Government companies like ONGC, BPCL will spend 1.1 lakh crores, Introducing 2022 Finance Minister Nirmala Sitharaman said the Public Sector Corporation for Oil and Natural Gas (ONGC) and the Indian Oil Corporation (IOC) and other government companies would invest € 1.11 million in the financial year 2022-2023. ONGC, IOC, GAIL India Limited (GAIL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Oil India Limited (IOL) will collectively increase capital expenditures by 7.4 percent in the next financial year. According to the budget 2022 documents, for the period 2022-2023 capital expenditure is 1.11 million. mln. Rs compared to the revised current fiscal budget of 1.04 million.
The ONGC has earmarked EUR 29 950 million for the financial year 2022-2023. This is slightly less than the revised estimate of € 30,500 million. The country’s largest oil refining and marketing company, Indian Oil Corporation, will spend $ 28.549 million next year. This is almost equal to the expenditure for the current financial year ended 31 March. In addition, GAIL will invest Rs 7,500 in the development of the pipeline network and petrochemical plants, which exceeds the adjusted costs of Rs 7,160 billion. current fiscal.
BPCL estimated that it would spend 10 thousand
The privatization process of BPCL will also be accelerated. Nevertheless, 10 thousand will be invested in the next financial year. Of these, 8,120 million for refineries and fuel marketing, and € 500 million for – petrochemical products. This financial year, this amount amounted to 10,500 million.
HPCL will spend 14.5 million
HPCL’s estimated expenditure for the next financial year is EUR 14.5 million. This is 7 percent more than forecast for the current financial year. Oil India Limited’s investment plan is 4302 million. The costs of ONGC Videsh in the current financial year were estimated at 8380 million. The company reduced it to 5,620 million. In the following financial year, this estimate was considered to be EUR 8180 million.
Government focus on increasing investment
Government 2022-2023 the budget 2022 focused on increasing investment and capital spending. This will create new employment opportunities, which will increase consumption. However, there is no direct monetary benefit for those affected by coronavirus. No oil company will receive a subsidy in the next financial year. Only $ 4,000 has been posted. subsidy for cooking gas. This fiscal year, the government has spent only $ 3,400 million on subsidies. However, the budget for 2021 provided for 12,480 million.
Real estate will get help – Budget 2022
In response to a budget 2022 speech, Sakshi Katial, CEO of Home and Soul, said Finance Minister Nirmala Sitharaman had announced that € 48,000 million had been allocated to Pradhan Mantri Awas Yojana (PMAY). This will give a boost to real estate. The increase in real estate will create large-scale employment opportunities. Real estate also contributes significantly to the country’s GDP. The sector contributes almost 8 percent to India’s GDP. The publication of the budget will help this sector.
Everyone has the right to clean water
He said 60 thousand people have also been announced for the connection of tap water. As a result, 3.8 million the country’s families will be connected to the Har Ghar Nal Se Jal Scheme. Clean water is a human right. The government has taken special care of farmers, infrastructure and small traders in the budget 2022.
A budget based on growth – Budget 2022
Digital assets, on the other hand, were subject to a huge 30 percent tax. Such a tax rate seems reasonable because the government has not decided to ban digital assets. Overall, the budgetary sentiment is positive and growth is encouraged.