Union Budget 2022: FM Announcements on 5G Auction, Digital Banking, Education and Gaming

The budget comes amid the third wave of Covid-19, unemployment, inflation, and ahead of Assembly elections in several states, including Uttar Pradesh and Punjab; Economic Study highlights the availability of fiscal space for the government; projected growth rate of 8-8.5%.

5G Services

Finance Minister announces the auction of 5G spectrum in 2022. The Finance Minister has announced the 5G spectrum auction in 2022. With this, India will join other countries around the world that have started offering 5G services. There are many issues that should be taken into account, not the least of which is the price of the spectrum. There have been repeated demands to reconsider the price of spectrum, lowering the base price. Questions have been raised about whether private players have the financial muscle to make exorbitant offers.

Digitalisation of Banking, Health and Travel

Digital Rupee: The Union Budget proposes to establish 75 digital banking units in 75 districts by scheduled commercial banks. There will be a focus on using payment platforms that are cheap and easy to use. Digital rupee using blockchain and other technologies to be issued by RBI starting 2022-23. This will help to boost the economy.

E-Passports: Issuing of E-passports will be rolled out in 2022-23 to enhance convenience for citizens. The passports are to be chip embedded.

National Digital Health Ecosystem: An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities.

Gaming Industry

Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand.

Digital Education

Digital universities are to be set up on a networked hub-and-spoke model where personalised learning will be provided in multiple Indian languages. PM e-vidya initiative One class-One channel will be extended from 12 to 12,000 TV channels to provide supplementary education to students from classes 1 to 12.