India's Union Budget 2022-23: Digital Push, Infrastructure Boost, and Green Initiatives
The Union Budget 2022-23, presented by Finance Minister Nirmala Sitharaman, has unveiled a slew of reforms and initiatives aimed at re-energising India's economic growth engines. The Budget, focusing on sectors like infrastructure, digital economy, education, and healthcare, also introduces a digital currency and sets up digital banking units in India.
The Budget introduces a digital currency and establishes 75 digital banking units to encourage digital banking in India. Additionally, the Ayushman Bharat Digital Mission creates a national digital health ecosystem for Indian citizens. The DESH-Stack e-portal and a digital university are launched to facilitate digital learning and skill development in India.
The Ease of Doing Business 2.0 initiative aims to improve the business ecosystem and make India a global business hub. A massive allocation of ₹7.5-lakh crore towards capital expenditure has been made to boost infrastructure, stimulating demand and spurring investments in India.
The Budget promotes clean energy and sustainable development through measures like the big push for electric vehicles (EVs) and the Battery Swapping Policy. Kisan Drones and digitisation of land records are used to promote sustainable farming and rural development in India. The government also plans to enhance research and development in renewable energy and sustainability, with specific efforts noted in regions like Ladakh, Himachal Pradesh, and Gujarat in India.
The PM Gati Shakti Master Plan aims to promote seamless multimodal connectivity and logistics efficiency through technology in India.
The Union Budget 2022-23, with its focus on digital transformation, infrastructure development, and sustainable growth, sets the stage for India's economic recovery and future progress. The forward-looking reforms and announcements are expected to boost investor confidence, stimulate demand, and create new opportunities for growth and development in India.
