Budget 2022 LIVE Updates: Spending Boost, Mega Infrastructure Plan, Digital Rupee, Crypto Tax And More...

Along with strengthening the economy, the budget will create a number of new opportunities for common Indians, Prime Minister Narendra Modi said in a televised broadcast.

Here's what Modi said:

• Budget focused on creating more infrastructure, more investment, more growth, more jobs.

• ‘Parvatmala Yojana’ will bring advanced transportation and connectivity to villages on India’s borders.

• Budget provisions will secure that farming is beneficial with new opportunities arising.

• Fund for new agri startups, food processing package will aid in boosting farmer income.

• Budget addresses India's current needs, and secures a bright future for India's youth as well.

• Budget aims to bring advances and new technology in all aspects of Indians' lives.

The FY23 allocation for Mahatma Gandhi National Rural Employment Guarantee scheme has been lowered to Rs 73,000 crore from a revised estimate of Rs 98,000 crore in FY22.

Economists had earlier called for increasing MGNREGA allocation as the scheme had failed to keep up with the demand for work.

The government has lowered its disinvestment target for FY23 at Rs 65,000 crore.

That comes after India is set to miss its Rs 1.75 lakh crore target for the current fiscal. The government's revised estimate for FY22 is Rs 78,000 crore.

The government has set gross market borrowing target of Rs 14.95 lakh crore for FY23. A consensus of economist estimates had expected borrowing target to be at Rs 13 lakh crore.

India's 10-year bond yields spiked over 21 basis points on the higher borrowing target.