BackFrom e-passports to digital currency: Budget 2022 aims at creating digital India
In Budget 2022-23, a lot of emphasis was given to creating a digital India as every project announced is all about making use of technology
PremiumFinance Minister Nirmala Sitharaman presented a 90-minute budget speech today. Keeping in line with changing times, Sitharaman read out the speech from a 'Made in India' tablet personal computer which she carried in a red cover with the National Emblem embossed on it.
In Budget 2022-23, a lot of emphasis was given to creating a digital India as every project announced is all about making use of technology. India is well on its way to becoming a nation driven by the most advanced technologies.
“With the provision for blockchain technologies, we can witness many new sectors coming up and start-ups getting a new direction. The focus on domestic manufacturing will also have a direct impact on the tech industry reducing costs and facilitating the smooth running of the business. As the IT industry will be a major game-changer in this financial year, we were expecting direct relaxation on the import duty of technology from this budget," said Chandan Garg, Chairman & MD, Innovana Group.
The Reserve Bank of India (RBI) will introduce digital currency in the next financial year beginning April 2022, Finance Minister Nirmala Sitharaman proposed in her Budget 2022 speech today.
"Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India, starting 2022-23," Sitharaman said.
Issuance of E-passports will be rolled out this year to enhance the convenience for citizens, announced Finance Minister Nirmala Sitharaman.
“It’s a big bang to a revolutionary journey in India; People seem to welcome this devastating move, as 30% tax slab laved to rumours about crypto ban; it gives a legitimacy boom in bigger Crypto sphere. Our Government is lightening up the path to a progressive stance. It leads to leverage job opportunities in the IT and Blockchain industry. Such glance of government will take India to a top-notch position in the blockchain industry," said Vipin Kumar, CEO Technoloader Pvt. Ltd.
Budget 2022 is a reflection of consumers' trust in the digital-first approach to banking & finance. Economic Survey 2022 highlighted that UPI is currently the single most extensive retail payment system by volume, reiterating its wide acceptance. This has contributed immensely towards driving digital transformation in the country.
“The idea of setting up digital banking units in multiple districts will help in the homogenisation of the financial services in rural and semi-urban geographies. The launch of digital currency by RBI is both encouraging and critical in empowering the digital native youth to take a transformational leap from the conventional currency tools. We have witnessed an increasing use of blockchain technology to simplify and secure the consumer’s journey, and this push was required to encourage innovation in this domain. Fintechs and startups must help stakeholders establish connections with remote locations and provide value-added services to the underserved and unbanked segments," said Akash Sinha, CEO & Co-Founder, Cashfree Payments.
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