Union Budget Encourages Innovation Published on: 01 Feb, 2022


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If one were to closely scrutinise the 2022 Budget, one thing is clear: India is on the move, and innovation and entrepreneurship will be rewarded. Each of the features of the Budget point towards change. Some of these are: 

•    India's growth is estimated to be at 9.27 percent.
•    PLI Scheme In 14 Sectors Has Received Excellent Response
•    This Union Budget seeks to lay foundation & give blueprint of economy over ‘Amrit Kal’ of next 25 years - from India at 75 to India at 100. National Highway network will be expanded by 25,000 km in 2022-23.
•    Production Linked Incentive (PLI) Scheme for achieving Aatma Nirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next years.
•    PM Gati Shakti will encompass the 7 engines for multi-modal connectivity for the states.  'One station, one product' to help supply chain of local product. 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years. 
•    'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes.
•    *For farmers* to adopt to natural farming, comprehensive package for participation of State governments & MSMEs to be introduced.
•    *Hospitality services* by the small & medium sector are yet to bounce back, therefore, the government has decided to extend the ECGL service for this sector by March 2023 with an increased cover of Rs 50,000.
•    Skilling programs will be reoriented. For skilling, upskilling & reskilling of our youth, *Digital DESH e-portal* will be launched.
•     *'One Class One TV Channel'* will be increased from 12 to 200 TV Channels to provide supplementary education in regional languages for class 1-12.
•     *A digital university* will be developed to provide access to students for world-class quality education with ISTE Standards.
•    *For mental health counseling*, a National Tele Mental Health Program will be launched.
•    *400 new Vande Bharat trains* to be manufactured in the next 3 years
•    *Drones to be used* for crop assessment, digitization of land records, spraying of insecticides.
•    Animation, visual effects, gaming and comics sector offers immense potential to employ youth.
•    push for cross border insolvency resolution cases.
•    *ePassports* will be rolled out in 2022-23 for convenience in overseas travel
•    For urban capacity building, modernization of building by laws, town planning schemes and transit oriented  development will be implemented.
•    Centres of Excellence will be established with an outlay of 250 crore for urban sector development.
•    *Battery Swapping Policy* will be brought out and inter operational service will be formulated.
•    *'One Nation, One Registration'* will be established for anywhere registration to facilitate ease of living & doing business.
•    Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem.
•    *68% of the capital procurement budget for Defence* to be earmarked for domestic industry..
•    'Special Economic Zones Act to be replaced soon.
•    Spectrum auctions this year to enable 5G roll out by 2023
•    Ken Betwa linking project to cost around Rs 44,605 crore.


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