Finance minister Nirmala Sitharaman presented her fifth Union Budget 2022-23 today ahead of the crucial 2024 Lok Sabha elections that lasted for nearly 1 hour 25 minutes. The biggest takeaway from her speech was the shake-up in the new tax regime for the middle class.
The government announced zero income tax for those earning up to Rs 7 lakh from the earlier Rs 5 lakh under the new regime. It also proposed to reduce highest surcharge rate from 37% to 25%. Also, the limit of 3 lakh on leave encashment increased to 25 lakh.
Other key highlights included increase in the capital investment outlay by 33% to Rs 10 lakh crore, which will account for 3.3% of the GDP, fiscal deficit at 5.9% of GDP, and the “highest-ever” outlay for Indian Railways at Rs 2.40 lakh crore.
The finance minister said “Sapthrishis guiding us through Amrit Kaal” while outlining seven priorities namely inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector in Budget 2023.
In 2022, the FM presented her shortest ever budget speech lasting 92 minutes. The budget gave a blueprint of the economy over Amrit Kal for the next 25 years – for ‘India at 100’. The government budget for 2021-22 focussed on boosting public investment and modernising infrastructure.
Her third budget speech in 2021 went on for 1 hour 48 minutes that aimed at propping up economy hit by coronavirus pandemic. The government focused on welfare of farmers and Atmanirbhar Bharat to boost economy. She set a record of presenting the first paperless budget in the Covid year, and read the speech from her tablet.
FM Sitharaman’s budget speech in 2020 was by far the longest clocking 2 hours 40 minutes where key announcements included the new income tax slabs and LIC IPO. Her speech had 13,275 words. Interestingly, the FM was not able to read the last two paras of her speech because she was unwell.
In 2019, when she became the full-time finance minister, Sitharaman presented the budget for 2 hours and 17 minutes. Her announcements included a 10-point vision for the next 10 years, benefits for MSMEs and start-ups and opening and pre-filing of income tax returns.
Nirmala Sitharaman also hold the record of presenting the highest number of budget by any woman finance minister. In 2019, she became the second woman in Independent India to present the Union budget. Former prime minister Indira Gandhi was the first woman to have presented the budget for 1970-71.
However, in terms of words, Manmohan Singh presented the longest budget speech with 18,650 words in 1991 under the Narsimha Rao government. The shortest budget speech was presented by then finance minister Hirubhai Mulljibhai Patel with 800 words.
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