Budget 2022 session: President Kovind addresses Parliament; top takeaways

Ahead of the Economic Survey 2021-22, President of India Ram Nath Kovind addressed both the houses of the Parliament. In his address, the President talked about India’s up-and-coming startup ecosystem, MSMEs, PLI scheme and Made-in-India products for the defence sector.   President Kovind also talked about the initiatives taken by the Government of India to empower women entrepreneurs in rural areas. Here are top takeaways from President Ram Nath Kovind’s address to both the houses ahead of Budget 2022

• “Our start-up ecosystem is an example of the endless new possibilities that are rapidly taking shape under the leadership of our youth,” the President said. He added that since 2016, 60,000 new startups across 56 sectors gave jobs to 6 lakh people. The President also said that in 2021, 40 unicorns worth over Rs 7,400 crore came up.
• President Kovind talked about the relaxations in patents and trademark sector and therefore 6,000 applications for patents and 20,000 applications for trademarks were filed in FY2021-22.
• Over 13 lakh MSME firms have benefitted from government schemes, according to the President.
• President Kovind talked at length about how the PLI scheme has benefitted the Indian economy. He focused on pharmaceuticals and telecom sectors particularly.
• He noted that the Indian pharma sector has supplied medicines to 180 countries, thus, showing an immense potential in the sector.
• He also backed frontline workers, healthcare workers and citizens for helping the country tide through the coronavirus crisis. He highlighted the fact that over 90 per cent of adult citizens have been inoculated with one dose of the vaccine whereas 70 per cent have received both.
• The President added that the government is also working to empower small farmers through schemes like Samman Nidhi Yojana, Fasal Bima Yojana and Krishi Infrastructure Fund. Approximately Rs 1 lakh crore have been sanctioned for 1,000 Yojanas to boost the agricultural sector in India.
•  “India is one of the nations that has the cheapest internet and mobile phones. We are also working on developing 5G. Our PLI scheme on semiconductor will further boost out startups ecosystem,” he noted.
• "India has heralded a new age in the transport sector. A huge spurt has been seen in highway construction across India. Work on Delhi-Mumbai Expressway is also underway. India is working towards an integrated transport scenario. In 2014, highway length amounted to 90,000 km. Today, it is 1,40,000 km," said President Kovind.
• President Kovind also expounded on the government policies vis-à-vis self-help groups and encouraging Banking Sakhis to empower women entrepreneurs. “The government has invested in many SHGs, encouraging Banking Sakhis to take banking services to remotest regions, and schemes like Ujjwala Yojana, Beti Bachao Beti Padhao are helping empower our Nari Shakti,” the President underscored. He added that these Banking Sakhis are working towards connecting banking services to rural areas.
• The President also claimed in his speech that the government is running the world’s largest food distribution program – PM Gareeb Kalyan Yojana. He added that this scheme has been extended till March 2022.
• President Kovind talked about the government’s focus on Make in India projects targeted towards defence sector. He also noted that the soldiers will get ‘Made-in-India’ weapons and that indigenous Tejas fighters have also been approved.

Also read: Economic Survey 2022 Live Updates: India received $48 bn in FDI in first 7 months of FY22, says Prez Kovind