Union Budget provides policy stability and consistency: ADL India CEO

Jamshedpur, Feb 3: Barnik Chitran Maitra, Managing Partner and CEO of ADL India & South Asia said that the Union Budget has set the stage for sustained growth. “The government has been taking a longer horizon for the development, which I would call a visionary approach and to which the Finance Minister has termed that as the Amrit Kaal, the 25-year-long lead up to India@100.

PM GatiShakti is a transformative approach to improve the infrastructure of the country and thereby boost the economy, and ease of doing business. The proposed 35.4% increase in capital expenditure, directed towards infrastructure, is a welcome move to the GatiShakti vision. The integrated or multimodal way of developing the transportation sector will improve the project management execution challenges and provide better connectivity to the people and goods.

One of the things that stood out very loudly and clearly from the Budget Speech was the government’s focus on promoting Digital Economy. Announcements such as Digital Rupee, Paperless e-bill system, National Tele Mental Health program, Digital university, and Kisan Drones cover different aspects of the digital interventions.

The government’s commitment to transition to Carbon Neutral Economy was also quite visible in the Budget speech of the Finance Minister.

Overall, the Budget provides policy stability and consistency from the previous budget and other policy announcement while setting the stage for sustained economic growth.”

“The announcement of Union Budget 2022 has brought significant focus on digital transformation across the sectors like healthcare, education, payments, and travel.

To propel the economy for speedy growth, digitalization of payments and billing has eased operations considerably. India entering the blockchain technology with its digital currency is also applaudable, meanwhile, a 30% tax on digital assets implies the increasing government acceptance of virtual assets such as cryptocurrency and NFTs.

Adaption of technology in the education sector will help recover the impact of the pandemic on the academics of the youth and provide further impetus to ed-tech sector. Similarly, rollout of the Ayushman Bharat Digital Mission will provide the necessary stimulus for digital health in India.

India is heading towards a technology-driven future in order to achieve the mission of Digital India and Aatmanirbhar Bharat and Budget 2022 will further accelerate this transition.