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February 3,2022

Anna Murray 

On February 1, Finance Minister Nirmala Sitharaman presented the "Union Budget 2022-23 Analysis," proposing spending of Rs 39,44,909 crore (about US$52,848) in 2022-23, up 4.6 percent from the revised projection for 2021-22. With its emphasis on infrastructure and investments, the Budget 2022-23 is anticipated to help the economy get back on track.

In 2022-23, the Narendra Modi-led government projects a nominal GDP growth rate of 11.1 percent, which includes both real and inflationary growth. The Budget 2022-23 prioritizes investments, infrastructure, and utilities (suvidha) for regular citizens, as well as a push to streamline procedures and make doing business easier.

The collapse of the industrial workforce has long been a part of Prime Minister Narendra Damodardas Modi's 'Make in India' policy. For a long time, India's manufacturing strength has been on the decline. The battle of the Narendra Modi government to leverage India's potential as a global manufacturing hub is at the heart of the Indian economy's dilemma of chronic unemployment.

According to Sanjiv Goenka, head of the RP-Sanjiv Goenka Group, the Budget is pro-economy and pro-nation. The government's increased capital investment, the Emergency Credit Line Guarantee Scheme (ECLGS), and the production-linked incentive (PLI) scheme in the Budget are expected to generate 6,000,000 employment across 14 industries.