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.
Minister of Finance
February 1, 2022
I present the Budget for the year 2022-23.
- 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
- 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
- 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-
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
- 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
- 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.
- 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:
Productivity Enhancement & Investment, Sunrise
Opportunities, Energy Transition, and Climate Action
Financing of Investments
- 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
- 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.
- 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.
- 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
- 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
Multimodal Logistics Parks
- Contracts for implementation of Multimodal Logistics Parks at four
locations through PPP mode will be awarded in 2022-23.
- 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.
- ‘One Station-One Product’ concept will be popularized to help local
businesses & supply chains.
- 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.
- 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
- 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
Parvatmala: National Ropeways Development Programme
- 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
- 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.
- 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.
- Chemical-free Natural Farming will be promoted throughout the
- country, with a focus on farmers’ lands in 5-km wide corridors along river
- Ganga, at the first stage.
- 2023 has been announced as the International Year of Millets.
- Support will be provided for post-harvest value addition, enhancing
- domestic consumption, and for branding millet products nationally and
- To reduce our dependence on import of oilseeds, a rationalised and
- comprehensive scheme to increase domestic production of oilseeds will be
- For delivery of digital and hi-tech services to farmers with
- involvement of public sector research and extension institutions along with
- private agri-tech players and stakeholders of agri-value chain, a scheme in
- PPP mode will be launched.
- Use of ‘Kisan Drones’ will be promoted for crop assessment,
- digitization of land records, spraying of insecticides, and nutrients.
- States will be encouraged to revise syllabi of agricultural universities
- to meet the needs of natural, zero-budget and organic farming, modern-day
- agriculture, value addition and management.
- A fund with blended capital, raised under the co-investment model,
- will be facilitated through NABARD. This is to finance startups for
- agriculture & rural enterprise, relevant for farm produce value chain. The
- activities for these startups will include, inter alia, support for FPOs,
- machinery for farmers on rental basis at farm level, and technology
- including IT-based support.
- Ken Betwa project and Other River Linking Projects
- Implementation of the Ken-Betwa Link Project, at an estimated cost
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
- 4,300 crore in RE 2021-22 and ` 1,400 crore in 2022-23 have been made for
- this project.
- 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.
- 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
- 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.
- 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 of5 lakh crore,
with the additional amount being earmarked exclusively for the hospitality
and related enterprises.
- 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.
- 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.
- 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.
- Digital Ecosystem for Skilling and Livelihood – the DESH-Stack eportal – will be launched. This aims to empower citizens to skill, reskill or
- upskill through on-line training. It will also provide API-based trusted skill
- credentials, payment and discovery layers to find relevant jobs and
- entrepreneurial opportunities.
- Startups will be promoted to facilitate ‘Drone Shakti’ through varied
- applications and for Drone-As-A-Service (DrAAS). In select ITIs, in all states,
- the required courses for skilling, will be started.
- Universalization of Quality Education
- Due to the pandemic-induced closure of schools, our children,
- particularly in the rural areas, and those from Scheduled Castes and
- Scheduled Tribes, and other weaker sections, have lost almost 2 years of
- formal education. Mostly, these are children in government schools. We
- recognise the need to impart supplementary teaching and to build a
- resilient mechanism for education delivery. For this purpose, ‘one class-one
- TV channel’ programme of PM eVIDYA will be expanded from 12 to 200 TV
- channels. This will enable all states to provide supplementary education in
- regional languages for classes 1-12.
- In vocational courses, to promote crucial critical thinking skills, to
- give space for creativity, 750 virtual labs in science and mathematics, and 75
- skilling e-labs for simulated learning environment, will be set-up in 2022-23.
- High-quality e-content in all spoken languages will be developed for
- delivery via internet, mobile phones, TV and radio through Digital Teachers.
- A competitive mechanism for development of quality e-content by
- the teachers will be set-up to empower and equip them with digital tools of
- teaching and facilitate better learning outcomes.
- Digital University
- A Digital University will be established to provide access to students
- across the country for world-class quality universal education with
- personalised learning experience at their doorsteps. This will be made
- available in different Indian languages and ICT formats. The University will
- be built on a networked hub-spoke model, with the hub building cutting
- edge ICT expertise. The best public universities and institutions in the
- country will collaborate as a network of hub-spokes.
Ayushman Bharat Digital Mission
- 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
- 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
- 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
- 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
Housing for All
- 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.
- 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
Prime Minister’s Development Initiative for North East Region (PMDevINE)
- 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
- 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
Vibrant Villages Programme
- 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
- 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.
- 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.
- 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
- 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).
- 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’.
- 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.
- 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).
- 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.
- 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.
- 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
Urban Planning Support to States
- 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.
- 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
- 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
- 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
- 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.
- 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
- Necessary amendments in the Code will be carried out to enhance
the efficacy of the resolution process and facilitate cross border insolvency
Accelerated Corporate Exit
- 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 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.
- 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.
- 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
AVGC Promotion Task Force
- 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.
- 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.
- A scheme for design-led manufacturing will be launched to build a
strong ecosystem for 5G as part of the Production Linked Incentive Scheme.
- To enable affordable broadband and mobile service proliferation in
- rural and remote areas, five per cent of annual collections under the
- Universal Service Obligation Fund will be allocated. This will promote R&D
- and commercialization of technologies and solutions.
- Our vision is that all villages and their residents should have the
- same access to e-services, communication facilities, and digital resources as
- urban areas and their residents. The contracts for laying optical fibre in all
- villages, including remote areas, will be awarded under the Bharatnet
- project through PPP in 2022-23. Completion is expected in 2025. Measures
- will be taken to enable better and more efficient use of the optical fibre.
- Export Promotion
- The Special Economic Zones Act will be replaced with a new
- legislation that will enable the states to become partners in ‘Development
- of Enterprise and Service Hubs’. This will cover all large existing and new
- industrial enclaves to optimally utilise available infrastructure and enhance
- competitiveness of exports.
- AtmaNirbharta in Defence
- Our Government is committed to reducing imports and promoting
- AtmaNirbharta in equipment for the Armed Forces. 68 per cent of the
- capital procurement budget will be earmarked for domestic industry in
- 2022-23, up from 58 per cent in 2021-22.
- Defence R&D will be opened up for industry, startups and academia
- with 25 per cent of defence R&D budget earmarked. Private industry will
- be encouraged to take up design and development of military platforms and
- equipment in collaboration with DRDO and other organizations through SPV
- model. An independent nodal umbrella body will be set up for meeting
- wide ranging testing and certification requirements.
- Sunrise Opportunities
- Artificial Intelligence, Geospatial Systems and Drones,
- Semiconductor and its eco-system, Space Economy, Genomics and
- Pharmaceuticals, Green Energy, and Clean Mobility Systems have immense
- potential to assist sustainable development at scale and modernize the
- country. They provide employment opportunities for youth, and make
- Indian industry more efficient and competitive.
- Supportive policies, light-touch regulations, facilitative actions to
- build domestic capacities, and promotion of research & development will
- guide the government’s approach. For R&D in these sunrise opportunities,
- in addition to efforts of collaboration among academia, industry and public
- institutions, government contribution will be provided.
- Energy Transition and Climate Action
- The risks of climate change are the strongest negative externalities
- that affect India and other countries. As Hon’ble Prime Minister said at the
- COP26 summit in Glasgow last November, “what is needed today is mindful
- and deliberate utilisation, instead of mindless and destructive
- consumption.” The low carbon development strategy as enunciated in the
- ‘panchamrit’ that he announced is an important reflection of our
- government’s strong commitment towards sustainable development.
- This strategy opens up huge employment opportunities and will take
- the country on a sustainable development path. This budget proposes
- several near-term and long-term actions accordingly.
- Solar Power
- To facilitate domestic manufacturing for the ambitious goal of 280
- GW of installed solar capacity by 2030, an additional allocation of ` 19,500
- crore for Production Linked Incentive for manufacture of high efficiency
- modules, with priority to fully integrated manufacturing units from
- polysilicon to solar PV modules, will be made.
- Circular Economy
- The Circular Economy transition is expected to help in productivity
- enhancement as well as creating large opportunities for new businesses and
- jobs. The action plans for ten sectors such as electronic waste, end-of-life
- vehicles, used oil waste, and toxic & hazardous industrial waste are ready.
- The focus now will be on addressing important cross cutting issues of
- infrastructure, reverse logistics, technology upgradation and integration
- with informal sector. This will be supported by active public policies
- covering regulations, extended producers’ responsibilities framework and
- innovation facilitation.
- Transition to Carbon Neutral Economy
- Five to seven per cent biomass pellets will be co-fired in thermal
- 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.
- 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
- Four pilot projects for coal gasification and conversion of coal into
chemicals required for the industry will be set-up to evolve technical and
- 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
- 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.
- 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.
- 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
5.54 lakh crore in the current year to7.50 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
- 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.
- 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.
- 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.
- An International Arbitration Centre will be set up in the GIFT City for
timely settlement of disputes under international jurisprudence.
- Services for global capital for sustainable & climate finance in the
country will be facilitated in the GIFT City.
- 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
- 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
- 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
- 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
- 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
- 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
10,000 crore in the Budget Estimates to15,000 crore in
the Revised Estimates for the current year.
- 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.
- This allocation will be used for PM GatiShakti related and other
- productive capital investment of the states. It will also include components
- Supplemental funding for priority segments of PM Gram Sadak
- Yojana, including support for the states’ share,
- Digitisation of the economy, including digital payments and
- completion of OFC network, and
- Reforms related to building byelaws, town planning schemes,
- transit-oriented development, and transferable development
- In 2022-23, in accordance with the recommendations of the 15th
- Finance Commission, the states will be allowed a fiscal deficit of 4 per cent
- of GSDP of which 0.5 per cent will be tied to power sector reforms, for
- which the conditions have already been communicated in 2021-22.
- Fiscal Management
- As against a total expenditure of
34.83 lakh crore projected in the Budget Estimates 2021-22, the Revised Estimate is37.70 lakh crore. The
- Revised Estimate of capital expenditure is
6.03 lakh crore. This includes an amount of51,971 crore towards settlement of outstanding guaranteed
- liabilities of Air India and its other sundry commitments.
- Coming to the Budget Estimates, the total expenditure in 2022-23 is
- estimated at
39.45 lakh crore, while the total receipts other than borrowings are estimated at22.84 lakh crore.
- The revised Fiscal Deficit in the current year is estimated at 6.9 per
- cent of GDP as against 6.8 per cent projected in the Budget Estimates. The
- Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP, which is
- consistent with the broad path of fiscal consolidation announced by me last
- year to reach a fiscal deficit level below 4.5 per cent by 2025-26. While
- setting the fiscal deficit level in 2022-23, I am conscious of the need to
- nurture growth, through public investment, to become stronger and
- I will, now, move to Part B of my speech
- 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.
“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
- 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’
- 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.
- 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
- 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.
- 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
1 crore and up to10 crores.
- 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
- 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.
- 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
Parity between employees of State and Central government
- 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
Incentives for Start-ups
- 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
- 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
- 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
- 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
- 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.
- 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
- 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
Deterrence against tax-evasion:
- 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
- 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.
- A few other changes are being made the details of which are there in
the Finance Bill.
Remarkable progress in GST:
- 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
Special Economic Zones:
- 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
- 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
- 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
- local producers of a level playing field in areas like coal mining projects,
- power generation, transmission or distribution projects, railway and metro
- projects. Our experience suggests that reasonable tariffs are conducive to
- the growth of domestic industry and ‘Make in India’ without significantly
- impacting the cost of essential imports.
- Accordingly, it is proposed to phase out the concessional rates in
- capital goods and project imports gradually and apply a moderate tariff of
- 7.5 per cent. Certain exemptions for advanced machineries that are not
- manufactured within the country shall continue.
- A few exemptions are being introduced on inputs, like specialised
- castings, ball screw and linear motion guide, to encourage domestic
- manufacturing of capital goods.
- Review of customs exemptions and tariff simplification
- In the last two budgets we have rationalised several customs
- exemptions. We have once again carried out an extensive consultation,
- including by crowd sourcing and as a result of these consultations, more
- than 350 exemption entries are proposed to be gradually phased out. These
- include exemption on certain agricultural produce, chemicals, fabrics,
- medical devices and drugs and medicines for which sufficient domestic
- capacity exists. Further, as a simplification measure, several concessional
- rates are being incorporated in the Customs Tariff Schedule itself instead of
- prescribing them through various notifications.
- This comprehensive review will simplify the Customs rate and tariff
- structure particularly for sectors like chemicals, textiles and metals and
- minimise disputes. Removal of exemption on items which are or can be
- manufactured in India and providing concessional duties on raw material
- that go into manufacturing of intermediate products will go many a step
- forward in achieving our objective of ‘Make in India’ and ‘Atmanirbhar
- I shall now take up sector specific proposals.
- Electronic manufacturing has been growing rapidly. Customs duty
- rates are being calibrated to provide a graded rate structure to facilitate
- 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
- 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
- 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
- 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.
- 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
- aquaculture so as to promote its exports.
- Tariff measure to encourage blending of fuel
- Blending of fuel is a priority of this Government. To encourage the
- efforts for blending of fuel, unblended fuel shall attract an additional
- differential excise duty of ` 2/ litre from the 1st day of October 2022.
- A few other changes are being made in duty rates, Customs Tariff
- and Customs Law the details of which are there in the Finance Bill.
- Mr Speaker Sir, with these words I commend the budget to this
- august house.
Mathura Train accident: Video shows railway staffer entering engine cabin, carelessly puts his bag on throttle
Five railway staff including a loco pilot and four technical staff have been suspended. One person was injured in the incident. Mathura Railway Station Director Sanjeev Srivastava said the five staff members were in an intoxicated state.
In the Mathura train accident a train derailed and climbed onto a platform at Mathura Junction. A video is circulating on social media which shows the operator entering the engine cabin. He carelessly puts his bag on the throttle. Afterwards he gets busy on his mobile phone.
Five railway staff including a loco pilot and four technical staff have been suspended. One person was injured in the incident. Mathura Railway Station Director Sanjeev Srivastava said the five staff members were in an intoxicated state. He added they were found using their mobile phones while on duty.
Divisional Tej Prakash Agrawal confirmed the suspention of the five staff members. He added further investigation was taking place in the incident. According to Sachin’s statement in the joint investigation report the train started moving on its own. He said he applied the brake, but by the time the train had already climbed on the platform. The passengers had already de-boarded the train before the accident. When the railway staffer began to park the train, it picked up speed, broke the stopper and climbed over the platform
On further investigation he found the throttle was in the forward position and the key was also in place. He immediately informed his in charge about the incident. Sachin blamed the loco pilot for keeping the train functions in switched on position. But the loco pilot in his statement said he had given the keys to Sachin at the time of handover before he left. Sachin’s Breath analyser test suggests he was drunk.
The incident has caused great damage to the platform and an overhead electricity pole. The incident caused disruption to the schedules of other trains including the Dakshin Express, Amritsar-Bandra and Malwa superfast. The trains were later rerouted to different platforms. Kuljeet, Brajesh Kumar and Harbhajan Singh are the technical staff. Govind Hari Sharma is the loco pilot.
Bengaluru: Police issue traffic advisory ahead of Eid celebrations, check routes, diversions here
The fresh traffic advisory comes after an unprecedented traffic snarl in the city on Tuesday.
Amid Eid celebrations, Bengaluru traffic police issued a fresh traffic advisory on Thursday. The fresh traffic advisory comes after an unprecedented traffic snarl in the city on Tuesday. The advisory listed diversions, restrictions, alternate routes and timings.
The Bengaluru police asserted that the processions are set to be taken on between 3pm and 9pm today and large gatherings are likely to take place. It is reported that the traffic congestion on Tuesday occurred as residents headed out for the long weekend with Eid Milad on Thursday, a state-wide bandh on Friday and Gandhi Jayanti on Monday.
The Bengaluru police noted that in view of Eid-Milad procession in the limits of Ulsoor Gate Traffic Police Station, on 28.09.2023 from 3.00 pm to 9.00 pm, a large number of people are expected to gather at YMCA ground, Nrupathunga road. They added that in order to ascertain free flow of traffic, the following traffic arrangements have been made.
According to the police, few roads that the residents should avoid during the Eid celebrations are Nrupathunga Road, Dr B R Ambedkar Road, Nayanadanahalli Junction, Kimko Junction, Bapuji Nagar, Market Circle. In addition, movement of vehicles has also been restricted in a few roads such as Nagawara junction to Pottery circle road, Nethaji circle towards Pottery circle, Haines road from Lazar road and M.M. road, H.M. road from KEB junction to Hall road.
Meanwhile, parking is restricted on both sides of the following roads: Nagawara Junction to Pottery Circle, Govindapura Junction to Govindapura L&O Police Station, HBR Layout Sidddappa Reddy Junction to Narendra Tent Junction, Nethaji junction to Haines junction, Haines junction to New Bamboo Bazar junction, Haines junction to Haj camp, Lazar road to Wheelers road Thoms Cafe junction.
On September 27, residents of Bengaluru witnessed a massive traffic jam, leaving hundreds of them stuck for hours. Notably, social media platforms were flooded with videos and photos of Bengaluru’s congested road as social media users complained about the tragic situation.
MS Swaminathan dies, he was 98
MS Swaminathan, the father of India’s Green Revolution, passed away at the age of 98 on Thursday.
MS Swaminathan, the father of India’s Green Revolution, passed away at the age of 98 on Thursday.
Swaminathan was a renowned Indian agriculture scientist. In 1988, he established the MS Swaminathan Research Foundation (MSSRF), a non-profit trust after receiving the First World Food Prize in 1987.
According to reports, he took his last breath around 11 am today in Chennai.
During the 1960s and 1970s, Swaminathan’s extraordinary work brought a revolution in Indian agriculture, it helped the country to achieve self-sufficiency in food production when we faced the prospect of widespread famine.
He was born in Thanjavur district in Tamil Nadu. He was selected as the first World Food Prize laureate for his groundbreaking work during the 1960s.
The United Nations Environment Programme recognised him as the Father of Economic Ecology.
Prime Minister Narendra Modi extended his condolence on the death of MS Swaminathan. PM Modi said he is deeply saddened by the demise of MS Swaminathan. At a very critical period in our nation’s history, his groundbreaking work in agriculture transformed the lives of millions and ensured food security for our nation, he added.
PM Modi also said that apart from Swaminathan’s revolutionary contributions to agriculture, he was a powerhouse of innovation and a nurturing mentor to many. His unwavering commitment to research and mentorship has left an indelible mark on countless scientists and innovators, he further added.
The Prime Minister said I will always cherish my conversations with Dr Swaminathan. His passion to see India progress was exemplary. His life and work will inspire generations to come, PM Modi said.
On the demise of MS Swaminathan, Rahul Gandhi also extended his condolence. Gandhi took to X, formerly Twitter and said that Dr. MS Swaminathan’s steadfast commitment to revolutionising India’s agriculture turned us into a food surplus country.
Gandhi further said his legacy as the Father of the Green Revolution will always be remembered.