Tuesday, May 17, 2022
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

Growth is a priority for Narendra Modi government in post-pandemic India

Jaleel M. by Jaleel M.
February 3, 2022
in Business
0
Growth is a priority for Narendra Modi government in post-pandemic India
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter


Union Budget 2022-23: Significant increase in capex of over 35 percent indicates that the government is stepping up to achieve the target of 8.5 percent GDP growth

Related posts

How a sustainable, destination-oriented tourism may do wonders for India

How a sustainable, destination-oriented tourism may do wonders for India

May 17, 2022
10 grams of 24-carat stands at Rs 50,450; silver at Rs 59,400 per kilogram 

10 grams of 24-carat stands at Rs 50,450; silver at Rs 59,400 per kilogram 

May 17, 2022

Budget 2022: Growth is a priority for Narendra Modi government in post-pandemic India

Indian Union Budget 2022: Real estate sector in India is a significant contributor to GDP

In what was perhaps the briefest Budget presentations in recent years, the Union Minister of Finance Nirmala Sitharaman made it amply clear that ‘growth’ is a priority for the government in a post-pandemic India.

A significant increase in capital expenditure of over 35 percent to Rs 7.5 lakh crores is indicative of the fact that the government is stepping up to achieve its target of 8-8.5 percent GDP growth in FY’23. The Budget speech set the stage for long-term growth over 25 years with an all-inclusive focus on promoting digital and fintech economy, technology-led development, and positive climate action.

Supporting MSMEs and startups

The finance minister announced the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023 along with an enhanced guarantee cover of Rs 50,000 crore (that takes the total limit to Rs 5 lakh crore) for micro and small enterprises (MSMEs) is a crucial move to help the backbone of the economy that in most cases had to bear the worst impact of the pandemic.

Further, recognising startups as “drivers” of the economy, the finance minister announced an extension on tax incentives for startups to four years from incorporation from the earlier three. With over 61,400 startups in India, today with 14,000 new start-ups added in FY’21, the extension of tax benefit is a welcome move.

India at 100

Very aptly, social welfare is a priority for the finance ministry along with growth in a nation that is on the track of economic recovery in the wake of a pandemic. The Budget, therefore, laid the foundation for ‘Amrit Kaal’ that envisages India at 100 from India at 75 today.

Expansion of highways in the country by 25,000 km, allocation of Rs 60,000 crore for tap water accessibility to 3.83 crore homes, and allocation of Rs 48,000 crore towards Pradhan Mantri Awaas Yojana (PMAY) with 80 lakh houses to be built in FY’23 under PMAY, bear testimony to the Government’s commitment to inclusive and sustainable development.

Clarion call for climate action

A product-linked incentive scheme (PLI) in 14 sectors for Atmanirbhar Bharat with an additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing reiterate climate consciousness. The finance minister through her Budget presentation underscored the need for mindful and deliberate utilisation of resources.

In this context, the push for environmental, social, and governance (ESG) investing is an interesting development to watch out for. The finance minister put forth the proposal of introducing sovereign green bonds. These have the potential of reducing India’s carbon intensity and improving ESG awareness in India.

Bridging digital divide

The government’s clear focus remains on digitisation and aims to bridge the digital divide. The government thus announced the use of Kisan drones for crop assessment and digitisation of land records. Moreover, digital upskilling remains a priority. The finance minister, therefore, announced the formation of a digital ecosystem for skilling and livelihood. Named the DESH e-stack portal, it will go a long way in upskilling and reskilling the youth of India.

Further, with the aim to establish 75 digital banking units in 75 Indian districts, the government continues to encourage its citizens to adopt the ease of banking that ensures safety and convenience.

Brand new digital currency

Lastly, but not least, the investor community is excited about the introduction of the digital rupee to be issued by the Reserve Bank of India. The proposed central bank digital currency (CBDC) powered by blockchain and other technologies will enable users to conduct both domestic and cross-border transactions.

The writer a PhD, is CEO and Co-Founder Agrim Housing Finance Pvt Ltd.

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.





Source link

Previous Post

Glad tidings for realty with continued focus on additional allocation

Next Post

Will it impact ‘Gati’ of pharmaceutical industry?

Next Post
Will it impact ‘Gati’ of pharmaceutical industry?

Will it impact ‘Gati’ of pharmaceutical industry?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

China shows pattern of broken promises, says US State Dept, United States News & Top Stories

China shows pattern of broken promises, says US State Dept, United States News & Top Stories

2 years ago
Interview With Artist and Entrepreneur Alex Castle

Interview With Artist and Entrepreneur Alex Castle

2 years ago
Nigerian Multidisciplinary Artist Eli Fola Explores the Life of a Black Person Living in America

Nigerian Multidisciplinary Artist Eli Fola Explores the Life of a Black Person Living in America

2 years ago
What is the NSE co-location scam, how Ravi Narain and Chitra Ramkrishna are involved in it

What is the NSE co-location scam, how Ravi Narain and Chitra Ramkrishna are involved in it

3 months ago

FOLLOW US

  • 110 Followers
  • 29.5k Followers
  • 168k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    0 shares
    Share 0 Tweet 0
  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • Salted vs. Unsalted Pistachios

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy