Here's how Budget 2022 is a tech boost for the Indian economy
Highlights
- Union budget gave further impetus to sustain India's economic and digital growth
- A contract for laying optical fibre in all villages will be awarded through PPP
- Scheduled commercial banks will set up 75 digital banks in 75 districts
Union Budget 2022: India's first full-time woman Finance Minister Nirmala Sitharaman on Tuesday again took a digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23 in a paperless format just like the last year.
This year's budget gave further impetus to sustain India's economic and digital growth. The union budget for 2022 is expected to give a major boost to the Indian economy.
Here's everything you need to know about govt's digital push in union budget
Digital currency
The Reserve Bank of India (RBI) will introduce digital currency beginning April 2022 to boost the digital economy and efficient currency management. The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also help in the currency management system. The central currency is expected to bring the benefit of a digital currency to the economy in a structured framework.
Digital university
A digital university will be built on a 'hub-and-spoke' model and expansion of 'one class-one TV channel' programme through 200 channels for providing supplementary education in regional languages in school are among the major initiatives in the education sector proposed by Finance Minister Nirmala Sitharaman in her budget speech on Tuesday. Digital university will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats.
"With the establishment of the Digital University, students across the country will be provided with a personalized learning experience at their doorstep for world class quality universal education. This budget is a commendable effort in the technicalization of education," said CA Satyen Sharma, head of finance & accounts in BITS Pilani.
E-Passports
Finance Minister Nirmala Sitharaman on Tuesday announced that the passports of Indian citizens will soon be digitised using embedded chips and futuristic tech.
5G rollout
The government will conduct a spectrum auction this year, which will facilitate the roll-out of 5G services by private telecom operators during the financial year 2022-23. The telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities.
Big boost to gaming sector
Finance Minister Nirmala Sitharaman announced in her Budget speech on Tuesday the setting up a task force to recommend steps for promotion of animation, visual effects, gaming, and comic (AVGC) sector.
Optical fibre in all villages of India
A contract for laying optical fibre in all villages, including remote areas, will be awarded through the BharatNet project through PPP in 2022-23. To enable affordable broadband and mobile service proliferation in rural and remote areas, 5 per cent of annual collections under the universal service obligation fund will be allocated.
DESH-Stack e-portal
A Digital Ecosystem for Skilling and Livelihood, the DESH-Stack e-portal, will be launched to empower citizens to skill, reskill or upskill through online training. The National Skill Qualification Framework (NSQF) will be aligned with dynamic industry needs.
Online transfer of funds between post office and banks
5 lakh post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks.
75 digital banks in 75 districts
Scheduled commercial banks will set up 75 digital banks in 75 districts to encourage digital payments. P
Virtual labs
750 virtual labs in science and mathematics, as well as 75 skilling e-labs for a simulated learning environment, will be set up in 2022-23 to promote critical thinking skills and to give space for creativity.
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