Finance Minister Nirmala Sitharaman on Tuesday unveiled a bigger Rs 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic.
Here is a list of jargons used by the Finance Minister in her Budget speech decoded for you:
'Amrit kaal'
In the Union Budget 2022-2023 speech, Sitharaman said that the Budget for the next fiscal "will focus on amrit kaal". Last year, during the 75th Independence Day celebrations, PM Modi had unveiled a new roadmap for the country for the next 25 years, and termed it as 'amrit kaal'. This is a reference to deriving the best in every field, making it imperative for everyone to make 'prayas' for this.
In her speech, she said, "This Budget lays a futuristic 'amrit kaal' for women, youth and marginalised communities, big public investment for infrastructure guided by PM Gati Shakti, productivity enhancement, energy transition and climate action and financing of investments."
PM Gati Shakti
Sitharaman said that 100 cargo terminals will be developed during the next three years under the PM Gati Shakti master plan. The Finance Minister also apprised that PM Gati Shakti Master Plan for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods.
The Gati Shakti - National Master Plan for Multimodal Connectivity was launched by Prime Minister Narendra Modi in October, last year. Gati Shakti -- a digital platform -- aims to bring 16 Ministries including Railways and Roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects.
Budget Decoded | Must-read explainers before you hear FM Sitharaman's speech
Sitharaman said apart from 100 cargo terminals, 400 new generation Vande Bharat trains with better efficiency will also be brought in the next three years. She said that PM Gati Shakti is driven by seven engines viz roads, railways, airports, ports, mass transport, waterways and logistics infrastructure.
PM DevINE
Sitharaman proposed to launch a new scheme PM Development Initiative for North East (PM-DevINE), to promote the growth of the region. She also said that villages on the northern border of India will be covered under a new vibrant village programme to enhance development.
Digital Rupee
Digital Rupee is proposed to be introduced by RBI using blockchain technology starting from 2022-23, the Finance Minister said. In her Union Budget 2022-23 speech, she also said Rs 1 lakh crore financial assistance to states will be provided in 2022-23 to catalyse investments.
Kisan Drones
Kisan Drones for crop assessment, land records and spraying of insecticides would be promoted, the Finance Minister said.
"Use of Kisan Drones for crop assessments, land records, spraying of insecticides, are expected to drive a wave of technology in the agriculture and farming sector," the Finance Minister said as she read out Budget 2022-23 provisions.
PM eVIDYA
Sitharaman said that majority of the Covid-19-affected children were from government schools and the Centre recognises 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 e-Vidya will be expanded from 12 to 400 TV channels," Sitharaman said. She added that this will enable all states to provide supplementary education in regional languages for classes 1 to 12.
The initiative was launched in May 2020 to unify all efforts related to digital, online and on-air learning to enable multi-mode access to education.
'One Station-One Product'
The popularisation of the ‘One Station-One Product’ concept for the Railways, to help local businesses and supply chains was also proposed.
The concept, based on the successful One District One Product (ODOP) scheme, has been introduced with a focus on promoting the supply chain of local products using the railways and making each railway station a promotional hub and showcase destination for a local product, as explained in an article by Investopedia.
Digital Ecosystem
Digital Ecosystem for Skilling and Livelihood – the DESH-Stack eportal – will be launched. This aims to empower citizens to skill, reskill or upskill through online training. It will also provide API-based trusted skill credentials, payment and discovery layers to find relevant jobs and entrepreneurial opportunities.
Parvatmala
"Himachal, Uttarakhand, Jammu and Kashmir, North East, for the first time in the country, a Parvatmala scheme is being launched for such areas. The scheme will create a modern system of transportation in the mountains," Prime Minister Modi said shortly after the Budget Session was adjourned on Tuesday.
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 eight ropeway projects for a length of 60 km will be awarded in 2022-23, Sitharaman's speech mentions.
(With agency inputs)