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2022 Union Budget reflects the Government’s commitment to digitalisation, infra, health and skill education- PM Modi Budget

2022 Union Budget reflects the Government's commitment to digitalisation, infra, health and skill education- PM Modi Budget 1

Prashant Agarwal, President, Narayan Seva Sansthan said, “ In the 2022-23 budget, the central government is focusing on the mental health by offering a national tele mental health program which will be launched for the deserving. Also, skilling programs will be restarted for the youth. Digital Desh e-portal will be launched for skilling, upskilling and reskilling of our youth. The new initiative towards tax exemption to the parents of Divyang is a good step for the welfare of Divyang in India. In addition, taxpayers deserve appreciation who have contributed diligently towards better taxation and fulfillment of their responsibilities in GST. We welcome this budget for India amid covid-19. Hopefully, corporates will take more initiatives in supporting the CSR, spending will increase by offering any major financial support for rural, urban and semi-urban India.”

Mr Sumit Mukhija, CEO, (STT GDC India), “The 2022 Union Budget reflects the Government’s commitment to digitalisation as an integral instrument of growth and inclusion in the country as well as to help India further cement our leadership position on the global technology services map. More specifically, the attribution of “infrastructure status” to the Data Centres is indeed a welcome move. This announcement will enable concerted efforts on multiple fronts, including 5G rollout, infrastructure development and policy reforms and will help in creation of a wider and stronger digital ecosystem in India.”.

AI-led Analytics to play crucial role in Government’s vision of India@100

India’s Hon. Union Finance Minister Smt. Nirmala Sitharaman’s futuristic growth friendly Union Budget rightly envisioned the roadmap for India entering Amrit Kaal, the 25 year long leadup to India@100. Analytics is the key to successful implementation of the multi-modal PM GatiShakti master plan with its seven-engine focus for economic transformation and inclusive development for India@100. FM highlighted that Artificial Intelligence (AI) as a sunrise opportunity while advocating promoting digital economy & fintech, technology enabled development; and we, at Course5 Intelligence, reiterate the importance of AI-led analytics and insights. The role of analytics is more pronounced post global pandemic accelerating digital adoption by companies globally as they seek to digitize their core business model to remain economically viable.

We, at Course5 Intelligence have been working with Fortune 500 global giants and it is good to see that the Indian Government is now aligned to this progressive global thinking. As FM included Data Centres in the harmonized list of infrastructure, we re-emphasize the significance of Data and Analytics, which is expected to account for 13.9% of the estimated total digital spend (US$2.39 trillion) by 2024. The boost to startups will facilitate innovation required for Digital India. As the Government invites private participation in strengthening public infrastructure and seamless coordination between diverse pillars, we advocate the growing significance of AI-led analytics in Urban Planning. Clearly, the government is focusing on deep tech at an opportune time. Till now the focus has been on the application layer which provided solutions to problems and business opportunities. A focus on deep tech will only highlight the significant role data analytics and AI can play in providing that strategic depth to the digitalization of India. With our rich experience in AI-driven data analytics and insights, we at Course 5 Intelligence look forward to support the tasks ahead.- -Mr. Ashwin Mittal, CMD and CEO, Course5 Intelligence Ltd.

Post Budget Quote on MSME by Mr. Lokesh Harjani, Founder & CEO – OnSpot Solutions

ECLGS scheme is a welcomed initiative and will help the MSME segment with their cash flows and help fuel growth for companies across segments. The interlinkage of government portals will help credit facilitation and enhance entrepreneurial growth for tenders and new business opportunities in a single reformed structure.  This level playing field should yield a chance to start-ups and young companies registered as MSME to offer their products and services.  Further integration of government portals will help ease the financial burdens with cleaner payment lines making payments more on time than in the past.  This itself, will once again, help very important cash flows and credit lines of MSME companies. The extension of the 15% tax scheme for start-ups for an additional year, is of course, welcome.  Additionally, the government has allowed public sector undertakings / government companies to accept surety bonds thereby making it easier for smaller companies to provide performance guarantees which may help in the bidding stipulations for tenders.  This step should make competition thrive across different sized companies listed under MSME, especially those in start-up mode. The digital Rupee initiative may open up opportunities for the IT sector in the future.

Overall, the reforms inculcated in the budget is positive for the MSME segment, and hopefully it shall provide them with growth opportunities, and the government in the next budget can look for reforms and allocations of programmes for the MSME segment.

Mr. Mitesh Thakker, CEO & Founder, MissCallPay

This 2022 Budget is a real booster budget, As it is focused on vulnerable sections to increase adoption of technology and digital payments in Bharat.
Firstly due to the announcement of 75 Digital Banking Units (DBUs) in 75 districts.. a unique initiative and digitization of 1.5 Lakh post offices to provide core banking to the nook and corner of Bharat. Secondly, there is mention of a focus to promote the use of payment platforms that are “economical and user friendly.”

It seems government has heard my prayers to bring some reforms for feature phone and voice based payments as there are 97.3 Crore mobile subscribers who still not on UPI, while top UPI apps like GooglePay, PhonePe, PayTM, AmazonPay, Govt’s own BHIM as well as app of other 55 Banks have only been able to enroll 20 Crore users on UPI and most of these users are from the Lower Middle-Income segment non-tech savvy, from villages and elderly who struggle to make cost-free zero MDR money transfers, while we zip through addictive UPI based apps.. that ease of UPI has led to big increase in UPI Payments, but UPI user-base has kind of hit the glass ceiling at 20 Crore / 200 Million.

This renewed focus in Budget to the marginal sections, will get channeled in the right direction and rapidly increase the users on UPI and thus bolster the growth of our economy in the coming year, Real Aacche Din for Bharat seems to have arrived at the door.

Dr Silpi Sahoo, Chairperson, SAI International Education Group

Right from the Finance Minister’s use of a Tablet to propose the budget explained that India is on the path of a digital revolution in the near future. As expected the government has well thought to reduce the digital learning gap between the urban and rural by introducing ‘1-Class-1-TV channel” covering multiple regional languages, which will not only counter the Learning losses but will bridge the learning gap. The PM’s e-Vidya will be further expanded from 12 to 200 channels to facilitate supplementary learning.

For the implementation of NEP 2020 great stress is implied on shifting the focus on Upskilling, therefore the launch of Digital DESH e-portal for skilling, upskilling and reskilling will be the key to newer dynamics. To develop the 21st century skills of critical thinking amongst students setting up of virtual labs and skilling e-labs will be valuable. To enable quality learning for each child quality e-content will be made through various means. Teachers will be trained to use better e-teaching outcomes and enhancement of learning experiences. Huge focus was laid on e-services in rural areas, it is proposed that all the villages will be laid with optical fibres by 2025, and villages will be at par with the urban areas.

Response from: Anup Rau, MD and CEO, Future Generali India Insurance

“Mental health problems are growing in our country; and have reached alarming proportions with the pandemic. Increasing evidence supports that mental health issues are proliferating across geographies, age groups, and genders. We welcome the government’s initiative of a national tele-mental health program and believe it’s a good starting point to normalize mental health conversations and seek help and access to universal health facilities. As a responsible insurer and a purpose led brand, we strongly believe that mental health is as important as physical health and remain committed towards educating our citizens and creating awareness on mental wellness.”

Response from: Anup Rau, MD and CEO, Future Generali India Insurance

“Mental health problems are growing in our country; and have reached alarming proportions with the pandemic. Increasing evidence supports that mental health issues are proliferating across geographies, age groups, and genders. We welcome the government’s initiative of a national tele-mental health program and believe it’s a good starting point to normalize mental health conversations and seek help and access to universal health facilities. As a responsible insurer and a purpose led brand, we strongly believe that mental health is as important as physical health and remain committed towards educating our citizens and creating awareness on mental wellness.”

Shivansh Bhasin, Founder and CEO, The Investrology :

“I feel, taxing crypto is a big step forward. Surely in the short term, investors would take a hit but long term it is a step in the right direction and in alignment with the western economies (USA) informally recognising digital assets and currencies. This definitely is a step forward towards digitalisation of economies accepting technology and its benefits in the widespread aspects for businesses. IT stocks like TCS & INFY with particular interest in digital assets would see significant opportunity in adoption of digital assets.”

Mr. Ondrej Kubik, CEO, Home Credit India

“The Union Budget is progressive with an expansionary approach, touching upon all sectors both traditional and sunrise, giving a pragmatic push to financial inclusion, made-in India, digital and green economy to strengthen the economic growth stimulus achieved in pandemic years. The finance minister has hit the bullseye by laying the foundation for growth-oriented investment with the announcement of 35% rise in government’s capital expenditure for FY 23, which will surely have a multiplier effect on the economy. Complementing the rising allocation towards infrastructure boost, supporting MSME fund scheme extension and increased PLIs for building domestic industries, the budget lays much-needed emphasis on sunrise sectors. Support for digital economy expansion, financial inclusion, skilling & upskilling through digital learning and fillip to be a driver of clean energy & mobility, shows the government’s affirmative action and foresighted outlook to keep the economic growth engines on accelerated path.”

“The Union Budget FY2022-23 is growth oriented and has put the much-needed impetus on digital education boosting the penetration of learning where online education is still not accessible. To effectively bridge the learning gap created due to the pandemic, efforts such as setting up of the digital university, providing high-quality e-content, expansion of ‘One class, one TV channel’ under the PM e-Vidya scheme, equipping teachers with digital tools, creating virtual labs, promoting critical thinking will not only improve learning outcomes but will also provide students access to world-class universal education with a personalized learning experience at their doorsteps. 

By developing syllabus in different languages, focusing on skilling, reskilling and upskilling youth, the Government has demonstrated its commitment towards breaking the glass ceiling and encouraging education in regional languages. Collaboration between public universities and institutions will create a network of the hub-spoke models with competitive mechanisms building a resilient mechanism for education delivery. 

The budget aptly addresses last-mile delivery reach with a strong focus on empowering teachers through digitization and the necessity to train students in sync with global standards. The 25-year vision will build an open, digital, connected and inclusive India.” 

— Mr Aakash Chaudhry, Managing Director, Aakash Educational Services Ltd. 

Budget Reaction From Alok Dubey, Chief Financial Officer, Acer India

“The Union Budget announced today showcased the government’s initiative towards Digital Transformation. From announcing a Digital University, for online learning to high-quality e-content across languages will enable the youth to skill, upskill and reskill themselves. These programs under digital learning and the connectivity expansion will further strengthen the availability and accessibility of internet in rural areas.

With Govt infrastructure spending push, we are likely to see more employment and growth opportunities and enhanced private sector investment in manufacturing. We are confident that the exemption of duty on parts of select electronic items will further boost the domestic manufacturing of electronics goods under the PLI scheme. Overall, the Union Budget 2022-23 is a promising budget and a step forward towards ‘Aatmanirbhar Bharat’.”

Mr Saurabh Kochhar, Founder and CEO, Meddo Health on Union Budget 2022-23-

As an integral member of the health-tech fraternity, we thank and congratulate the Government for presenting an inclusive and progressive Union budget 2022.

  • The Government has allocated much needed and promising budget of 64,180 crore to improve health services and infrastructure over the next six years. As the sector recovers from the impact of the COVID pandemic, these funds will provide the much-needed relief and support the healthcare machinery of the country.
  • The Modi government has always been progressive and promoted innovation and technology. The announcement around ‘National Digital Health Ecosystem’ is another welcome effort in the direction of bringing inclusivity, universal access, transparency and enhancing governance in the healthcare sector.
  • But what is refreshing and praiseworthy, is the launch of the ‘National Tele Mental Health program’. This announcement not only acknowledges the need for recognising mental health issues but is also a step towards irradicating the unnecessary stigma.
  • Consistent and effective focus on COVID vaccination drive has shown positive results in the past months. As India recovers from the 3rd wave of the pandemic, collaborative efforts by all healthcare stakeholders – public and private will go a long way in keeping India safe and healthy 
  • Last but not the least, healthcare sector like many others, has survived and thrived on the back of innovative start-ups that have provided novel solutions to problems triggered by the pandemic. Government has acknowledged the role of start-ups as economic growth drivers and the tax relief extension is a valuable and welcome move.”

Professor Ramola Kumar, Dean, The Delhi School of Communication:-
“The Union Budget 2022 is rightly focused on reviving the country from the aftermath of COVID-19 pandemic and ensuring sustainable economic growth. The government has made a good effort to get the economy back on track, following the devastating impact of the Covid-19 outbreak, which affected the entire country. We applaud the budget because it appears to be quite forward-thinking in terms of social development and skill development for national upliftment. In a post-covid era, however, some tax relief for the service industry, particularly education, would have been beneficial.”

Mr. Rajiv Bansal, Director- Operations, Global Indian International School (GIIS), India

“FM Nirmala Sitharaman talked about the impact of the pandemic on the education sector and highlighted the need to strengthen the education system by improving e-content quality, emphasising on teaching training, adopting innovative mediums of instruction, etc. to positively impact learning outcomes. The Union Budget 2022 highlighted the importance of adopting a progressive and inclusive approach by educational institutions across primary, secondary, and higher education. Announcements like eVidhya scheme and ‘One Class One TV Channel’ expands the learning horizon of the students and brings inclusivity as the regional languages are promoted equally. Adoption of technology and digitisation will help a student evolve into becoming a truly global citizen and will encourage lifetime of learning. Focus on reskilling and upskilling at a higher education level and launch of the Digital DESH e-portal will enhance vocational learning and job readiness, making students independent and result oriented. As a key member of the Indian education system, GIIS congratulates the Govt. for presenting a progressive and inclusive budget for the education sector. We are confident that digitisation and technology will help in building a more effective and rewarding education system in the years to come.” said Mr. Rajiv Bansal, Director- Operations, Global Indian International School (GIIS), India.

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