Article 112 of the Indian Constitution states that the Annual Financial Statement, popularly known as the Union Budget of India, should be presented by the Finance Minister in the Parliament on 1st February. Nirmala Sitharaman, the Finance Minister of India, proposed the Union Budget 2022 on 1st February 2022, which will be in effect from 1st April 2022.
The Union Budget 2022 is designed to boost economic activities in various sectors that will lead to the development of resource management systems and infrastructural facilities of the country, especially in healthcare, agriculture, defence, etc.
Currently, the estimated economic growth of India is at 9.2%, which is quite higher in comparison to other developed economies of the world. Whereas 6.9% of the fiscal deficit coming from GDP is a sign of stable growth of the economy. The Union Budget has also made significant mentions regarding domestic products, polished diamonds, electronics, etc
Read below to find out the sector-wise highlights of Union Budget 2022