Impact of Budget 2022 Proposals on Different Sectors

 




The newly prescribed Union Budget 2022 is likely to impact multiple sectors. However, the budget structure describes the support for the emerging sectors across different verticals. The finance minister has stated that sunrise sectors have the vast potential to create employment opportunities. Therefore, such an aspect will help eliminate the issues related to unemployment among youth. 


FM states that artificial intelligence, geospatial systems, drones, semiconductor, and space economies comprise the sunrise sectors. These can make the Indian industry more sustainable and competitive. 


This is to provide us with a good result shortly as the Government of India initiates to boost it. Apart from these, the core of the budget is to offer support to the technological advancement and start-up and MSME sector. 


Various emerging sectors including online gaming; and technology interventions in agriculture, health, and banking that need support. Thus, according to the new budget, the government of India is likely to focus on this sector for improvements.  


Important sectors to get affected with Budget 2022


In this section, we would discuss the sectors that are to get affected by Budget 2022. It is important to analyze which sector will generate a source for the opportunities and which sector needs support. 

 

 Central bank digital currency and Virtual Digital Assets (VDAs) - Keeping the development of the regulation in view, the FM has stated about the updates related to the cryptocurrency-related. The Reserve Bank of India is likely to shift the release of the 'digital rupee' or 'central bank digital currency' based on Blockchain technology. 


The RBI expects that such initiatives will help them to carry the currency management factors with more effectiveness and at a minimal budget. Apart from these, the government of India has proposed a 30% tax on income generated from the transfer of VDAs (Virtual Digital Assets). 

Connectivity and transport infrastructure: It is an important project on which the government of India is focused. they have set the digital platform like “PM Gati Shakti master” plan (PMGS) to monitor the project implementation process. with the help of PMGS, 16 ministries may easily coordinate with each other their initiatives. However, railways, civil aviation, electronics and information technology, textiles, among others are also included. 


Micro Small Medium Enterprises (MSMEs): Finance minister lets the people know about the initiatives to support the growth of the MSME sector. The government of India has created schemes like the emergency credit line schemes (ECLGS) to offer credit to MSMEs in the hospitality sector and others. Another scheme you can find is credit guarantee trust for micro and small enterprises (CGTMSE). It is based on collateral-free credit to MSME owners.


Electric vehicles (EVs) and clean mobility: Union Budget 2022 focuses on boosting public transport using clean and sustainable technology. Thus, the plan of setting up charging stations in space-constrained urban areas would be processed.


Telecom: It is also likely to face the changes as per the new budget spectrum. The core focus of the government of India is to initiate development factors to support 4G proliferation. The objective is to establish reasonably priced broadband and mobile service propagation in rural and remote areas.


Data centers: The new budget 2022 spectrum also aims at boosting the digital economy. The development plan includes the creation of FinTech and technology-enabled platforms.


Digital health: The government intends to establish the platform or the national digital health ecosystem. It will enable people to get digital registries of health providers and health facilities for their convenience.


Takeaways:


The above-mentioned announcements by finance ministers reveal an intensive development within the country. New Budget 2022 consists of various schemes to boost digitization and industrialization as well. 
Location: India

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