Budget 2022 will double farmers' income, benefit MSMEs, says PM Modi

The Union Budget for financial year 2022-23, presented by Finance Minister Nirmala Sitharaman on February 1, will lead to the doubling of farmers' income and benefit the medium, micro and small entreprises (MSMEs), Prime Minister Narendra Modi said.

The fiscal road map unveiled by Sitharaman will benefit every sector of the economy, "with a special focus on agriculture", the prime minister claimed.

The announcement of "over Rs 2.25 lakh crore MSP (minimum support price)" is aimed at benefitting the farmers as the amount is "being directly transferred" to them, he said. This "budget will double farmers' income," news agency ANI further quoted him as saying.

"For MSMEs, credit guarantee and many new schemes have been announced," Modi noted.

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"This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full of 'more infrastructure, more investment, more growth and more jobs'. There is also a new provision of green jobs; the budget ensures a bright future for the youth," Modi said.

The decision to promote natural farming at the banks of river Ganga, as announced in the budget, will not only benefit farmers based in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar and West Bengal, but will also help in making "river Ganga chemical-free", he added.

"For the first time in the country, 'Parvat Mala' scheme is being kickstarted for regions like Himachal Pradesh, Uttarakhand, J&K, and northeast. It'll facilitate modern system of transportation and connectivity in hills. This will provide strength to border villages," Modi said.

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Notably, the budget, which the prime minister described as pro-farmer, has been tabled days before the start of high-stakes assembly elections in five states. The poll-bound regions include Uttar Pradesh and Punjab, which witnessed massive protests last year against central farm reform laws that were scrapped by Modi in November.