In the Economic Survey tabled by Union Finance Minister Nirmala Sitharaman on Monday, he said climate finance would be crucial for successful climate action by developing countries, including India.
Highlight
- In the Union Budget Rs. 19,500 crore for production linked incentives for high efficiency modules.
- Finance Minister Nirmala Sitharaman said that climate finance will be crucial for successful climate action.
- Green bonds will be issued to mobilize resources for green infrastructure.
Union Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022-23 in which she announced that Rs. 19,500 crore for production linked incentives for manufacturing of high efficiency modules. He stressed that public investment should go ahead and private investment and demand should pick up in 2022-23 and hence the outlay for capital expenditure in the Union Budget is being increased sharply to 35.4 per cent from Rs 5.54 lakh crore currently. 7.50 lakh crore in the year 2022-23.
This has increased to more than 2.2 times of 2019-20 expenditure and in 2022-23 this outlay will be 2.9 per cent of GDP. With this investment made along with the provision made for creation of capital assets through grants-in-aid to the states, the ‘effective capital expenditure’ of the central government is estimated to be Rs 10.68 lakh crore in 2022-23, which will be around 4.1 per cent. . Percentage of GDP.
In the Economic Survey tabled by Union Finance Minister Nirmala Sitharaman on Monday, he said climate finance would be crucial for successful climate action by developing countries, including India.
Sovereign Green Bonds will be issued to mobilize resources for green infrastructure, as part of the government’s overall market borrowing in 2022-23. The proceeds will be channeled into public sector projects that help reduce the carbon intensity of the economy.
The government proposed to introduce a digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India from 2022-23 for a more efficient and affordable currency management system.
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