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The Innovative Budget

The Innovative Budget
Photo by rupixen.com / Unsplash

Bharat is emerging as a powerful economy and globally placing herself in a leadership position. The impact is created out of 75 Yrs of patience and pace of development nurturing local needs. The same momentum continued in a different avatar for the #Budget2022.

I am sure this communication of IP Wave will offer your different learning perspective through this transformative budget. The budget highlights on Bharat, marching from Amrut Mahotsav to Shatabdi, needs sufficient fuel to achieve the economic pace and safety for Shatabdi speed. The government's commitment to Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas… is reflected in the speech presenting Nirmal vision of budget by Sitharaman. Even though the Chinese Covid outbreak rages in India, the budget reflects that Sitharaman has turned on the switch for Shatabdi economic transformation after giving vaccines, ensuring the Bharatiya economy's safety. We will discuss here igniting reforms in Education, Startup, Technology and Innovation domain.

Bharatiya economy and governance have accepted the reality of adopting innovative technologies / solutions to ignite the economy a mid to third-wave Covid crisis, which is the biggest step in this budget. 9 economies adopt cryptocurrency in the world. Legalizing cryptocurrency brings it into the 30% tax bracket as digital assets. The reflection is important to note that most cryptocurrency prices have surged significantly (Bitcoin, Ethereum, Solana,

Terra, Cosmos & like) in the last 24 hours. The announcement is a much-awaited move and marching with the same pace of tech intervention in the economy, and the government announced that RBI shall bring digital rupees in 2023 through blockchain technology.

Another big move in this budget is to fuel the development by the hike in the capital spending by 35%, wherein 24.47% to Rs 7.5 lakh crore (compared with the Revised Estimate for 2021-22 at Rs 6L Cr), which is almost 2.9 per cent of the GDP and Together with grants in aid for the creation of capital assets (including MNREGA works), the effective capital expenditure for the next year is budgeted at Rs 10.67 lakh crore, which is the economic philosophy of

fiscal rectitude in Modi lead government.

In the Bharatiya economy, capital expenditure results in a multiplier effect and is realized by 2.5 times in subsequent years. The witness is Budget2015-16, wherein the government surged the Capital expenditure, which resulted in transformation resulting in a subsequent year. It is to be noted that the major capital expenditure is dedicated to PM GatiShakti wherein over 25000 Km of roads will be constructed, which will increase the job and development. The budget clarifies that GoI encourages spending on Made in India, offering 68% allocation out of overall capital spending in the Defence sector. The seeding of MoD through iDEX (Innovation for Defence Excellence) results in the fruits for developing domestic technologies by Startups under the mentorship of our forces who decides the need and defence PSUs who manufacture for them.

Additionally, the cutting edge technology-based startups to facilitate ‘Nirmal vision of Drone Shakti' in various applications and drone as service in different sectors to offer a big boost.

To nurture the FinTech sector, promoting education, skilling, and entrepreneurial mindset in youth is essential. The government may want Atal Innovation Mission (AIM) to be monitoring authority in Technology-Innovation space for nurturing creators, innovators and startups, so the budget of AIM is optimized to 145 Cr whereas other aligned departments like DST, DBT etc. have a sharp increase in their budget for promoting a culture of innovation including the innovation initiative under MoE.

The government will encourage to set up world-class foreign universities in GIFT City, free from domestic regulations, which is a positive move to facilitate the availability of skilled manpower in the financial services space. Like ICT, GoI has a Nirmal vision to create a second FinTech Hub in SEA region after Singapore.

Additionally, to ensure that the fruits are realized effectively, the transformative

announcement in Budget 2022, School Education Budget for next FY is going to be at Rs 63,449 Crore having increases by 9% and Higher Education Budget for next FY is going to be at Rs 40,828 Cr; 6.46%. PM e-Vidya Schooling via TV, Digital University to Government's Skilling Portal are among the top initiative to ensure the digital approach of NEP implementation for the education sector. The Economic Survey released by GoI on 31 Jan realized that no data is available to realize the depth of learning losses due to school closure resulting from the Chinese Covid lockdown. Due to digital devices, the NaMo government did recognize the pain of students and teachers, especially from rural areas

lacking access to education during this period. On the contrary, the Chinese Covid has also allowed realizing the importance of technology in education.

The PM e-Vidya initiative (PM’s vision for Virtual & Innovative Digital Yug of Academics - VIDYA) recognizes filling the need to impart supplementary teaching and build a resilient mechanism for education delivery in schooling. This new scheme unifies all digital/online/on-air education efforts and the provision of digital devices to enable multimode access to education. Though

education is a state subject, the idea is to enable all states to provide supplementary quality education in regional languages for classes 1-12. The Nirmal vision of Sitharaman reflects in introducing the concept of a ‘One Class One TV Channel’ programme of PM e-Vidya in regional languages. PM e-Vidya will cover 200 TV channels, and through this scheme, students and teachers will get multimode access to digital education. Bharat’s largest school

education scheme Samagra Shiksha Abhiyan (SSA), has been allocated Rs 37,383.36, increasing about Rs 6,000 crores from Budget 2021.

Further, the government has also offered New India Literacy Programme (NILP), which shall get 127 Cr allocation, ASPIRE (Accelerating State Education Program to Improve Results) will get 600 Cr, and a new initiative Pradhan Mantri Poshan Shakti Nirman (PM POSHAN) to get 10233 Cr. The budget also offered a new scheme named ‘Exemplar’ (possibly going to rename soon), which aims to prepare more than 15000 schools of excellence which will help showcase the implementation of the National Education Policy 2020 and emerge as

exemplars and schools of excellence over some time.

Through imparting high-quality education in an equitable, inclusive, and enjoyable school environment, the government wants to support children with diverse backgrounds having different linguistic needs, and diverse academic abilities, and make them active in their learning process as per the vision of NEP 2020. The ‘Exemplar’ program has an allocation of 1800 Cr. in budget 2022. The Strengthening Teaching-Learning and Results for States (STARS) to get 550 Cr in budget2022 with an increase of 38% allocation.

The budget allocation for the National Award for Teachers increased by five times to encourage quality teaching and recognize deserving teachers. Certainly, the budget has addressed structural issues in the education landscape and has ensured that all students get access to education in a

well-coincided manner as soon as the opening of schools with safety ensured after the third wave of Covid pandemic.

The out of box approach in the budget for,  Emphasises is given for states to revise syllabi of agriculture universities to meet the needs of natural zero budget and organic farming, modern-day tech-driven agriculture, offer value addition for revitalizing cropping pattern and agri-management.

- A dynamic alignment of national skill qualification framework through a partnership of Industry is emphasized in the budget for rejuvenating skilling programs ensuring reorientation on promoting continuous skilling avenues, sustainability, and employability.

- The government has also taken advantage of technology adoption during the Covid era and will launch the 'Desh-Stack' e-portal for enabling the digital ecosystem for skilling and livelihoods. Through online training, the program aims to empower citizens to skill, reskill or upskill. The portal will also provide API-based trusted skill credentials, payment, and discovery to find relevant jobs and entrepreneurial opportunities.

- FM also presented the vision of a Digital University wherein students will be able to access world-class quality universal education with a personalized learning experience at their fingertips through the establishment of the digital university.

The learning will be made available in all languages and virtual ICT formats. This

university will build a network hub and spoke model, building cutting-edge ICT

expertise. The best public universities and institutes in the country will collaborate as a network of hubs and spokes. The universities like JNU offering their e-Learning centres will get a big boost.

The Nirmal vision of Sitharanam for understanding the nerve of Bharatiya for adopting the digital culture and technology is reflected in this budget. Still, India is not ready for this Bharatiya model, but the #budget2022 adds fuel to Bharatiya's economy gearing up from Amrut Mahotsav to Shatabdi by Narendra eyeing on growth engine, igniting reforms in Technology, Innovation, Education and Startup domain.


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