures
93. will be taken to enable better and more efficient use of the optical fibre.
94. Export Promotion
95. The Special Economic Zones Act will be replaced with a new
96. legislation that will enable the states to become partners in ‘Development
97. of Enterprise and Service Hubs’. This will cover all large existing and new
98. industrial enclaves to optimally utilise available infrastructure and enhance
99. competitiveness of exports.
100. AtmaNirbharta in Defence
101. Our Government is committed to reducing imports and promoting
102. AtmaNirbharta in equipment for the Armed Forces. 68 per cent of the
103. capital procurement budget will be earmarked for domestic industry in
104. 2022-23, up from 58 per cent in 2021-22.
105. Defence R&D will be opened up for industry, startups and academia
106. with 25 per cent of defence R&D budget earmarked. Private industry will
107. be encouraged to take up design and development of military platforms and
108. equipment in collaboration with DRDO and other organizations through SPV
109. model. An independent nodal umbrella body will be set up for meeting
110. wide ranging testing and certification requirements.
111. Sunrise Opportunities
112. Artificial Intelligence, Geospatial Systems and Drones,
113. Semiconductor and its eco-system, Space Economy, Genomics and
114. Pharmaceuticals, Green Energy, and Clean Mobility Systems have immense
115. potential to assist sustainable development at scale and modernize the
116. country. They provide employment opportunities for youth, and make
117. Indian industry more efficient and competitive.
118. Supportive policies, light-touch regulations, facilitative actions to
119. build domestic capacities, and promotion of research & development will
120. guide the government’s approach. For R&D in these sunrise opportunities,
121. in addition to efforts of collaboration among academia, industry and public
122. institutions, government contribution will be provided.
123. Energy Transition and Climate Action
124. The risks of climate change are the strongest negative externalities
125. that affect India and other countries. As Hon’ble Prime Minister said at the
126. COP26 summit in Glasgow last November, “what is needed today is mindful
127. and deliberate utilisation, instead of mindless and destructive
128. consumption.” The low carbon development strategy as enunciated in the
129. ‘panchamrit’ that he announced is an important reflection of our
130. government’s strong commitment towards sustainable development.
131. This strategy opens up huge employment opportunities and will take
132. the country on a sustainable development path. This budget proposes
133. several near-term and long-term actions accordingly.
134. Solar Power
135. To facilitate domestic manufacturing for the ambitious goal of 280
136. GW of installed solar capacity by 2030, an additional allocation of ` 19,500
137. crore for Production Linked Incentive for manufacture of high efficiency
138. modules, with priority to fully integrated manufacturing units from
139. polysilicon to solar PV modules, will be made.
140. Circular Economy
141. The Circular Economy transition is expected to help in productivity
142. enhancement as well as creating large opportunities for new businesses and
143. jobs. The action plans for ten sectors such as electronic waste, end-of-life
144. vehicles, used oil waste, and toxic & hazardous industrial waste are ready.
145. The focus now will be on addressing important cross cutting issues of
146. infrastructure, reverse logistics, technology upgradation and integration
147. with informal sector. This will be supported by active public policies
148. covering regulations, extended producers’ responsibilities framework and
149. innovation facilitation.
150. Transition to Carbon Neutral Economy
151. Five to seven per cent biomass pellets will be co-fired in thermal
152. power plants resulting in CO2 savings of 38 MMT annually. This will also

provide extra income to farmers and job opportunities to locals and help
avoid stubble burning in agriculture fields.

96. Saving energy is an important aspect of energy management. Hence,
    energy efficiency and savings measures will be promoted. This will be done
    in large commercial buildings through the Energy Service Company (ESCO)
    business model. It will facilitate capacity building and awareness for energy
    audits, performance contracts, and common measurement & verification
    protocol.
97. Four pilot projects for coal gasification and conversion of coal into
    chemicals required for the industry will be set-up to evolve technical and
    financial viability.
98. The policies and required legislative changes to promote agro
    forestry and private forestry will be brought in. In addition, financial support
    will be provided to farmers belonging to Scheduled Castes and Scheduled
    Tribes, who want to take up agro-forestry.
    Financing of Investments
    Public Capital Investment
99. Capital investment holds the key to speedy and sustained economic
    revival and consolidation through its multiplier effect. Capital investment
    also helps in creating employment opportunities, inducing enhanced
    demand for manufactured inputs from large industries and MSMEs, services
    from professionals, and help farmers through better agri-infrastructure. The
    economy has shown strong resilience to come out of the effects of the
    pandemic with high growth. However, we need to sustain that level to
    make up for the setback of 2020-21.
100. As outlined in para 5 earlier, the virtuous cycle of investment
     requires public investment to crowd-in private investment. At this stage,
     private investments seem to require that support to rise to their potential
     and to the needs of the economy. Public investment must continue to take
     the lead and pump-prime the private investment and demand in 2022-23.
101. Considering the above imperative, 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.

Effective Capital Expenditure

102. With this investment taken together with the 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 about 4.1 per cent of GDP.
     Green Bonds
103. As a part of the government’s overall market borrowings in 2022-23,
     sovereign Green Bonds will be issued for mobilizing resources for green
     infrastructure. The proceeds will be deployed in public sector projects
     which help in reducing the carbon intensity of the economy.
     GIFT-IFSC
104. World-class foreign universities and institutions will be allowed in
     the GIFT City to offer courses in Financial Management, FinTech, Science,
     Technology, Engineering and Mathematics free from domestic regulations,
     except those by IFSCA to facilitate availability of high-end human resources
     for financial services and technology.
105. An International Arbitration Centre will be set up in the GIFT City for
     timely settlement of disputes under international jurisprudence.
106. Services for global capital for sustainable & climate finance in the
     country will be facilitated in the GIFT City.
     Infrastructure Status
107. Data Centres and Energy Storage Systems including dense charging
     infrastructure and grid-scale battery systems will be included in the
     harmonized list of infrastructure. This will facilitate credit availability for
     digital infrastructure and clean energy storage.
     Venture Capital and Private Equity Investment
108. Venture Capital and Private Equity invested more than ` 5.5 lakh
     crore last year facilitating one of the largest start-up and growth ecosystem.
     Scaling up this investment requires a holistic examination of regulatory and
     other frictions. An expert committee will be set up to examine and suggest
     appropriate measures.

Blended Finance

109. Government backed Funds NIIF and SIDBI Fund of Funds have
     provided scale capital creating a multiplier effect. For encouraging
     important sunrise sectors such as Climate Action, Deep-Tech, Digital
     Economy, Pharma and Agri-Tech, the government will promote thematic
     funds for blended finance with the government share being limited to 20
     per cent and the funds being managed by private fund managers.
     Financial Viability of Infrastructure Projects
110. For financing the infrastructure needs, the stepping-up of public
     investment will need to be complemented by private capital at a significant
     scale. Measures will be taken to enhance financial viability of projects
     including PPP, with technical and knowledge assistance from multi-lateral
     agencies. Enhancing financial viability shall also be obtained by adopting
     global best practices, innovative ways of financing, and balanced risk
     allocation.
     Digital Rupee
111. Introduction of Central Bank Digital Currency (CBDC) will give a big
     boost to digital economy. Digital currency will also lead to a more efficient
     and cheaper currency management system. It is, therefore, proposed to
     introduce Digital Rupee, using blockchain and other technologies, to be
     issued by the Reserve Bank of India starting 2022-23.
     Financial Assistance to States for Capital Investment
112. Reflecting the true spirit of cooperative federalism, the Central
     Government is committed to bolstering the hands of the states in
     enhancing their capital investment towards creating productive assets and
     generating remunerative employment. The ‘Scheme for Financial Assistance
     to States for Capital Investment’ has been extremely well received by the
     states. In deference to the requests received during my meeting with Chief
     Ministers and state Finance Ministers, the outlay for this scheme is being
     enhanced from 10,000 crore in the Budget Estimates to 15,000 crore in
     the Revised Estimates for the current year.
113. For 2022-23, the allocation is ` 1 lakh crore to assist the states in
     catalysing overall investments in the economy. These fifty-year interest
     free loans are over and above the normal borrowings allowed to the states.
114. This allocation will be used for PM GatiShakti related and other
115. productive capital investment of the states. It will also include components
116. for:
117.  Supplemental funding for priority segments of PM Gram Sadak
118. Yojana, including support for the states’ share,
119.  Digitisation of the economy, including digital payments and
120. completion of OFC network, and
121.  Reforms related to building byelaws, town planning schemes,
122. transit-oriented development, and transferable development
123. rights.
124. In 2022-23, in accordance with the recommendations of the 15th
125. Finance Commission, the states will be allowed a fiscal deficit of 4 per cent
126. of GSDP of which 0.5 per cent will be tied to power sector reforms, for
127. which the conditions have already been communicated in 2021-22.
128. Fiscal Management
129. As against a total expenditure of 34.83 lakh crore projected in the Budget Estimates 2021-22, the Revised Estimate is 37.70 lakh crore. The
130. Revised Estimate of capital expenditure is 6.03 lakh crore. This includes an amount of 51,971 crore towards settlement of outstanding guaranteed
131. liabilities of Air India and its other sundry commitments.
132. Coming to the Budget Estimates, the total expenditure in 2022-23 is
133. estimated at 39.45 lakh crore, while the total receipts other than borrowings are estimated at 22.84 lakh crore.
134. The revised Fiscal Deficit in the current year is estimated at 6.9 per
135. cent of GDP as against 6.8 per cent projected in the Budget Estimates. The
136. Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP, which is
137. consistent with the broad path of fiscal consolidation announced by me last
138. year to reach a fiscal deficit level below 4.5 per cent by 2025-26. While
139. setting the fiscal deficit level in 2022-23, I am conscious of the need to
140. nurture growth, through public investment, to become stronger and
141. sustainable.
142. I will, now, move to Part B of my speech

PART B
Direct Tax

119. Hon’ble Speaker, Sir, I take this opportunity to thank all the
     taxpayers of our country who have contributed immensely and
     strengthened the hands of the government in helping their fellow citizens in
     this hour of need.
     दापियÂवाकरंधÌय«राÕůंिनÂयंयथािविध।
     अशेषाÆकÐपयेþाजायोग±ेमानतिÆþतः॥११॥
     dāpayitvākaraṃdharmyaṃrāṣṭraṃnityaṃyathāvidhi |
     aśeṣānkalpayedrājāyogakṣemānatandritaḥ ||
     “The king must make arrangements for Yogakshema (welfare)
     of the populace by way of abandoning any laxity and by
     governing the state in line with Dharma, along with collecting
     taxes which are in consonance with the Dharma.”
     Mahabharat, Shanti ParvaAdhyaya. 72. Shlok 11
120. Drawing wisdom from our ancient texts, we continue on the path to
     progress. The proposals in this budget, while continuing with our declared
     policy of stable and predictable tax regime, intend to bring more reforms
     that will take ahead our vision to establish a trustworthy tax regime. This
     will further simplify the tax system, promote voluntary compliance by
     taxpayers, and reduce litigation.
     Introducing new ‘Updated return’
121. India is growing at an accelerated pace and people are undertaking
     multiple financial transactions. The Income Tax Department has established
     a robust framework of reporting of taxpayers’ transactions. In this context,
     some taxpayers may realize that they have committed omissions or
     mistakes in correctly estimating their income for tax payment. To provide
     an opportunity to correct such errors, I am proposing a new provision

permitting taxpayers to file an Updated Return on payment of additional
tax. This updated return can be filed within two years from the end of the
relevant assessment year.

122. Presently, if the department finds out that some income has been
     missed out by the assessee, it goes through a lengthy process of
     adjudication. Instead, with this proposal now, there will be a trust reposed
     in the taxpayers that will enable the assessee herself to declare the income
     that she may have missed out earlier while filing her return. Full details of
     the proposal are given in the Finance Bill. It is an affirmative step in the
     direction of voluntary tax compliance.
     Reduced Alternate minimum tax rate and Surcharge for Cooperatives
123. Currently, cooperative societies are required to pay Alternate
     Minimum Tax at the rate of eighteen and one half per cent. However,
     companies pay the same at the rate of fifteen per cent. To provide a level
     playing field between co-operative societies and companies, I, propose to
     reduce this rate for the cooperative societies also to fifteen per cent.
124. I also propose to reduce the surcharge on co-operative societies
     from present 12 per cent to 7 per cent for those having total income of
     more than 1 crore and up to 10 crores.
125. This would help in enhancing the income of cooperative societies
     and its members who are mostly from rural and farming communities.
     Tax relief to persons with disability
126. The parent or guardian of a differently abled person can take an
     insurance scheme for such person. The present law provides for deduction
     to the parent or guardian only if the lump sum payment or annuity is
     available to the differently abled person on the death of the subscriber i.e.
     parent or guardian.
127. There could be situations where differently abled dependants may
     need payment of annuity or lump sum amount even during the lifetime of
     their parents/guardians. I propose to thus allow the payment of annuity and
     lump sum amount to the differently abled dependent during the lifetime of
     parents/guardians, i.e., on parents/ guardians attaining the age of sixty
     years.
     Parity between employees of State and Central government
128. At present, the Central Government contributes 14 per cent of the
     salary of its employee to the National Pension System (NPS) Tier-I. This is
     allowed as a deduction in computing the income of the employee.

However, such deduction is allowed only to the extent of 10 per cent of the
salary in case of employees of the State government. To provide equal
treatment to both Central and State government employees, I propose to
increase the tax deduction limit from 10 per cent to 14 per cent on
employer’s contribution to the NPS account of State Government
employees as well. This would help in enhancing the social security benefits
of the state government employees and bring them at par with central
government employees.
Incentives for Start-ups

129. Start-ups have emerged as drivers of growth for our economy. Over
     the past few years, the country has seen a manifold increase in successful
     start-ups. Eligible start-ups established before 31.3.2022 had been provided
     a tax incentive for three consecutive years out of ten years from
     incorporation. In view of the Covid pandemic, I propose to extend the
     period of incorporation of the eligible start-up by one more year, that is, up
     to 31.03.2023 for providing such tax incentive.
     Incentives for newly incorporated manufacturing entities under
     concessional tax regime
130. In an effort to establish a globally competitive business environment
     for certain domestic companies, a concessional tax regime of 15 per cent tax
     was introduced by our government for newly incorporated domestic
     manufacturing companies. I propose to extend the last date for
     commencement of manufacturing or production under section 115BAB by
     one year i.e. from 31st March, 2023 to 31st March, 2024.
     Scheme for taxation of virtual digital assets
131. There has been a phenomenal increase in transactions in virtual
     digital assets. The magnitude and frequency of these transactions have
     made it imperative to provide for a specific tax regime. Accordingly, for the
     taxation of virtual digital assets, I propose to provide that any income from
     transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.
      No deduction in respect of any expenditure or allowance shall be
     allowed while computing such income except cost of acquisition.
     Further, loss from transfer of virtual digital asset cannot be set
     off against any other income.
      Further, in order to capture the transaction details, I also
     propose to provide for TDS on payment made in relation to

transfer of virtual digital asset at the rate of 1 per cent of such
consideration above a monetary threshold.
 Gift of virtual digital asset is also proposed to be taxed in the
hands of the recipient.
Litigation management to avoid repetitive appeals by the Department

132. It has been observed that a lot of time and resources are consumed
     in filing of appeals which involve identical issues. Taking forward our policy
     of sound litigation management, I propose to provide that, if a question of
     law in the case of an assessee is identical to a question of law which is
     pending in appeal before the jurisdictional High Court or the Supreme Court
     in any case, the filing of further appeal in the case of this assessee by the
     department shall be deferred till such question of law is decided by the
     jurisdictional High Court or the Supreme Court. This will greatly help in
     reducing the repeated litigation between taxpayers and the department.
     Tax incentives to IFSC
133. Taking forward our efforts to further promote the IFSC, I hereby
     propose to provide that income of a non-resident from offshore derivative
     instruments, or over the counter derivatives issued by an offshore banking
     unit, income from royalty and interest on account of lease of ship and
     income received from portfolio management services in IFSC shall be
     exempt from tax, subject to specified conditions.
134. Rationalization of Surcharge
      In the globalized business world, there are several works contracts
     whose terms and conditions mandatorily require formation of a
     consortium. The members in the consortium are generally
     companies. In such cases, the income of these AOPs has to suffer a
     graded surcharge upto 37 per cent, which is a lot more than the
     surcharge on the individual companies. Accordingly, I propose to cap
     the Surcharge of these AOP’s at 15 per cent.
      Further, the long-term capital gains on listed equity shares, units etc.
     are liable to maximum surcharge of 15 per cent, while the other long
     term capital gains are subjected to a graded surcharge which goes up
     to 37 per cent. I propose to cap the surcharge on long term capital
     gains arising on transfer of any type of assets at 15 per cent. This
     step will give a boost to the start up community and along with my

proposal on extending tax benefits to manufacturing companies and
start ups re affirms our commitment to Atma Nirbhar Bharat.
Clarification in relation to ‘Health and Education cess’ as business
expenditure

135. The income-tax is not an allowable expenditure for computation of
     business income. This includes tax as well as surcharges. The ‘Health and
     Education Cess’ is imposed as an additional surcharge on the taxpayer for
     funding specific government welfare programs. However, some courts have
     allowed ‘Health and education ‘cess’ as business expenditure, which is
     against the legislative intent. To reiterate the legislative intent, I propose to
     clarify that any surcharge or cess on income and profits is not allowable as
     business expenditure.
     Deterrence against tax-evasion:
136. Presently, there is ambiguity regarding set off, of brought forward
     loss against undisclosed income detected in search operations. It has been
     observed that in many cases where undisclosed income or suppression of
     sales etc. is detected, payment of tax is avoided by setting off, of losses. In
     order to bring certainty and to increase deterrence among tax evaders, I
     propose to provide that no set off, of any loss shall be allowed against
     undisclosed income detected during search and survey operations.
     Rationalizing TDS Provisions
137. It has been noticed that as a business promotion strategy, there is a
     tendency on businesses to pass on benefits to their agents. Such benefits
     are taxable in the hands of the agents. In order to track such transactions, I
     propose to provide for tax deduction by the person giving benefits, if the
     aggregate value of such benefits exceeds ` 20,000 during the financial year.
138. A few other changes are being made the details of which are there in
     the Finance Bill.
     Indirect taxes
     Remarkable progress in GST:
139. GST has been a landmark reform of Independent India showcasing
     the spirit of Cooperative Federalism. While aspirations were high, there

were huge challenges too. These challenges were overcome deftly and
painstakingly under the guidance and oversight of the GST Council. We can
now take pride in a fully IT driven and progressive GST regime that has
fulfilled the cherished dream of India as one market- one tax. There are still
some challenges remaining and we aspire to meet them in the coming year.
The right balance between facilitation and enforcement has engendered
significantly better compliance. GST revenues are buoyant despite the
pandemic. Taxpayers deserve applause for this growth. Not only did they
adapt to the changes but enthusiastically contributed to the cause by paying
taxes.
Special Economic Zones:

140. In Part A of my speech, I have referred to the proposed reforms in
     SEZs. Alongside, we will also undertake reforms in Customs Administration
     of SEZs and it shall henceforth be fully IT driven and function on the
     Customs National Portal with a focus on higher facilitation and with only
     risk-based checks. This will ease doing business by SEZ units considerably.
     This reform shall be implemented by 30th September 2022.
     Customs Reforms and duty rate changes
141. Customs administration has reinvented itself over the years through
     liberalised procedures and infusion of technology. Faceless Customs has
     been fully established. During Covid-19 pandemic, Customs formations have
     done exceptional frontline work against all odds displaying agility and
     purpose. Customs’ reforms have played a very vital role in domestic capacity
     creation, providing level playing field to our MSMEs, easing the raw material
     supply side constraints, enhancing ease of doing business and being an
     enabler to other policy initiatives such as PLIs and Phased Manufacturing
     Plans. My proposals on customs side are aligned to these objectives.
     Project imports and capital goods
142. National Capital Goods Policy, 2016 aims at doubling the production
     of capital goods by 2025. This would create employment opportunities and
     result in increased economic activity. However, several duty exemptions,
     even extending to over three decades in some cases, have been granted to
     capital goods for various sectors like power, fertilizer, textiles, leather,
     footwear, food processing and fertilizers. These exemptions have hindered
     the growth of the domestic capital goods sector Similarly, project import duty concessions have also deprived the
143. local producers of a level playing field in areas like coal mining projects,
144. power generation, transmission or distribution projects, railway and metro
145. projects. Our experience suggests that reasonable tariffs are conducive to
146. the growth of domestic industry and ‘Make in India’ without significantly
147. impacting the cost of essential imports.
148. Accordingly, it is proposed to phase out the concessional rates in
149. capital goods and project imports gradually and apply a moderate tariff of
150. 7.5 per cent. Certain exemptions for advanced machineries that are not
151. manufactured within the country shall continue.
152. A few exemptions are being introduced on inputs, like specialised
153. castings, ball screw and linear motion guide, to encourage domestic
154. manufacturing of capital goods.
155. Review of customs exemptions and tariff simplification
156. In the last two budgets we have rationalised several customs
157. exemptions. We have once again carried out an extensive consultation,
158. including by crowd sourcing and as a result of these consultations, more
159. than 350 exemption entries are proposed to be gradually phased out. These
160. include exemption on certain agricultural produce, chemicals, fabrics,
161. medical devices and drugs and medicines for which sufficient domestic
162. capacity exists. Further, as a simplification measure, several concessional
163. rates are being incorporated in the Customs Tariff Schedule itself instead of
164. prescribing them through various notifications.
165. This comprehensive review will simplify the Customs rate and tariff
166. structure particularly for sectors like chemicals, textiles and metals and
167. minimise disputes. Removal of exemption on items which are or can be
168. manufactured in India and providing concessional duties on raw material
169. that go into manufacturing of intermediate products will go many a step
170. forward in achieving our objective of ‘Make in India’ and ‘Atmanirbhar
171. Bharat’.
172. I shall now take up sector specific proposals.
173. Electronics
174. Electronic manufacturing has been growing rapidly. Customs duty
175. rates are being calibrated to provide a graded rate structure to facilitate
176. domestic manufacturing of wearable devices, hearable devices and

electronic smart meters. Duty concessions are also being given to parts of
transformer of mobile phone chargers and camera lens of mobile camera
module and certain other items. This will enable domestic manufacturing of
high growth electronic items.
Gems and Jewellery

150. To give a boost to the Gems and Jewellery sector, Customs duty on
     cut and polished diamonds and gemstones is being reduced to 5 per cent.
     Simply sawn diamond would attract nil customs duty. To facilitate export of
     jewellery through e-commerce, a simplified regulatory framework shall be
     implemented by June this year. To disincentivise import of undervalued
     imitation jewellery, the customs duty on imitation jewellery is being
     prescribed in a manner that a duty of at least ` 400 per Kg is paid on its
     import.
     Chemicals:
151. Customs duty on certain critical chemicals namely methanol, acetic
     acid and heavy feed stocks for petroleum refining are being reduced, while
     duty is being raised on sodium cyanide for which adequate domestic
     capacity exists. These changes will help in enhancing domestic value
     addition.
     MSME
152. Duty on umbrellas is being raised to 20 per cent. Exemption to parts
     of umbrellas is being withdrawn. Exemption is also being rationalised on
     implements and tools for agri-sector which are manufactured in India.
     Customs duty exemption given to steel scrap last year is being extended for
     another year to provide relief to MSME secondary steel producers. Certain
     Anti- dumping and CVD on stainless steel and coated steel flat products,
     bars of alloy steel and high-speed steel are being revoked in larger public
     interest considering prevailing high prices of metals.
     Exports
153. To incentivise exports, exemptions are being provided on items such
     as embellishment, trimming, fasteners, buttons, zipper, lining material,
     specified leather, furniture fittings and packaging boxes that may be needed
     by bonafide exporters of handicrafts, textiles and leather garments, leather
     footwear and other goods. Duty is being reduced on certain inputs required for shrimp
154. aquaculture so as to promote its exports.
155. Tariff measure to encourage blending of fuel
156. Blending of fuel is a priority of this Government. To encourage the
157. efforts for blending of fuel, unblended fuel shall attract an additional
158. differential excise duty of ` 2/ litre from the 1st day of October 2022.
159. A few other changes are being made in duty rates, Customs Tariff
160. and Customs Law the details of which are there in the Finance Bill.
161. Mr Speaker Sir, with these words I commend the budget to this
162. august house.