Recently, Finance Minister of India Nirmal Sitharaman presented the Union Budget 2023. Several small and leading Indian technology companies admired the government’s moves. The decisions like the introduction of green credits were praised by everyone. Also, the reduction of customs duties on components was encouraged. The Finance Minister said that this Budget desires to build on the foundation laid in the previous Budget. It continues the blueprint drawn for India@100, which envisioned a prosperous and inclusive India. It hoped that the fruits of development would reach all regions and citizens. It emphasises mainly the youth, farmers, and women. Also, the OBCs, Scheduled Castes and Scheduled Tribes will be benefited.
Read on to know how the budget 2023 will affect the technical sector.
There were many important announcements regarding technical and vocational training. Smt. Sitharaman announced one hundred and fifty-seven new nursing colleges. These will be in co-location with the existing 157 medical colleges.
There was also a discussion around a Mission to eliminate Sickle Cell Anaemia by 2047. It will be launched, to entail awareness creation and universal screening of 7 crore people. It will be covering the age group of 0-40 years of the affected tribal areas. The counselling will be via partnership efforts of state governments and central ministries. Moreover, in Medical Research, the facilities in select ICMR Labs will be made available for research by public and private medical college faculty. This will encourage collaborative research and innovation.
Additionally, there were some announcements in the Engineering and technology field that will be discussed further in this blog.
It is necessary to introduce a budget at the Parliament before the beginning of every financial year according to the Constitution of India's Article 112. The Union Budget is assigned for the upcoming fiscal year. It starts on the 1st of April and ends on the 31st of March of the preceding year.
The Union Budget covers all the important details about the planned receivables and payables of the government for a specific fiscal year. This budget statement is split into two major parts. They are the capital budget and revenue budget.
Understanding the importance of a Union Budget is important for every citizen to plan their year.
The primary goal of the Union Budget is to promote rapid and balanced economic growth. It should be in terms of our country coupled with social justice and equality. Below are the main objectives to highlight the importance of the Union Budget in India.
It is important to use the available resources in the best way possible. Assigning resources perfectly helps to gain maximum profit for the government so as to promote public welfare.
Another main objective of the Union Budget is to eradicate poverty and provide more job opportunities. It ensures that every citizen of the country can meet their basic needs of food, shelter, and clothing. Also, it aims to offer facilities for health care and education.
The budget impacts the distribution of income via subsidies and taxes. It ensures that a high rate of tax is levied on the high-income class, thus reducing their disposable income. Also, a reduced rate of tax is charged to the lower-income group. It ensures they have sufficient income in hand.
The Union Budget aims to control economic fluctuations too. It helps in the proper handling of inflation and deflation. Hence it brings about economic stability. Amid inflation, sufficient budget policies are imposed. Whereas deficit budget policies are developed during deflation. It helps in maintaining price stability in the economy.
Below are the announcements related to advancing technologies that may affect the growth of the economy:
The Finance Minister discussed the vision of “Make A-I in India and Make A-I work for India”. Three centres of excellence for AI will be set up for techno advancement. They will be established in top educational institutions and leading industry players will contribute. They will help in conducting multidisciplinary research and developing applications and extensible problem solutions. They will work in the areas of agriculture, health, and sustainable cities. It will quicken an effective A-I ecosystem and foster quality human resources in the field.
She also discussed unleashing innovation and research by start-ups and academia. It is expected that the National Data Governance Policy will come into the picture. It will enable access to anonymized data.
An Entity DigiLocker will be established for use. It will be available for MSMEs, and large businesses. Even charitable trusts will be benefited. It will help stores share documents online securely, whenever needed. It will work with various authorities, regulators, banks and other business entities.
Regarding the 5G Services, she said that O labs for developing applications using 5G services will be set up. They will be established in engineering institutions to achieve a new scope of opportunities, business models, and employment potential. These labs will also include applications such as smart classrooms, intelligent transport systems, precision farming, and health care applications.
Priority 6: Youth Power
She also said that for skilling youth for international opportunities, thirty Skill India International Centres will be established across different States.
Instead of just another budget, this time it is also funding technologies to boost technical growth. Union Budget 2023 focuses on growth supporting crucial sectors. These sectors also include DigitalIndia, fintech, agriculture, and skills. The budget has numerous announcements supporting demand in the economy. It is helpful, especially for the construction industry. The budget is also focused on technology, both in usage and leveraging technology. It may bring a drastic change in digital and industry 4.0 technologies. To be a part of technical growth, join the courses provided by The IoT Academy.
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