New Delhi

Finance Minister Nirmala Sitharaman on Tuesday announced a plethora of events during the in the Lok Sabha during the Budget Session of Parliament. Expansion of national highways to having one station one product at every railway junction to promote the local vendors and the speciality of the state, enhancing metro coverage and local conveyance connecting the two among many was on the list

Issuance of E-passports is to be rolled out this year to enhance the convenience for citizens. Moreover, to facilitate faster movement of people and goods, the Union Finance Minister said that PM Gati Shakti Master Plan for Expressways will be formulated in 2022-23, adding that the national highways network will be expanded by 25,000 km in the current financial year and Rs 20,000 crores will be mobilized to complement public resources.

Sitharaman further said, "PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways, logistics infra. All 7 engines will pull forward the #Economy in unison Supported by energy transmission, IT communication, bulk water and sewerage and social infrastructure."

Sitharaman informed the Parliament today that India's growth is estimated to be at 9.27 per cent in the current year. "India's economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies," she said.

With an objective to reduce dependence on imports of defence equipment, India will earmark 68 per cent of its capital procurement budget of the defence sector for the domestic industry. This is up from 58 per cent last fiscal. Sitharaman announced that defence research and development (R&D) will be opened for industry, start-ups and academia.

Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with Defence Research and Development Organisation (DRDO) and other organizations through the special purpose vehicle (SPV) model, the Finance Minister said.

She further added reduction in excise duty on various aqua culture products in order to increase the import/export.

The Finance Minister also said that the Prime Minister Narendra Modi-led Centre's Budget is focusing majorly on taking India@75 to India@100. "We are marking Azadi ka Amrit Mahotsav, our focus is on complementing micro and macro economy, promoting digital economy, and private and public investments," Sitharaman added.

The Union Cabinet approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament. Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation.

She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry. Amid the ongoing coronavirus pandemic, replacing her signature 'bahi khata', she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it.

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