Finance Minister Nirmala Sitharaman in her Union Budget speech 2022-2023 stated that the government’s product-linked incentive (PLI) scheme with 14 sectors aims to help create over 60 lakh new jobs and an additional new production of Rs 30 lakh crore jobs in the next five years.

She stated, “Our govt has comprehensively revamped schemes of the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 to provide benefits.”

The minister also announced
allocating Rs 19,500 crore to help accelerate the manufacture
of solar modules under the scheme.

She stated, “To facilitate domestic manufacturing for ambitious goal of
280 GW of installed solar capacity by 2030, additional allocation of Rs 19,500
cr for PLI for manufacturing of high-efficiency modules with priority to fully
integrate manufacturing units to solar PV modules will be made.”

The Production Linked Incentive (PLI) offers an incentive to help boost local manufacturing and bring in big investments in cellular phone manufacturing and electronic components such as, assembly, testing, marking and packaging (ATMP) units. The scheme aims to help accelarate the electronic landscape of the country at a global level.  

Finance Minister Nirmala Sitharaman presented the Union Budget 2022 in Parliament today. Previously, the budget was presented on the last working day of February, and former Finance Minister Arun Jaitely changed that tradition.

The focus areas of this year’s budget include PM Gati Shakti, productivity
enhancement, inclusive development, energy transition, climate action, financing
of investments, and sunrise opportunities.

The Budget, also known as the annual financial statement, is an account of the government’s estimated receipts and expenditures for the fiscal year which runs from April 1 to March 31. According to Article 112 of the Constitution, a budget must be approved by Parliament.

The budget is divided into two parts: the revenue budget and the capital budget. The revenue budget consists of revenue receipts and expenditures. The capital budget includes the government’s capital receipts and payments.