Budget Highlights 2022-23

UNION BUDGET 2022-23
Summary of Union
Budget 2022-23
By CrackGradeB
Team CrackGradeB 2/2/22 Yearly Document

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As per Article 112 of the Indian Constitution, the Union Budget is defined as a
statement of the estimated receipts and expenditure of the government for that
particular year.
 It is also referred to as the Annual Financial Statement as it details the
account of the government finances for the financial year that starts from
1st April to 31st March.
 Since 2017, the Union Budget is being presented on the first working day of
February (before that it was presented on the last working day of February).
 In 2017, a 92-year-old tradition was broken when the railway budget was
merged with the Union Budget and presented together.
Union The budget is prepared

by Department of
Budget Economic Affairs under
2022-23 Ministry of Finance.
The budget presented

by Finance Minister
Smt. Nirmala
Sitharaman on
Feburary 01 2022.
It Contains budget Budget Estimate - 2022-23

informatoin of 3
financial years. Revised Estimate - 2021-22
Actual Receipt - 2020-21
www.crackgradeb.com | [email protected] |9310558455

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Growth Story in Charts: - Budget Profile (Amount in Lakh Crore)
Capital
Net tax Receipt -
Receipt - 17.40
19.35
Non-Tax
Revenue
- 2.7
Budget Size - 39.45 Lakh Crore
Scheme
Expenditure -
16.24
Budget
Size -
39.45 Lakh
Transfer,
Crore
Establishment
and Other
Expenditure -
23.21

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From The Budget: - PART “A”
Few Very Important Points.

 India’s economic growth estimated at 9.2% to be the highest among all large
economies.
 From Rs. 10,000 crores in Budget Estimates 2021-22 to Rs. 15,000 crores in
Revised Estimates for 2021-22.
 Allocation of Rs. 1 lakh crore in 2022-23 to assist the states in catalysing
overall investments in the economy: fifty-year interest free loans, over and
above normal borrowings.
 Budget Estimates 2021-22: Rs. 34.83 lakh crore
 Revised Estimates 2021-22: Rs. 37.70 lakh crore
 Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore
 Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh
crore
 Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)
 Fiscal deficit in 2022-23 estimated at 6.4% of GDP
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- 22.
Goals of Amrit Kaal

Virtuous cycle
Promoting
starting from
technology
Focus on growth private
enabled
and all inclusive investment,
development,
welfare crowded in by
energy transition
public capital
and climate action
investment

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Entering Amrit Kaal, the 25 year long lead up

to India @100, the budget provides impetus
1. PM GatiShakti
for growth along four priorities:

2. Inclusive Development
3. Productivity Enhancement &

Investment, Sunrise opportunities,
Energy Transition, and Climate
Action.
4. Financing of investments

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Growth Story in Charts: - GDP Vs GVA trend

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1. PM GatiShakti
7 Engines of PM GatiShakti
1. Road
7. Logistics
2. Railways
Infrastructure
7 Engine of
GatiShakti
6. Waterways 3. Airports
5. Mass
4. Ports
Transport

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1.1 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.
 The projects pertaining to these 7 engines in the National Infrastructure
Pipeline will be aligned with PM GatiShakti framework.
1.2 Roads
 The National Highways network will be expanded by 25,000 km in 2022-23.
 20,000 crores will be mobilized through innovative ways of financing to
complement the public resources.
1.3 Seamless Multi Model 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.
1.4 Multimodal Logistics Parks

 Contracts to be awarded through PPP mode in 2022-23 for implementation of
Multimodal Logistics Parks at four locations.

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1.5 Railways
 Railways will develop new products for small farmers and will integrate with
postal networks for movement of parcels,
 One Station One Product concept to help local businesses & supply chains.
 2000 Km of railway network to be brought under Kavach, the indigenous
world class technology and capacity augmentation in 2022-23.
 400 new generation Vande Bharat Trains to be manufactured during the next
three years.
 100 PM GatiShakti Cargo terminals for multimodal logistics to be developed
during the next three years.
1.6 Parvatmala
 National Ropeways Development Program, Parvatmala to be taken up on PPP
mode.
 Contracts to be awarded in 2022-23 for 8 ropeway projects of 60 Km length.

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2. Inclusive Growth
2.1 Agriculture
 Rs. 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of
wheat and paddy.
 Chemical free Natural farming to be promoted throughout the county.
 Initial focus is on farmer’s lands in 5 Km wide corridors along river Ganga.
 ‘Kisan Drones’ for crop assessment, digitization of land records, spraying of
insecticides and nutrients.
 NABARD to facilitate fund with blended capital to finance start-ups for
agriculture & rural enterprise.
2.2 Ken Betwa project

 Implementation of Ken-Betwa Link Project will be taken up at an estimated
cost of Rs. 44,605 crores.
 1400 crore outlay for implementation of the Ken – Betwa link project. 9.08
lakh hectares of farmers’ lands to receive irrigation benefits, drinking water
supply for 62 lakh people, 103 MW of Hydro and 27 MW of solar power by
Ken Betwa Project.
2.3 MSME
 Udyam, e-shram, NCS and ASEEM portals to be interlinked.
 130 lakh MSMEs provided additional credit under Emergency Credit Linked
Guarantee Scheme (ECLGS) ECLGS to be extended up to March 2023 and

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guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover
of Rs 5 Lakh Crore.
 Rs 2 lakh Crore additional credit for Micro and Small Enterprises to be
facilitated under the Credit Guarantee Trust for Micro and Small Enterprises
(CGTMSE).
 Raising and Accelerating MSME performance (RAMP) programme with outlay
of Rs 6000 Crore to be rolled out.
2.4 Skill Development

 Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be
launched to empower citizens to skill, reskill or upskill through on-line
training.
 Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-
Service (DrAAS).
2.5 Quality Education

 ‘One Class-One TV channel’ programme of PM eVIDYA to be expanded to 200
TV channels from 12.
 Virtual labs and skilling e-labs to be set up to promote critical thinking skills
and simulated learning environment.
 High-quality e-content will be developed for delivery through Digital Teachers.
 Digital University for world-class quality universal education with personalised
learning experience to be established.
2.6 Ayushman Bharat Digital Mission.

 An open platform for National Digital Health Ecosystem to be rolled out.
 National Tele Mental Health Programme
 ‘National Tele Mental Health Programme’ for quality mental health
counselling and care services to be launched.
 A network of 23 tele-mental health centres of excellence will be set up, with
NIMHANS being the nodal centre and International Institute of Information
Technology-Bangalore (IIITB) providing technology support.

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2.7 Saksham Anganwadi
 Integrated benefits to women and children through Mission Shakti, Mission
Vatsalya, Saksham Anganwadi and Poshan 2.0.
 Two lakh anganwadis to be upgraded to Saksham Anganwadis, these are new
generation anganwadis that have better infrastructure and audio-visual aids,
powered by clean energy and providing improved environment for early child
development.
2.8 Har Ghar, Nal Se Jal

 Rs. 60,000 crores allocated to cover 3.8 crore households in 2022-23 under
Har Ghar, Nal se Jal.
2.9 Housing for All

 Rs. 48,000 crores allocated for completion of 80 lakh houses in 2022-23 under
PM Awas Yojana.
2.10 Prime Minister’s Development

Initiative for North-East Region
(PM-DevINE)
 New scheme PM-DevINE launched to fund infrastructure and social
development projects in the North-East.
 An initial allocation of Rs. 1,500 crores made to enable livelihood activities for
youth and women under the scheme.

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2.9 Vibrant Villages Programme
 Vibrant Villages Programme for development of Border villages with sparse
population, limited connectivity and infrastructure on the northern border.
2.10 Post Office, Banking & Digital

Payment
 In 2022, 100 per cent of 1.5 lakh post offices to come on the core banking
system.
 Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75
districts.
 The financial support for digital payment ecosystem announced in the
previous Budget will continue in 2022-23.

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3. Productivity Enhancement &
Investment, Sunrise opportunities, Energy
Transition, and Climate Action.
3.1 Ease of Doing Business 2.0

 Over 25,000 compliances were reduced and 1486 Union laws were repealed.
 For India@100, the next phase of Ease of Doing Business 2.0 and Ease of Living
to be launched.
3.2 Green Clearances

 Scope of PARIVESH Portal which was launched in 2018 will now be expanded.
 It will enable applicants for all four approvals through single form.
3.3 e-Passport
 e-Passports with embedded chip and futuristic technology to be rolled out.
3.4 Urban Planning

 Modernization of building byelaws, Town Planning Schemes (TPS), and Transit
Oriented Development (TOD) will be implemented.
 For Urban planning 5 academic institutions in diffrent region will be
designated as centres of excellence who will be provided endowment funds of
Rs. 250 crore each.

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3.5 Battery Swapping Policy
 Battery swapping policy to be brought out for setting up charging stations at
scale in urban areas.
 Private sector to be encouraged to develop business models for 'battery or
Energy as a Service'.
3.6 Land Records Management

 Unique Land Parcel Identification Number for IT-based management of land
records.
 Linkage of National Generic Document Registration System with the One-
Nation One-Registration and anywhere registration of deeds and documents
to be adopted.
3.7 Accelerated Corporate Exit

 Centre for Processing Accelerated Corporate Exit (C-PACE) to be established
for speedy winding-up of companies from the currently 2 years to less than 6
months.
3.8 Government Procurement

 An Online E-Bill system to be launched for use by all central ministries for their
procurements.
3.9 AVGC Promotion Task Force

 An animation, visual effects, gaming, and comic (AVGC) promotion task force
to be set-up to realize the potential of this sector.
3.10 Telecom Sector

 Scheme for design-led manufacturing to be launched to build a strong
ecosystem for 5G as part of the Production Linked Incentive Scheme.

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 The Contract for laying optical fibre in all villages, including remote areas, to
be awarded under the Bhartnet project through PPP in 2022-23.
3.11 Export Promotion

 Special Economic Zones Act to be replaced with a new legislation to enable
States to become partners in ‘Development of Enterprise and Service Hubs’.
3.12 AtmaNirbharta in Defence
 68% of capital procurement budget earmarked for domestic industry in 2022-

23, up from 58% in 2021-22.
 Defence R&D to be opened up for industry, startups and academia with 25%
of defence R&D budget earmarked.
 Independent nodal umbrella body to be set up for meeting testing and
certification requirements.
3.13 Sunrise Opportunities

 Government contribution to be provided for R&D in Sunrise Opportunities like
Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its
eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy,
and Clean Mobility Systems.
3.14 Solar Power

 Additional allocation of Rs. 19,500 crores for Production Linked Incentive for
manufacture of high efficiency solar modules to meet the goal of 280 GW of
installed solar power by 2030.
3.15 Transition to Carbon Neutral

 Five to seven per cent biomass pellets to be co-fired in thermal power plants:
CO2 savings of 38 MMT annually, Extra income to farmers and job
opportunities to locals, Help avoid stubble burning in agriculture fields.

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 Four pilot projects to be set up for coal gasification and conversion of coal into
chemicals for the industry.
 Financial support to farmers belonging to Scheduled Castes and Scheduled
Tribes, who want to take up agro-forestry.

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4. Financing of Investments
4.1 Public Capital Investment

 Public investment to continue to pump-prime private investment and demand
in 2022-23. Outlay for capital expenditure stepped up sharply by 35.4% to Rs.
7.50 lakh crore in 2022-23 from Rs. 5.54 lakh crore in the current year, Outlay
in 2022-23 to be 2.9% of GDP.
 ‘Effective Capital Expenditure’ of Central Government estimated at Rs. 10.68
lakh crore in 2022-23, which is about 4.1% of GDP.
4.2 Green Bonds

 Sovereign Green Bonds to be issued for mobilizing resources for green
infrastructure.
4.3 GIFT-IFSC
 World-class foreign universities and institutions to be allowed in the GIFT City.
 An International Arbitration Centre to be set up for timely settlement of
disputes under international jurisprudence.
4.5 Blended Finance

 Blended funds to be promoted for sunrise sectors where the government will
promote thematic funds for blended finance with the government share being
limited to 20% and funds being managed by private fund managers

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4.6 Mobilising Resources
 Data Centres and Energy Storage Systems to be given infrastructure status.
 Venture Capital and Private Equity invested more than Rs. 5.5 lakh crore last
year facilitating one of the largest start-up and growth ecosystem.
 Measures to be taken to help scale up this investment.
4.7 Digital Rupee

 Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.
4.8 Financial Assistance to States for

Capital Investment
 Enhanced outlay for ‘Scheme for Financial Assistance to States for Capital
Investment’: From Rs. 10,000 crores in Budget Estimates to Rs. 15,000 crores
in Revised Estimates for current year.
 Allocation of Rs.1 lakh crore in 2022-23 to assist the states in catalysing overall
investments in the economy.
 Fifty-year interest free loans, over and above normal borrowings In 2022-23,
States will be allowed a fiscal deficit of 4% of GSDP, of which 0.5% will be tied
to power sector reforms
4.9 Fiscal Management

 Budget Estimates 2021-22: Rs. 34.83 lakh crore
 Revised Estimates 2021-22: Rs. 37.70 lakh crore
 Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore
 Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh
crore
 Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)
 Fiscal deficit in 2022-23 estimated at 6.4% of GDP

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From The Budget: - PART “B”
1. Direct TAX
Direct taxes, usually levied on a person’s income are paid directly by taxpayers
or an organization to tax authorities of the Government of India. The person or the
organization in question cannot transfer this type of tax to another person or entity
for payment. Some of the examples of direct tax include income tax and corporate
tax.
1.1 Introducing new ‘Updated return’
 Provision to file an Updated Return on payment of additional tax.

 Will enable the assesses to declare income missed out earlier.
 Can be filed within two years from the end of the relevant assessment year.
1.2 Surcharge for Cooperative societies

 Alternate Minimum Tax paid by cooperatives brought down from 18.5 per
cent to 15 per cent.
 To provide a level playing field between cooperative societies and companies.
Surcharge on cooperative societies reduced from 12 per cent to 7 per cent for
those having total income of more than Rs 1 crore and up to Rs 10 crores.

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1.3 Tax relief to persons with disability
 Payment of annuity and lump sum amount from insurance scheme to be
allowed to differently abled dependent during the lifetime of
parents/guardians, i.e., on parents/ guardian attaining the age of 60 years.
1.4 Parity in National Pension Scheme

Contribution
 Tax deduction limit increased from 10 per cent to 14 per cent on employer’s
contribution to the NPS account of State Government employees.
 Brings them at par with central government employees.
 Would help in enhancing social security benefits.
1.5 Incentives for Start-ups

 Period of incorporation extended by one year, up to 31.03.2023 for eligible
start-ups to avail tax benefit.
 Previously the period of incorporation valid up to 31.03.2022.
1.6 Incentives under concessional tax

 Last date for commencement of manufacturing or production under section
115BAB extended by one year i.e., from 31st March, 2023 to 31st March, 2024
1.7 Scheme for taxation of virtual digital

assets regime
 Specific tax regime for virtual digital assets introduced.
 Any income from transfer of any virtual digital asset to be taxed at the rate of
30 per cent.
 No deduction in respect of any expenditure or allowance to be allowed while
computing such income except cost of acquisition.
 Loss from transfer of virtual digital asset cannot be set off against any other
income.

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 To capture the transaction details, TDS to be provided 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 also to be taxed in the hands of the recipient.
1.8 Litigation Management

 In cases where question of law is identical to the one pending in High Court or
Supreme Court, the filing of appeal by the department shall be deferred till
such question of law is decided by the court.
 To greatly help in reducing repeated litigation between taxpayers and the
department.
1.9 Tax incentives to IFSC

 Subject to specified conditions, the following to be exempt from tax Income of
a non-resident from offshore derivative instruments.
 Income from over-the-counter derivatives issued by an offshore banking unit.
Income from royalty and interest on account of lease of ship. Income received
from portfolio management services in IFSC.
1.10 Rationalization of Surcharge

 Surcharge on AOPs (consortium formed to execute a contract) capped at 15
per cent.
 Done to reduce the disparity in surcharge between individual companies and
AOPs.
 Surcharge on long term capital gains arising on transfer of any type of assets
capped at 15 per cent.
 To give a boost to the start-up community.

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1.10 Health and Education Cess
 Any surcharge or cess on income and profits not allowable as business
expenditure.
1.11 Deterrence against tax-evasion

 No set off, of any loss to be allowed against undisclosed income detected
during search and survey operations.
1.12 Rationalizing TDS Provisions

 Benefits passed on to agents as business promotion strategy taxable in hands
of agents.
 Tax deduction provided to person giving benefits, if the aggregate value of
such benefits exceeds Rs 20,000 during the financial year.

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2. Indirect TAX
Indirect tax is the tax imposed by the government on a taxpayer for goods and
services bought. Indirect tax is not levied on the income of the taxpayer and can be
passed on from one individual to another. Examples of indirect taxes include sales
tax, entertainment tax, excise duty, etc. These are levied on the sellers of goods or
the providers of service, where it is passed on to the end consumer in the form of
service tax, excise duty, entertainment tax, custom duty etc.
2.1 Remarkable progress in GST

 GST revenues are buoyant despite the pandemic – Taxpayers deserve
applause for this growth.
 GST collections in Jan 2022 at Rs 1,40,986 crores highest since GST’s inception.
2.2 Special Economic Zones

 Customs Administration of SEZs to be fully IT driven and function on the
Customs National Portal – shall be implemented by 30th September 2022.
2.3 Customs Reforms and duty rate

changes
 Faceless Customs has been fully established.
 During Covid-19 pandemic, Customs formations have done exceptional
frontline work against all odds displaying agility and purpose.

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2.4 Project imports and capital good
 Gradually phasing out of the concessional rates in capital goods and project
imports; and applying a moderate tariff of 7.5 percent – conducive to the
growth of domestic sector and ‘Make in India’.
 Certain exemptions for advanced machineries that are not manufactured
within the country shall continue.
 A few exemptions introduced on inputs, like specialised castings, ball screw
and linear motion guide – to encourage domestic manufacturing of capital
goods.
2.5 Review of customs exemptions and

tariff simplification
 More than 350 exemption entries proposed to be gradually phased out, like
exemption on certain agricultural produce, chemicals, fabrics, medical
devices, & drugs and medicines for which sufficient domestic capacity exists.
 Simplifying 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 – in line with the objective of ‘Make in India’ and
‘Atmanirbhar Bharat’.

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2. Indirect TAX (Sector Specific Proposals)
2.6 Electronics
 Customs duty rates to be calibrated to provide a graded rate structure – to

facilitate domestic manufacturing of wearable devices, hearable devices and
electronic smart meters.
 Duty concessions to parts of transformer of mobile phone chargers and
camera lens of mobile camera module and certain other items – To enable
domestic manufacturing of high growth electronic items.
2.7 Gems and Jewellery

 Customs duty on cut and polished diamonds and gemstones being reduced to
5 per cent; Nil customs duty to simply sawn diamond – To give a boost to the
Gems and Jewellery sector.
 A simplified regulatory framework to be implemented by June this year – To
facilitate export of jewellery through e-commerce.
 Customs duty of at least Rs 400 per Kg to be paid on imitation jewellery
import – To disincentivise import of undervalued imitation jewellery.
2.7 Chemicals
 Customs duty on certain critical chemicals namely methanol, acetic acid and
heavy feed stocks for petroleum refining being reduced.
 Duty is being raised on sodium cyanide for which adequate domestic capacity
exists – This will help in enhancing domestic value addition.
2.7 MSME
 Customs duty on umbrellas being raised to 20 per cent. Exemption to parts of
umbrellas being withdrawn.
 Exemption being rationalised on implements and tools for agri-sector which
are manufactured in India Customs duty exemption given to steel scrap last

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year 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 – to tackle
prevailing high prices of metal in larger public interest.
2.7 Exports
 To incentivise exports, exemptions being provided on items such as
embellishment, trimming, fasteners, buttons, zipper, lining material, specified
leather, furniture fittings and packaging boxes.
 Duty being reduced on certain inputs required for shrimp aquaculture – to
promote its exports.
 Tariff measure to encourage blending of fuel Unblended fuel to attract an
additional differential excise duty of Rs 2/ litre from the 1st of October 2022 –
to encourage blending of fuel.

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Budget at a Glance & Major Allocations
Rupee Comes From (%)
Borrowings and other Liabilities 35

GST 16
Income Tax 15
Corporation Tax 15
Union Excise Duties 7
Non Tax Revenue 5
Customs 5
Non Debt Capital Receipts 2
0 5 10 15 20 25 30 35 40
Rupee Goes To (%)
Interest Payment 20
State share of TAX and Duties 17
Central Sector Schemes 15
FC and Other Transfers 10
Central Sponsored Schemes 9
Other Expenditure 9
Subsidies 8
Defence 8
Pension 4
0 5 10 15 20 25

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Ministry wise Allocation
Allocation in Crores 2022-23 (BE)

Defence 525166.15
Consumer Affairs, Food & Public Distribution 217684.46
MoRTH 199107.71
Home Affairs 185776.55
Railways 140367.13
Rural Development 138203.63
Agriculture & Farmer welfare 132513.62
Chemical & Fertilizer 107715.38
Communication 105406.82
0 100000 200000 300000 400000 500000 600000
Growth Story in Charts: - Fiscal Deficit Trends

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Fiscal Deficit
10
9 9.2
8
7
6.8 6.9
6 6.4
5
4
3
2
1
0
2022-21 (Actuals) 2021-22 (BE) 2021-22 (RE) 2022-23 (BE)
Total Transfer to States:

 BE 2021-22: 13.89 lakh crore
 BE 2022-23: 16.12 lakh crore
Budget at a Glance: Budget at a Glance presents broad aggregates of the budget
for easy understanding. This document shows receipts and expenditure as well as
the Fiscal Deficit (FD), Revenue Deficit (RD), Effective Revenue Deficit (ERO) and
the Primary Deficit (PD) of the Government of India. It gives an illustrative account
of sources of receipts and their expenditure through graphs and info-graphics. In
addition, the document contains the resources transfered to States and UTs with
legislature. The document also contain extracts of allocations for programme and
schemes and giving insights on sources of deficit financing and composition of
important budgetary variables.
Fiscal Deficit is the difference between the Revenue Receipts plus Non-Debt
Capital Receipts (NDCR) and the total expenditure. FD is reflective of the total
borrowing requirement of Government.
Revenue Deficit refers to the excess of revenue expenditure over revenue receipts.
Effective Revenue Deficit is the difference between Revenue Deficit and Grants
for Creation of Capital Assets.
Primary Deficit is measured as Fiscal Deficit less interest payments.
2021-22 ( In lacs 2022-23 ( In lacs

crore) crore)
Revenue Receipts 2.07 2.20
Tax revenue 1.93
Non tax 0.27
Capital Receipts 1.69 1.74
Total Receipts 3.77 3.94

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Deficit:
2021-22 (%) 2022-23 ( %)
Revenue Deficit 4.7 3.8
Effective Revenue 3.7 2.6
Deficit
Fiscal Deficit 6.9 6.4
Primary Deficit 3.3 2.8
BUDGET PROFILE:
Receipt:
2022-23 ( lakh crs)

Capital Receipt 17.40
Tax receipt 19.35
Non tax receipt 2.7
Total budget 39.45
Expenditure
2022-23 ( lakh crs)

Scheme expenditure 16.24
Transfers, 23.21
Establishment and
Other Expenditure
REVENUE RECEIPTS
 Tax Revenue sources: GST > Corporation Tax > Taxes on Income > Customs
 Non-Tax Revenue sources: Dividends and Profits> Interest receipts>others
TAX RECEIPTS (%GDP):
RE 2021-22: Direct – 5.4% Indirect- 5.4%
BE 2022-23: Direct – 5.5% Indirect- 5.2%
Sources of Financing Fiscal Deficit:
 Highest from Market Borrowings (G-sec +T Bills)
 2nd highest from Securities against Small Savings

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MAJOR ITEMS OF EXPENDITURE:
2022-23 (crs)
Agriculture and Allied Activities 151521
Education 104278
Health 86606
Rural Development 206293
Social Welfare 51780
MINISTRY OF RAILWAYS: 140367 crs

 Capital Expenditure: 137100.00 crores
 Revenue Expenditure: 3267` crores
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS:199107 crs
 Capital Expenditure: 187744.00 ` crores

 Revenue Expenditure: 11363 crores
MINISTRY OF DEFENCE: 525166 crs
 Capital Expenditure: 160419` crores

 Revenue Expenditure: 364746 crores
Important Scheme’s allocation:

Scheme 2022-23 (CRS)
MGNREGA 73000
PMJAY 7857
National Health Mission 37800
Jal Jeevan Mission 60000
Pradhan Mantri Awas Yojna (PMAY) 48000
Pradhan Mantri Gram Sadak Yojna 19000
Pradhan Mantri Krishi Sinchai Yojna 12954
SBM - Urban 2300
SBM-Gramin 7192
SPMRM 550
AMRUT and Smart Cities Mission 14100
Mission Shakti (Mission for Protection 3184
and Empowerment for Women)
Mission VATSALYA (Child Protection 1472
Services and Child Welfare Services)
Saksham Anganwadi and POSHAN 2.0 6572
PM-KISAN 68000

Crack Grade B
Top 50 MCQs
1. As per Union Budget 2022-23, what is the target of installed solar
capacity by 2030?
a. 250 GW
b. 230 GW
c. 280 GW
d. 300 GW
e. 320 GW
2. As per Union Budget 2022-23, the capital expenditure is _____ per cent
of GDP in 2022-23.
a. 2.2
b. 2.9
c. 3.2
d. 2.5
e. 2.4
3. What is the effective capital expenditure of central government in
2022-23?
a. Rs. 10.5 Lakh Crore
b. Rs. 11 lakh Crore
c. Rs. 10.68 Lakh Crore
d. Rs. 11.5 Lakh Crore
e. None of the above
4. As per Union Budget 2022-23, Central Bank digital currency will be
issued by RBI starting _________.
a. 2022-23
b. 2023-24
c. 2024-25
d. 2025-26
5. As per Union Budget 2022-23, what is the revised estimate for 2021-
22?
a. Rs. 34.83 lakh crore
b. Rs. 46.03 lakh crore
c. Rs. 37.70 lakh crore
d. Rs. 39.45 lakh crore

Crack Grade B
e. None of the above.
6. As per Union Budget 2022-23, what is the revised Fiscal Deficit in
current year as against 6.8 per cent projected in the budget estimate?
a. 6.9 per cent
b. 6.4 percent
c. 7.2 per cent
d. 6.6 percent
e. 7.5 per cent
7. As per Union Budget 2022-23, updated return can be filed within _____
years from the end of the relevant assessment year.
a. 3
b. 1.5
c. 1
d. 2
e. 5
8. As per Union Budget 2022-23, the Alternative Minimum Tax has been
reduced to 15% to provide a level playing field, for whom the tax has
been reduced?
a. Corporates
b. Cooperative Societies
c. Limited Liability Partnership
d. One Person company
9. As per Union Budget 2022-23, virtual digital assets will be taxed at what
percent?
a. 20%
b. 10%
c. 30%
d. 40%
e. 55%
10. As per Union Budget 2022-23, what is/are not allowed as the
business expenditure from the below options?
a. Income Tax
b. Surcharge on Tax
c. Health and Education Cess

Crack Grade B
d. All of the above
11. As per Union Budget 2022-23, what is the yearly aggregate value
threshold of benefits that will be taxed received as a commission from
business?
a. Rs. 10,000
b. Rs. 20,000
c. Rs. 15,000
d. Rs. 25,000
12. As per Union Budget 2022-23, the reforms relating to Special
Economic Zone will be implemented by _______.
a. 30th October 2022.
b. 30th August 2022.
c. 30th September 2022.
d. 31st November 2022.
e. 31st March 2022
13. As per Union Budget 2022-23, custom duty on Gems and
Jewellery has been reduced to ____ per cent.
a. 7
b. 5
c. 3
d. 8
e. 11
14. As per Union Budget 2022-23, to encourage the efforts for
blending of fuel, by how much rupees the unblended fuel will attract
additional differential excise duty?
a. Rs. 2
b. Rs. 2.5
c. Rs. 1.5
d. Rs. 2.75
e. Rs. 3
15. As per Union Budget 2022-23, National Capital Goods Policy,
2016 aims at doubling the production of capital goods by _________.
a. 2024

Crack Grade B
b. 2023
c. 2025
d. 2026
e. 2027
16. As per Union Budget 2022-23, two lakh Anganwadis to be
upgraded to _________.
a. Saksham Anganwadis
b. Daksh Anganwadis
c. Model Anganwadis
d. Modern Anganwadis
e. POSHAN Anganwadis
17. As per Union Budget 2022-23, allocation of Rs. 5300 Crore is
made under PLI Scheme for which of the following Sector?
a. Telecom and Networking Products
b. Pharmaceuticals
c. Large Scale Electronics and IT Hardware
d. Automobile
e. Mobile Devises
18. As per Union Budget 2022-23, for 2022-23 states will be allowed
a fiscal deficit of 4% of GSDP of which 0.5% will be tied to _____ sector
reforms.
a. Agriculture
b. Power
c. Fisheries
d. All of the above
19. As per Union Budget 2022-23, the 35% of the income comes
from which of the following heads?
a. Income Tax
b. Union Excise Duties
c. GST
d. Borrowings and other Liabilities
e. Non-Tax Revenue
20. As per Union Budget 2022-23, what is the BE for 2022-23 for
Effective Capital Expenditure?

Crack Grade B
a. Rs. 10,67,889 Crore
b. Rs. 8,40,396 Crore
c. Rs. 7,73,348 Crore
d. Rs. 6,57,182 Crore
21. As per Union Budget 2022-23, what is the Budgetary estimate
allocation for National Health Mission for 2022-23?
a. Rs. 37,800 crores
b. Rs. 38,000 crores
c. Rs. 35,000 crores
d. Rs. 32,000 crores
allocation for Jal Jeevan Mission for 2022-23?
a. Rs. 50,000 Crores
b. Rs. 60,000 Crores
c. Rs. 75,000 Crores
d. Rs. 85,000 Crores
e. Rs. 55,000 Crores
allocation under PM KISAN for 2022-23?
a. Rs. 68,000 Crores
b. Rs. 65,000 Crores
c. Rs. 75,000 Crores
d. Rs. 62,000 Crores
e. Rs. 55,000 Crores
allocation under Aatmanirbhar Bharat Rojgar Yojana for 2022-23?
a. Rs. 5000 Crore
b. Rs. 5400 Crore
c. Rs. 6000 Crore
d. Rs. 6400 Crore
e. Rs. 6500 Crore
allocation under PM Gram Sadak Yojana for 2022-23?

Crack Grade B
a. Rs. 2000 Crore
b. Rs. 3000 Crore
c. Rs. 1900 Crore
d. Rs. 1700 Crore
26. As per Union Budget 2022-23, what is the growth estimate for
2022-23?
a. 9%
b. 9.5%
c. 9.2%
d. 9.3%
e. 9.7%
27. As per Union Budget 2022-23, how many new generations Vande
Bharat Train to be manufactured during the next three years?
a. 500
b. 400
c. 350
d. 550
e. 600
28. As per Union Budget 2022-23, what is the amount directly paid
to 1.63 crore farmers for procurement of where and paddy?
a. Rs. 2.35 Lakh Crore
b. Rs. 3.35 Lakh Crore
c. Rs. 2.37 Lakh Crore
d. Rs. 2.63 Lakh Crore
29. As per Union Budget 2022-23, what is the financial outlay of
‘Raising and Accelerating MSME performance (RAMP) programme’?
a. Rs. 6000 Crore
b. Rs. 5000 Crore
c. Rs. 5500 Crore
d. Rs. 6500 Crore
e. Rs. 7000 Crore

Crack Grade B
30. As per Union Budget 2022-23, how many pilot project to be set
up for coal gasification and conversion of coal into chemicals for the
industry?
a. Five
b. Four
c. Six
d. Seven
e. Three
31. The Union Budget 2022-23, lays a foundation and
give a blueprint to steer the economy over Amrit Kaal from
India@75 to India@100 by laying 4 priorities, which one of
them below is not among the four highlighted in budget?
a. PM Gati Shakti
b. Inclusive Development
c. National Asses Reconstruction Company Limited
d. Financing for Investment
32. As per Union Budget 2022-23, the projects pertaining
to 7 engines in the National Infrastructure Pipeline will be
aligned with PM Gatishakti framework, which one of the
below is not one among the 7 engines?
a. Roads
b. Railways
c. Mass Transport
d. Social Infrastructure
e. Logistical Infrastructure
33. As per Union Budget 2022-23, the National Highways
network will be expanded by _____ kms in 2022-23.
a. 20,000 Kms
b. 25,000 Kms
c. 30,000 Kms
d. 35,000 Kms
e. 32,000 Kms
34. As per Union Budget 2022-23, how many PM
Gatishakti Cargo terminals for multimodal logistics
facilities will be developed during next 3 years?
a. 110

Crack Grade B
b. 100
c. 150
d. 115
e. 130
35. As per Union Budget 2022-23, how many ropeway
projects with 60 kms in length contract will be awarded in
2022-23 under project Parvatmala?
a. 5
b. 8
c. 11
d. 13
e. 15
36. As per Union Budget 2022-23, Use of ‘Kisan Drone’
will be promoted for which of the following objective (s)?
a. Crop Assessment
b. Digitization of Land record
c. Spraying of Insecticides and Nutrients
d. All of the above
37. As per Union Budget 2022-23, Ken Betwa Project is
implemented at an estimated cost of Rs. 44,605 Crore and
allocation of Rs. 4300 crore in RE 2021-22 and _____ in
2022-23 have been made for the project.
a. Rs. 1500 Crores
b. Rs. 1600 Crores
c. Rs. 1700 Crores
d. Rs. 1400 Crores
38. As per Union Budget 2022-23, which of the following
portals has been merged?
a. Udyam & E-Shram
b. NSC & ASEEM
c. Udyam, ASEEM & E-Shram
d. ASEEM, NCS, Udyam & E-Shram
39. As per Union Budget 2022-23, ECLGS has provided
additional credit to more than 130 lakh MSME, so
considering this ECLGS will be extended up to _______.

Crack Grade B
a. March 2024
b. March 2023
c. December 2022
d. January 2023
40. As per Union Budget 2022-23, Raising and
Accelerating MSME Performance (RAMP) over the 5 years
has been rolled out with a financial outlay of how much
crore?
a. Rs. 5000 Crore
b. Rs. 6000 Crore
c. Rs. 4000 Crore
d. Rs. 6500 Crore
e. Rs. 7000 Crore
41. As per Union Budget 2022-23, Digital Ecosystem for
Skilling and ________ - the DESH-Stack e-portal will be
launched, Fill in the blank with appropriate option below.
a. Matching
b. Livelihood
c. Upskilling
d. Jobs
42. As per Union Budget 2022-23, How many channels
under PM eVIDYA will be expanded from 12?
a. 100
b. 200
c. 300
d. 250
e. 125
43. As per Union Budget 2022-23, what is the allocation
for ‘Har Ghar, Nal Se Jal’ mission’ which aims to cover 3.8
crore household in 2022-23?
a. Rs. 40,000 Crore
b. Rs. 50,000 Crore
c. Rs. 60,000 Crore
d. Rs. 70,000 Crore
e. Rs. 30,000 Crore

Crack Grade B
44. As per Union Budget 2022-23, how many houses will
be completed for the identified eligible beneficiaries of PM
Awas Yojana both Urban and Rural?
a. 50 Lakh
b. 60 Lakh
c. 65 Lakh
d. 80 Lakh
e. 75 Lakh
45. As per Union Budget 2022-23, what is the initial
allocation made for newly announced scheme PM-DevINE?
a. Rs. 1500 Crore
b. Rs. 2000 Crore
c. Rs. 3000 Crore
d. Rs. 4000 Crore
46. As per Union Budget 2022-23, by the end of which
year 1.5 Lakh post office will come on the core banking
system?
a. 2022
b. 2023
c. 2024
d. 2025
47. As per Union Budget 2022-23, how many Digital
Banking Units will be set up by Schedule Commercial
Bank in 75 districts of the country?
a. 85
b. 95
c. 65
d. 75
e. 55
48. As per Union Budget 2022-23, the scope of portal
PARIVESH will be expanded and will enable application for
all four approvals through a single form, when was this
portal launched?
a. 2014
b. 2015
c. 2016

Crack Grade B
d. 2017
e. 2018
49. Union Budget 2022-23 has allowed _________ bonds
as a substitute for bank guarantee which will be acceptable
in government procurements.
a. Surety
b. Procurement
c. Import
d. All of the above
50. As per Union Budget 2022-23, by what precent will
the capital procurement for Armed Forces will be
earmarked for domestic industry in 2022-23?
a. 50%
b. 58%
c. 65%
d. 68%
e. 72%

Budget Highlights 2022-23

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UNION BUDGET 2022-23

Team CrackGradeB 2/2/22 Yearly Document

Union The budget is prepared

The budget presented

It Contains budget Budget Estimate - 2022-23

Actual Receipt - 2020-21

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Budget Size - 39.45 Lakh Crore

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Few Very Important Points.

This Budget seeks to lay the foundation and give a blueprint

Goals of Amrit Kaal

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Entering Amrit Kaal, the 25 year long lead up

for growth along four priorities:

3. Productivity Enhancement &

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1.3 Seamless Multi Model Movement of

1.4 Multimodal Logistics Parks

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2.2 Ken Betwa project

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2.4 Skill Development

2.5 Quality Education

2.6 Ayushman Bharat Digital Mission.

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2.8 Har Ghar, Nal Se Jal

2.9 Housing for All

2.10 Prime Minister’s Development

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2.10 Post Office, Banking & Digital

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3.1 Ease of Doing Business 2.0

3.2 Green Clearances

3.4 Urban Planning

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3.6 Land Records Management

3.7 Accelerated Corporate Exit

3.8 Government Procurement

3.9 AVGC Promotion Task Force

3.10 Telecom Sector

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3.11 Export Promotion

3.12 AtmaNirbharta in Defence

 68% of capital procurement budget earmarked for domestic industry in 2022-

3.13 Sunrise Opportunities

3.14 Solar Power

3.15 Transition to Carbon Neutral

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4.1 Public Capital Investment

4.2 Green Bonds

4.5 Blended Finance

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4.7 Digital Rupee

4.8 Financial Assistance to States for

4.9 Fiscal Management