Here are some of the finest points extracted from the Budget 2023 laid out by the
Honourable Finance Minister Nirmala Sitharaman:
Key focus is on empowering youth, Digi locker, Data Emabssy, Agri acceletor fund,
AI innovative Lab, Green Hydrogen mission to lessen inequalities and build a more
inclusive society.
Dr. Sumit D Chowdhury, Chairman @ Gaia, Wadhwani Foundation said “policies
announced in the 2023 Budget provide the right impetus to lead India into a
Artificial intelligence and 5G enabled powerhouse.
Creation of easier engagements for technology solutions, startups, MSME will
provide the high quality job creation opportunities needed in India. Reducing
Government and PSU disputes is essential to regain trust in the system”.
Key points:
Technology:
From technology point, this budget has proved to be worthwhile with setting up
of 3 centres for excellence in AI (Artificial intelligence).
100 Labs for developing Applications to use 5G services by engineering institutions
will be set up to help creating opportunities for more business models to come up
with innovations. The aim is to provide technology driven knowledge based economy
Fintechs: For fintechs to operate being frictionless, Fiscal support for
this digital public infrastructure will continue in 2023-24.
Announcement in Fintech sector will further boost the economy further with
Digilocker platform for MSME’s, large enterprises, non-profitable organization
to share and store documents securely to become effective through Entity
Digilocker.
The Adhar will be used as one point document for business to establish and
bring in ease of doing business and have acceptances from legal point of
view. More scope will be provided for documentation in Digilocker will enable
ease of business.
Agriculture: Digital Public Infrastructure a cluster based approach which will
act as an open source, open standard, and interoperable public good.
For more information: https://smeventure.com/new-retail-tech-solutions-for-msme-transformation-in-india/
This will enhance information based approach for farmers through relevant information
services, for crop planning and health, improved access to farm inputs and credit
facility along with crop insurance. This will boost both agri sector and the start-ups.
Setting up of an outlay for Rs.2200 crore, a plant to boost availability of planting
material for horticulture crops through Aatmanirbhar clean plant programme. This
will be available of disease-free quality planting material for high-value horticulture
crops at an outlay of Rs 2,200 crore.
The finance minister said, “An agriculture accelerator fund will be set up to
encourage agri-startups by young entrepreneurs in rural areas. The fund
will aim at bringing innovative and affordable solutions for challenges faced
by farmers. It will also bring in modern technologies to transform agricultural
practices and increase productivity and profitability.”
Green Hydrogen Mission: The recently launched Green Hydrogen with the
mission to facilitate transition of the economy to low carbon intensity and reduce
dependence on fossil fuel imports. This has been set up with an investment of
19700 crore. The target is to reach 5MMT by 2030.
Data Embassies: To go forward with the concept of Digital continuity solution,
setting up of Data Embassies to facilitate seamless digital continuity for other
nations in gift IFSC. Data embassies will help create a new approach to securing
data by leveraging diplomatic agreements bolstered by cloud technology solutions.
Having a resilient infrastructure which is secured and sovereign is requirement.
Many countries across the globe is going towards it.
Data Governances Policy: The National data governance policy will be brought
to help Starts up’s and achieve excellence in innovations to get access to anonymous
data.
Bank Governance: To protect investor’s rights and bring in governance in banking
sector, certain amendments to the banking regulators act will be bought up.
Skilling Via Digital platform: In order to have a skilled workforce both in urban,
semi urban and rural area the budget has a provision to promote Skill India Digital
Platform. This is to enable demand based training, connecting employers and bring
in skilled workers for MSME’s and entrepreneurs. 30 Skill India International Centres
will be set up across different States. Stipend support will also be provided to 47 lakh
youth in three years. A Direct Benefit Transfer under a pan-India National…
The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth
within the next three years.
Apart from the above few more important announcements made: Here it is at a glimpse
For MSMEs a revamped credit guarantee scheme is launched with an outlay of
Rs.9,000 crore will be launched from April 1, the finance minister said.
For domestic tourism promotion scheme will be launched ‘Dekho Apna Desh.
Dedicated multidisciplinary courses on medical devices will be supported in existing
institutions to ensure availability of skilled manpower for futuristic medical
technologies, high-end manufacturing and research.
Providing support to ‘Shree Anna’ by promoting research on Millets to IIMR
Hyderabad.
157 nursing colleges to be set up boosting the medical service and new program
to promote research on pharmaceutical’s to be launched.
Increase in capital investments outlay by 33.4% to 10 lakh crore.
A National Digital Library for children and adolescents will be set-up where
facility to avail quality books across geographies will be there. For states and
rural area physical library will be encouraged set up.
100 transport infrastructure project identified for end to end connectivity
for ports, coal, and steel & fertilizer sector.
Creating urban infrastructure for Tier 2 & 3 cities via establishment
of UIDF
Highest ever capital outlay for Railways amounting to 2.4 lakh crore.
Anirban Mukherjee, CEO – PayU India said “Budget 2023 is a great step towards
supporting the long-term growth potential of India’s fintech ecosystem amidst
increasing global headwinds. The new National Financial Information Registry,
simplified KYC processes and adoption of PAN as the common business identifier
will help streamlin business operations for fintechs across India.
Do watch: https://www.youtube.com/shorts/mxmhEv0xPgM
The government’s strong focus on cutting-edge tech like AI & 5G will offer a
much-needed growth impetus to our country’s digital infra at a grassroots
level. We at PayU India welcome the policies laid out in Budget 2023 and are
excited to contribute driving financial inclusion through our digital payments &
credit businesses.”