A digitally growing economy – Union Budget 2022
The Union Budget 2022 has been primarily focused on creating a digitally growing economy. The government has started prioritizing its expenditure on building a faster and more efficient environment for its consumers of Digital India. The purpose of introducing virtual assets is to boost the digital economy. The introduction of legal regulations has now led the government to create a secure platform for these transactions to flow through effectively.
Below mentioned are the details that lead the road of Digital India:
The Union Government will be introducing the 5G telecom services that will enhance Internet connectivity across the country. This will help the country‘s pace to move faster and help to develop the Internet economy at an upward rate. The government decision includes affordable broadband and mobile services by facilitating PLI schemes for 5G equipment and laying optical fiber cables through the PPP model.
Technology in Farming
The government has stressed the importance of drones in the farming sector to effectively help the numerous start-ups in our country. Kisan Drones will be entrusted with deploying drone technology in the sector. The idea behind facilitating the purchase of drones is to reduce manpower, increase the efficiency of crop production, reduce the wastage of water and human exposure to pesticides.
The pandemic had affected the academic structure enormously, hence the new budget has proposed a new model that promotes a digital university. This helps the students to acquire excellent educational assistance through a virtual set-up irrespective of their location across the country. Although this provides a wider network of connectivity, it also exposes the students and institutes to multiple risks associated with Identity verification and insecure fee payment sources. This enforces the government to facilitate a trustworthy platform that focuses on mitigating the risks associated with identifying fraudulent activity in the digital university.
The government has introduced the virtual currency called CBDC that will be mirrored with the prevailing physical currency in a digital form. The RBI will issue the digital rupee with the aim to have a legalized fungible currency. Since the digital world is always exposed to risks that can have implications on the security and stability of any financial transactions. The government should also introduce verification processes that can monitor any transaction that could impair the financial structure of our country.
National Digital Health Ecosystem
The Budget has also proposed on creating a platform that promotes the national digital health ecosystem. Ayushman Bharat Digital Mission is about creating a registry with necessary information in terms of health providers and unique health identities with universal access to health facilities. The government will also ensure that the health providers are legally registered with accurate license and authority. This can also ensure that the health providers information is validated with an appropriate channel of identity verification.
The government has also announced the introduction of ePassports for Indian Citizens. These ePassport will be embedded with chips and enhanced technological features that help the consumers to use modern technology and wander around the world with convivence and leisure. This facilitates overseas travel and reduces the risks associated with forgery and imposters.
Digital India is growing at a rapid rate exposing the country to various potential risk factors that can affect the growth of our economy. This increases the need to have trusted entities in this ecosystem and hence it is crucial to establish a reliable platform that will help the consumer to trust its source of solutions that supports our digital vision.
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Philip Chethalan is currently working as Marketing Manager at IDcentral (A Subex Company). He is creative head who loves to read and explore different avenues in the field of Marketing, Branding and Advertising.