Finance Minister Nirmala Sitharaman presented the budget for FY22-23 on February, 1. This year, the government is focusing on creating new jobs, providing universal healthcare, improving education and preparation for new-age technologies such as digitization of currency and introducing 5G services in India. Top ten highlights to boost Digital India dream
- Broadband and internet in rural areas: The government will allocate 5 per cent of the annual collections under the universal service obligations and mobile services in the rural and remote areas of the country.
- 5G rollout: The most anticipated announcements during the budget 2022 was the rollout 5G services this financial year. The Finance Minister said that the spectrum auction for the same will be conducted this year.
- Cheaper mobile chargers and local manufacturing of wearables: Finance Minister has also announced government’s approach in boosting domestic manufacturing electronics and electronic components in India. The government will provide duty concessions to part of transformers, mobile phones, etc.
- Drone in farming sector: The finance minister also mentioned about the crucial role of drones in farming and how it could boost startups in India. Kisan drones is providing special monetary benefits to farmers for purchasing/hiring drones in order to protect the crops. Drones can increase the efficiency of crop protection with chemicals, reduce the amount of water used for farming, etc.
- Digital Rupees: The government will introduce digital currency that will lead to more efficient currency management system in India. The “Digital Rupee’ will work on the block chain technology, which will be issued by RBI.
- Digital Banking: The government is going to shift its focus towards digital banking. It has proposed to set up 75 digital banking units in 75 districts by commercial banks. The financial support for digital payment system will also be continued.
- AVCG Task Force: This years’ Union Budget also plans for those who want to pursue a career in animation, visual effects, gaming, comics (AVGC). Minister said that this industry has the potential to generate huge job opportunities for the young generation.
- Digital University: The government is planning to set up a digital university to provide world-class education across the country.
- National digital health ecosystem: The budget this year also hinted about upcoming open platform for the national digital health ecosystem. It will consist of digital registries of patients, health providers, health facilities, unique health identity etc.
- Data Centre, energy storage system: Data centre and energy storage system will be given infrastructure status to ease the financing in the sector. An expert committee will be setup to suggest measures to help attract more investments.
