The budget 2022 gives us a clear view of the future of India propelled by transformative digital technologies. Other than the economic, social, and fiscal measures, the budget document is a digital transformation vision document of the government.
For the first time ever, the budget document looks like a digital transformation vision document of the government where the digital technologies take centre stage as many initiatives talk about them being transformed digitally or even some of them being digital firsts.
As a digital business leader, I see the document beyond the fiscal, economic, and social blueprint which are the most essential elements of a budget document. This time there is straight talk about digital which gets equal prominence in the country’s vision for the future.
Here are the key digital initiatives which were tabled in the Parliament while presenting the budget 2022.
- Recognising promotion of digital economy, fintech and technology enabled development to achieve goals during the Amrit Kaal (the 25 year long period leading up to India at 100 years).
- Digital and hi-tech services will be delivered to the farmers involving public sector research and extension institutions along with private Agri-tech players and other stakeholders through PPP mode.
- ‘Kisan drones’ to be promoted for crop assessment, digitisation of land records, administering insecticides and other nutrients for healthy crop management and growth.
- DESH stack e-portal or Digital Ecosystem for Skilling and Livelihood to be launched for skilling, reskilling, and upskilling through online training.
- Promotion of ‘Drone Shakti’ through startups and Drone as a Service (DrAAS) will scale up use of drones in several application areas.
- Development of high-quality e-content in all spoken languages to be delivered through internet, mobile phones, TV, radio, and digital teachers will help in creating a level playing field to impart education through digital.
- Setting up of a Digital University to provide access to students across the country for quality universal education with personalised learning experience. The hub-spoke model proposed will harmonise ICT infrastructure among the universities who are at different levels of ICT expertise at the moment.
- Ayushman Bharat Digital Mission to create an open platform for the National Digital Health Ecosystem. This will be a game changer in e-health applications.
- To commemorate 75 years of independence, 75 Digital Banking Units (DBUs) are to be set up in 75 districts across the country by scheduled commercial banks.
- The financial support for digital payment ecosystem has been continued in this year’s budget also. This will continue to encourage usage of digital modes of payment extensively.
- The procurement of all the central ministries goes online through e-Bill system proposed. This will be a big step towards transparency and accountability which tech can bring in.
- Inclusion of Deep tech, Digital Economy and Agri-tech in thematic funds promoted by the government for blended financing with the government funding up to 20% and these being managed by private fund managers.
- Using blockchain, introduction of Digital Rupee through creation of CBDC (Central Bank of Digital Currency) is a very bold move globally. India will be among pioneering nations to get into legitimate and formal digital currency.
- Bringing virtual digital assets under the purview of taxation should also be seen in a positive stride as it marks the beginning of recognising this fast-growing investment channel.
These all forward looking initiatives mean that the influence as well as the importance of digital becomes socio-economic classification agnostic. Digital is not now going to be an empowerment of affluents only. It is increasingly becoming the way of life involving all sections of the society including children.
|“Digital is not now going to be an empowerment of affluents only. It is increasingly becoming the way of life involving all sections of the society including children”|
At the same time, the stakes are increasing as digital becomes the medium of investments, money, and currency. India at 100 is going to be a different world, a truly digitally empowered nation. The measures proposed in the Budget 2022 give us a clear understanding of how it is going to be – first the Amrit Kaal, our preparations leading up to India at 100 and the India thereafter.
However, for this we need not only to create a digital ecosystem, but what is more important is creating a trustworthy and reliable digital ecosystem which is free from frauds and scams engineered through bots or other ill techniques.
At mFilterIt, we are glad to be a frontrunner India brand on this mission for over last 6 years. Starting from a very business centric objective of helping advertisers to pay for real and legitimate human engagement over digital, today we are proactively helping the ecosystem to create a trustworthy engagement at every intersection of a real human with the digital elements.
As the country progresses further on the futuristic roadmap to become a trendsetting Digital Economy on the global map, we at mFilterIt are equally thrilled to be a part of this journey where we are AtmaNirbhar by adding trust to the digital.
The author, Amit Relan, is Co-founder, mFilterIt.