New Delhi: Laying the roadmap for more financial inclusion & less-cash economy, Finance Minister Nirmala Sitharaman made a slew of announcements in the Union Budget 2022-2023.
RBI is set to introduce digital rupee in the coming financial year, major thrust will be on implementation of Gati Shakti Master plan while a data centre & energy storage system will be accorded infrastructure status to provide easy financing to the sector.
The industry has given a thumbs-up to the Budget while the markets are also buoyed with positive sentiments.
Capital India Corp chairman SK Narvar, in his first reaction to Newsroompost, said that this Budget has potential to revolutionize financial services sector and will go a long way in fostering entrepreneurship like never before.
Full statement by SK Narvar, Chairman, Capital India
This year, the Budget focuses on fast-tracking India’s pandemic-ridden economy, providing opportunities to businesses and creating 6 million new jobs. It aims to accomplish this goal by emphasizing the four pillars of PM’s Gati Shakti, inclusive development, productivity enhancement & investment, sunrise opportunities, energy transition, climate action & financing of investments.
In my view, the Budget holds the potential to revolutionize the financial services sector and foster entrepreneurship like never before:
• Scheduled commercial banks will set up 75 digital banking units in 75 districts. 100% of 1.5 lakh post offices will come on the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and online transfer of funds between post office accounts and bank accounts. It will have a ripple effect among fintech start-ups, neobanks and NBFC’s and fasten India’s digitisation journey.
• Digital currency will be issued by the Reserve Bank of India (RBI) using blockchain and other technologies in 2022-23. This move will lead to creating a more robust, efficient and regulated legal tender based payments option. It would also reduce dependency on cash, thus enhancing the robustness of the overall economy.
• MSME portals such as Udyam, e-shram, NCS & Aseem will be interlinked, widening their scope. They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities.
• The Budget also introduced initiatives to attract more investments – PE/VC invested Rs 5.5 lakh crore in startups. An expert committee will be set up to suggest measures to help attract investment. Further, the government will roll out a programme of Rs 6,000 crore to rate MSMEs over five years
Overall, I think Budget 2022 is inclusive and pro-growth. I concur with the Finance Minister’s comment that Union Budget 2022 is the blueprint of the Indian economy over Amrit Kal of the next 25 years.
