Union Budget 2022

Full Analysis
By Lohith Kumar
Constitutional Provision Related to Budget
• According to Article 266 of the Constitution, Parliamentary approval is
required to draw money from the consolidated Fund of India.

• The Term Budget is not mentioned in the constitution.

• The constitution refer it as “ Annual Financial Statement”
• Article 112-117 in the constitution deals with the financial matters.
• Besides, Article 114(3) of the constitution stipulates that no amount
can be withdrawn from the consolidated fund without the enactment
of a law (i.e., Appropriation Bill)
Who is Responsible for Preparing Budget?
• The Budget Division of the Department of Economic Affairs in Finance
Ministry is the nodal body responsible for preparing the Budget.
With fewer words, Sitharaman had set the
record for the longest speech in 2020
Budget 2022 Word Count Comparison
2014 2015 2016 2017 2018 2019 2020 2021
20000

18000 17800 18100

18000 16300 15900

16000 12000 12200

11500

14000

12000

10000

8000

Word Count
Unshackled but undertaxed
1948 1972 1997 2022
Gross Domestic 9.5 14.1 24.2 31.4
Savings % of GDP
Tax/GDP9%) 2.8 5.1 6.8 7.1
Fiscal deficit (% of 52.8 17.5 35.2 50
GDP)
Population (million) 0 2.53 5.66 6.8
Population 361 548 990 1380
( millions)
Foodgrains 50 97 193 308
Production
Import NA 2.9 6.5 17.8
Cover(months)
Agriculture/ GDP(%) 54.7 41.2 24.3 16.7
Tax Slabs
Key Theme of Budget 2022
• The Union Budget seeks to complement macro-economic level
growth with a focus on microeconomic level all inclusive welfare.