Today’s macro budget announced by our honorable Union Finance Minister Shrimati Nirmala Sitharaman is progressive in nature with technology enablers across key contributory sectors. She laid down a robust path to fast-track India towards a centenary of equality, entrepreneurial drive, and economic upliftment- with an aspiration of sharp rebound in the Indian economy at 9.2 per cent.
Overall, the blueprint to India@100 gives a fillip to an upward growth aspiration of this nation. A capital expenditure allocation of a massive Rs. 7.5 lakh crore towards digitization of the economy is a clear message to the world that New India’ inclusive and differentiated growth will lead to creation of opportunities for millions of youths, women and farmers. It also seeks a smooth transition in the country’s energy needs and commitments on climate change.
The introduction of digital rupee by using block chain technology, focus on 5G, drone technology, clean energy are all enablers to build a sustainable, digital, and inclusive India. A major push to free televised education through digital university under One Class-One Channel scheme is a welcome move to facilitate education for millions of students across rural India.
The announcement of PM Gati Shakti program for digital multimodal connectivity will aid in creation of an agile supply chain and reduced travel time for movement of goods. This initiative along with high focus on infrastructure will help in making India competitive. One station one product concept is well thought and has a potential to be popularised to support local businesses and supply chains. Smart Infrastructure spending creates a multiplier effect on the long term sustainable economic growth.
Removal of exemptions on customs levy on certain chemicals and textiles that can be manufactured in India and provision of concessional duties on raw material that are used in manufacturing of intermediate products will boost the objective of Make in India and Atmanirbhar Bharat.
In summary, Budget 2022 has laid a strong foundation for sustainable growth through focus on clear prioritization of public spending, infrastructure development, digital economy, improved logistics – hence, making India a competitive manufacturing destination for the world.