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Budget 2022-23: Government empowers the technology-driven economy

Budget 2022-23: Govt’s take on the technology-driven economy

The more innovative the technology is presented in a country, the prosper its economy will be. It is the most obvious scenario in today’s fast-pacing era that technology plays such a crucial role in the overall economic growth of any region, city, or country. 

Economy in 2020: Growth Drivers for the Indian Economy during 2020

After a country like China, if India adheres to the necessary structural reforms, it has the potential to become the world’s no.2 economy in 2050, said Global consultancy firm Price Waterhouse Coopers.

Today, In Global Innovation Index (GII), India is ranked 46 among the total of 50 countries which is an improved status from the 48th position in 2020. Finland is ranked first in the world in terms of having enormous technology. It is the most technologically advanced country stated in the report by the United Nations development program (UNDP).

The report has compared 72 countries and analyzed them based on TAI (technological achievement index).

How Technology Is Playing A Vital Role In Economic Development

Technology is playing a vital and a very crucial role today, in economic as well as overall development.

Technology in itself comprises a vast amount of knowledge and tools that will further ease up the use of resources to produce goods and services effectively and efficiently. The progress in technology is now the need of time as it is necessary for the growth and development of the economy. 

The level of local and economic development will depend upon the level of advancement of technology, the more advanced technology is, the more it will help the economy to grow faster and innovate in a flourished way. 

Indian economy in tech-driven eraWhat Are The Benefits Of A Technology-Driven Economy In Budget 2022-23

There can be numerous benefits of a technology-driven Economy, but some major ones that must be mentioned are as follows:

  1. Using technology to have access to natural resources is accelerated for businesses and governments. They can use technology to make the most out of it to use resources effectively and get themselves as well as the economy benefited.
  2. Technology will contribute more to the business’s efficiency by increasing its output rate and regulating overall profits.
  3. It helps to save time in producing any good or delivering any service compared to a technology-less economy, initiating an overall growth to the economy.
  4. The efficiency of business is accelerated as technology leads to an increase in specialized jobs and division of labour.
  5. Now, the advancement of technology has led to a better research platform for all businesses and science to stand high in this competitive sector.
  6. Ever since the technology has improved all around us, resulting in increased efficiency of labour through which businesses are able to increase their respective outputs, which ultimately results in better economic development and higher profits.
  7. Information technology is the first and the foremost option that increased the success of international trade, helping to share information and conduct trading activities in a minimal period.

How Budget 2022-23 Is Bent Towards Technology-Driven Economy

In the Parliament, the finance minister of India, Nirmala Sitharaman, presented the budget of 2022-23 on February 1, 2022. In the speech, she declared that India would record 9.5% of economic growth, which will be the highest among all the economies. This year’s budget has laid the foundation for the beginning of 25 years to India’s 100 years of Independence in 2047, which has been termed as ‘Amritkaal’.

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The Union Budget 2022-23 was presented with the vision for a new India engrossing upon extension of technology for development and encouraging new and innovative ways to drive the nation towards the future. 

According to the report of “Artha“, the geospatial economy of India would reach INR 63,100 crores by 2025.

Digital India

The finance minister also laid the foundation for digital currency to be issued by the Reserve Bank of India starting 2022-23 and will be based upon blockchain technology, the technology behind popular cryptocurrencies. This step will make the currency management system more efficient and cheap.

How Digital India can become a success story

She said that a new tax relating to crypto would be introduced in which all the digital assets will be taxed at 30 per cent. She also clarified that if there will be losses, then no set-off will be allowed.

As we all know, the pandemic (covid-19) has turned society into a digital-based society where all business and transactions are taking place on computers. Everything went online from offices to grocery stores, which proved to be human-friendly technology as of now. 

In 2021, the government announced Drone Rules 2021 and the production-linked incentive (PLI) scheme for the drone industry. This has immensely given a great head-start to the drone industry, and many industries have signed so many new deals that too at a large-scale, commercial business-to-business (B2B) drone operations in 2022.

Adding up to this, Sitharaman also said start-ups will get promoted to facilitate ‘drone Shakti’ through different applications and for drone-As-A-Service (DrAAS).

Along with this, many digitally influenced decisions were taken in an affirmative way to encourage digital India.

Introduction of GeoSpatial Technology For Modern Needs In Budget 2022-23

It was announced in this news Budget the support of the government is there to use Kisan drones for the assessment of land, digitalizing spraying of the insecticides and nutrients to provide NABARD loans to agricultural start-ups. 

She mentioned that 163 lakh farmers had got 2.73 lakh crores as direct payments for the centre’s 2021-22 crop procurement.

In a path to receive all the benefits from this policy, Dinesh Babu, VP- Presales and Technical, Geokno, said that India must prioritize the creation of 3D national digital twins of our environment, which in our ecosystem will increase efficiency, will generate high economic values and give a facility of better decision making so to maintain socio-economic and environment continuum.

Therefore, the introduction of the digital economy will not only make things easier for every individual but also ensure its safety and accuracy at a significant level.

Thus, it will encourage circular economy action plans and efficient use of land resources.

Edited by Prakriti Arora

 

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