The focus of the Budget 2022 was on 'digital and technology,' as well as infrastructure, health, education, and the provision of e-services to the general public. This Union Budget set the groundwork and laid out the economic roadmap for the next 25 years, from India's 75th to India's 100th birthday.
India had the greatest GDP growth rate of any country, at 9.2%. Budget 2022 includes a significant rise in public investment and capital spending. The strategic transfer of Air India's ownership has been completed. 8−8.5 percent of GDP growth for FY23* has been projected.
HIGHLIGHTS of UNION BUDGET 2022
Agriculture
Government will push funds for blended finance (with the government's contribution limited to 20%) for sunrise prospects including climate action, Agri-Tech, and so on.
NABARD will support a fund to finance agriculture and rural enterprise startups that are important to the farm produce value chain. FPOs will be supported by startups, which will give technology to farmers.
Kisan Drones will be promoted for crop evaluation, land record digitization, and insecticide and nutrient spraying.
Wheat procurement in Rabi season 2021-22 and anticipated paddy procurement in Kharif season 2021-22 will include 1208 lakh metric tons of wheat and paddy from 163 lakh farmers, with INR 2.37 lakh crore in direct MSP payments to their accounts.
Farmers will be able to access high-tech services for the first time.
Farmers' MSP will be deposited straight into their bank accounts.
In India, chemical-free natural farming will be promoted.
Mobilizing Resources via Green Bonds
Issuing sovereign Green Bonds to aid in the reduction of carbon intensity; establishing government-backed funds for climate action, technology-based, and agricultural activities; Through an SPV model, defense R&D became available to private players.
Virtual Money in the Virtual World
Starting in 2022-23, the Reserve Bank of India will issue a digital rupee based on blockchain technology.
Electric and Energy driven Vehicles
Energy efficiency and conservation will be emphasized.
To help the EV ecosystem, a battery-swapping regulation will be implemented along with interoperability standards.
The FM has announced a PLI allocation of INR 19,500 crore for solar modules.
Banking in the Digital Age
To reduce payment delays, an online bill system will be developed. It will be used by all central ministries.
This year, credit surged by INR 5.4 lakh crore, the highest level in many years.
Education
Universal Education at a Digital University
DESH-Stack-E-Portal Goes Live: A Digital Ecosystem for Skilling and Living
Digital Teachers provide high-quality e-content.
The 'One Class One TV' Channel Program has grown from 12 to 200 channels.
Drone Shakti to be Facilitated by Startups for Drone-as-a-Service
There are 750 virtual labs in science and math.
75 E-Labs for Skilling in a Simulated Learning Environment`
Entrepreneurial ventures (Drone, etc)
Startups will be encouraged to facilitate 'Drone Shakti,' which will encourage the use of drones.
Access to the internet
In 2022-23, there will be a 5G spectrum auction.
The PPP approach will be used to award Bharatnet project contracts for optical fiber networks.
Villages should have access to the same digital resources as cities.
Defence
In 2022-23, the domestic defence industry will receive 68 percent of the capital procurement budget.
Healthcare / Health Services
The National Digital Health Ecosystem will be given an open platform. Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it.
The pandemic has brought mental health to the forefront. There will be the launch of a nationwide tele mental health program.
Employment / Employment Opportunities
The Production Linked Incentive (PLI) Scheme for attaining Aatmanirbhar Bharat has gotten a strong response, with the potential to create 60 lakh new employment and $30 billion in increased production over the next five years.
PLI initiatives in 14 sectors have sparked a massive reaction, resulting in the creation of 60 lakh jobs.
Story: Speech by honorable Finance Minister of India in Parliament of India on 1st Feb 2022
Pics Courtesy: pexels.com
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