President Ram Nath Kovind's budget session speech: Top 10 highlights

The Union Budget session of Parliament began on Monday with President Ram Nath Kovind's address to the joint sitting of both houses in the Central Hall.

President Kovind hailed India’s fight against the COVID-19 pandemic at a time when the country is witnessing the third wave of infections. “We have administered 150 crore doses of COVID vaccines in record time. More than 70 percent beneficiaries have been administered the second dose,” he told the joint sitting.

He also touched upon the achievements of other sectors of the economy.

COVID vaccination drive: “Through the 'Har Ghar Dastak Abhiyan', the government is reaching out to the rest of the people as well. This month, adolescents in the age group of 15 to 18 years have also been included in the vaccination programme. Also, a precautionary dose has been introduced for frontline workers and senior citizens suffering from diseases,” he added.

Additionally, the launch of Pradhan Mantri Ayushman Bharat Health Infrastructure Mission with an outlay of Rs 64,000 crore is a commendable example. This will not only help in meeting the current health requirements but will also prepare the country for any future crisis, he said.

Welfare schemes: President Kovind said, the faith of his government is in the basic mantra of Antyodaya, in which there should be social justice, equality, respect and equal opportunities. Therefore, today in the policies of the government, top priority is being given to villages, poor, backward, scheduled castes and tribes.

He said the PM Garib Kalyan Anna Yojana scheme, with an outlay of 2.6 lakh crore, is reaching out to 80 crore beneficiaries for 19 months. Moreover, under the PM-Sva-Nidhi scheme, more than Rs 2900 crore have been provided to 28 lakh street vendors.

Also, PM-Kisan Samman Nidhi, Rs 1 lakh 80 thousand crore have been provided to more than 11 crore farmer families, he said.

He also said that the role of women in driving the rural economy is becoming more widespread. In 2021-22, 28 lakh self-help groups have been given assistance of Rs 65 thousand crore by banks. This amount is four times more than in 2014-15, he said.

Infra spending: President Kovind said, the government has integrated different ministries to work in a synergised manner under the Pradhan Mantri Gatishakti National Master Plan to accelerate infrastructure development.

Construction of roads, resources and infrastructure in rural areas has opened up possibilities for the In the year 2020-21, 36 thousand 5 hundred kilometre of roads have been built in rural areas, at the rate of more than 100 km per day, and thousands of habitations have been connected with all-weather roads.

As against 90,000 kilometre of national highways in March 2014, today we have more than 1 lakh 40 thousand kilometre of national highways, he said, adding that the Delhi-Mumbai Expressway is also nearing completion.

PLI schemes: “My government has launched 14 key PLI schemes with an outlay of more than Rs 1 lakh 97 thousand crore to fully realize the potential of the manufacturing sector and to create new opportunities for the youth,” the President said.

He added that the the PLI schemes will not only help transform India as a global manufacturing hub but also create over 60 lakh jobs. The domestic mobile manufacturing sector is a shining example of the success of the PLI scheme. Today India has emerged as the second largest mobile phone manufacturer in the world, generating lakhs of jobs for our youth, he said.

Moreover, the government has also recently announced a package of Rs 76,000 crore for silicon and compound semiconductor fabrication, display FAB, chip design and related ventures.

Climate: Climate change is a major challenge confronting the whole world at present. India has emerged as a responsible global voice on the subject.

He referred to the COP-26 summit, where the government announced that by 2030 India will reduce its carbon emission by one billion tonnes. India has also committed to a target of becoming net zero emission economy by 2070, he added.

“India has also taken the initiative of “Green Grid Initiative: One Sun, One World, One Grid” with the global community. It is the first international network of globally interconnected solar power grids. Our ambitions and resolves towards the environment are a testimony of our sensitivity towards nature.” he told the Parliament.

MSMEs: According to the President Kovind, MSMEs have been the backbone of the economy, and a driver of Atmanirbhar Bharat.

In order to protect MSMEs from crisis and ensure adequate availability of credit during the COVID-19 period, the government started a scheme for guaranteed collateral free loans of Rs 3 lakh crore. It is evident from the recent studies that this scheme has given a fresh lease of life to 13 lakh 50 thousand MSME units and also secured 1 crore 50 lakh jobs. In June 2021, the government has enhanced credit guarantee from Rs 3 lakh crore to Rs 4.5 lakh crore, he said.

Several policy decisions have also been taken to expand the scope and opportunities for the MSME sector. The new definition of MSMEs is helping small industries to expand. The government has also permitted wholesale and retail traders, as well as street vendors to get themselves registered on the Udyam portal so that they can avail benefits of Priority Sector Lending.

Defence: India is becoming increasingly self-reliant in the defence sector, President Kovind said. He told the Parliament that a list of more than 2,800 defence equipment has been issued by defence undertakings which will be manufactured domestically.

He also mentioned a contract signed with Hindustan Aeronautics Limited for manufacture of 83 LCA Tejas fighter aircraft. The government has also taken important steps for reorganization of Ordnance Factories into 7 Defence PSUs, he said.

Startups: “Since 2016, 60,000 new startups have been established in 56 different sectors in our country. More than six lakh jobs have been created by these start-ups. In 2021, during the corona period, more than 40 unicorn startups have emerged in India, each with a minimum market valuation of Rs 7,400 crore,” he told the Parliament.

GST: GST collection has consistently remained above Rs one lakh crore during the last several months, the President said, adding that an inflow of 48 billion dollars in the first seven months of the current financial year is a testimony to the belief the global investor community has in India’s growth story.

“India’s foreign exchange reserves today exceed 630 billion dollars. Our exports are also growing rapidly, breaking several past records. During April to December 2021, our goods-exports stood at 300 billion dollars or more than Rs 22 lakh crore, which is one and a half times more than the corresponding period of 2020.” he added.

Digital India: “Amidst the progress made in respect of Digital India and Digital Economy, I also appreciate the government's vision for the success of the country's UPI platform. Transactions worth more than Rs 8 lakh crore have taken place in the country through UPI in December 2021. This is a clear example of how fast our people are adopting technology and rapid change,” President Kovind said.