India's Union Budget 2022-23 Unveiled: Focus on Growth, Sustainability, and Inclusivity
The Union Budget 2022-23 has been unveiled with a focus on re-energising India's economic growth engines. It includes several forward-looking reforms and announcements across various sectors.
The Budget promotes clean energy and sustainable development. It encourages the adoption of electric vehicles and intensifies research and development in the sector. To boost the digital economy, the government plans to set up 75 digital banking units and introduce a digital currency. The Reserve Bank of India (RBI) will oversee this initiative. Additionally, a digital ecosystem for skilling and livelihood will be created.
The Budget also aims to empower citizens through digital technology. This includes the establishment of a digital university and the expansion of the Ayushman Bharat Digital Mission. To strengthen the health and education sectors, the National Tele Mental Health Programme has been introduced, and foreign universities can now offer courses in India.
In a bid to promote inclusive development, the Budget focuses on sustainable farming, digital literacy, and providing funding for startups and rural enterprises. The PM Gati Shakti Master Plan aims to enhance multimodal connectivity and logistics efficiency, reducing business costs and boosting productivity.
The Budget allocates ₹7.5-lakh crore towards capital expenditure, a 35% increase from the previous year, to fuel infrastructure development. The Emergency Credit Line Guarantee Scheme (ECLGS) has been extended until March 2023 with an increased guarantee cover of ₹5-lakh crore.
The Union Budget 2022-23 demonstrates the government's commitment to fostering growth, sustainability, and inclusivity. With increased capital expenditure, digital initiatives, and sector-specific reforms, it aims to re-energise India's economic growth engines.
