Finance Minister Nirmala Sitharaman finished her budget speech in about 92 minutes – her shortest one so far. With two pages remaining, she had to cut it short and sit down by the end of it as she felt unwell.
We would say, it is forward-looking Union Budget 2022-23. The AtmaNirbhar Bharat Ka Budget is in line with PM.The vision of long term growth and inclusive development. It is also the budget that lays out the prospects of New India.
A budget that is high on technology focus and technology led provisioning of services to vulnerable sections. From central Bank digital currency (CBDC) to using farm stalk for firing coal power plants which will reduce pollution, the budget appears to put high focus on technology adoption in all sectors. This is a very positive aspect.
Also, support to states and a greater centre-state joint initiatives for growth are welcome. The focus on digital economy through focus on startups, auctioning of 5G spectrum and Gov Tech adotpion would surely boost the economy. Digital solutions are the way forward in any kind of enterprise management. Furthermore, to make businesses more efficient & profitable, we require a workforce that is skilled in API, by welcomes the announcement of Data Exchange among all-mode operators to be brought on Unified Logistics Interface Platform.
Digital solutions are the way forward in any kind of enterprise management. Furthermore, to make businesses more efficient & profitable, we require a workforce that is skilled in API, by welcomes the announcement of Data Exchange among all-mode operators to be brought on Unified Logistics Interface Platform. This will be one of the most sought after approach as we pivot ourselves to the needs of a post-pandemic workforce requirement. The finance minister’s digital push for skilling across the digital ecosystem is an impetus in the right direction.
By welcoming the strong push to develop the country’s infrastructure through the PM Gati Shakti National Master Plan which will be a game changer not just in spurring economic activity but also for human capital development and employment generation in some of the most critical sectors of the economy.
Budget 2022 also proposes to extend the existing tax benefits for startups by 1 more year – a promising and welcome move that will support the startup ecosystem in the country. We also welcome the government’s funding support to sunrise sectors such as climate action, deep tech, digital economy and agri tech.
Secondly, budget 2022 for bringing in a considerable focus on clean eating and sustainable farming with impactful steps announced in this direction. Incentives to farmers, MSMEs to adopt natural farming will encourage increasing numbers of stakeholders to look at entering organic farming space as a highly lucrative opportunity, giving a much-needed boost to the ecosystem in distress.
It is clear that technology will be a force multiplier in the coming months. And this year’s budget reiterates the government’s strong reliance on Digital for economic growth. The announcement of a Digital University, a National Digital Health Ecosystem, 75 Digital Banking Units, e-passports, and the aspiration to ensure all villages have the same access to digital resources as urban areas indicate a blueprint for IT-driven comprehensive development.
Finally, the FM has increased focus on the consumer electronics industry and formation technology, which will definitely benefit all worldwide companies, including ours. The 2022 Union Budget allocated 1.97 lakh crore ($26 billion) for PLI projects, notably electronic components, which are among the 13 vital sectors that would undoubtedly help our economy expand.
Furthermore, reduced customs taxes will encourage electronics manufacture, which will benefit the electronics industry.
