Urban Planning
According to experts, Budget 2022 is a blueprint for India's modernization and transformation. The increased focus on urban planning as a tool for studying the evolution of our cities is a positive trend. To avoid the cities from collapsing, a dramatic change toward urbanization is required as India's urban population continues to expand and is predicted to account for half of the country's total population by 2047. The proposed focus on Tier 2 and Tier 3 cities will result in more balanced development. An allocation of Rs 250 crores to five institutions for the development of new urban planning ideas aims to encourage innovation.Education
The finance minister announced the setting up of a Digital University and e-content in regional languages in the education budget 2022. On Tax Budget 2022, she said, "I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition." The ‘One class-One TV channel’ programme of PM eVIDYA will be expanded to 200 TV channels. Virtual labs and skilling e-labs to be set up to promote critical thinking skills and a simulated learning environment. With the increasing virtual learning practices in the country, high-quality e-content will be developed for delivery through Digital Teachers. Digital University for world-class quality universal education with a personalized learning experience to be established.Health
The Union Budget has allotted Rs 86200.65 crore to the health sector, up 16 percent from Rs 73,931 crore in 2021-22. A National Telemental Health Program and the launch of an open platform for the National Digital Health Ecosystem were also announced by the government. The Mental Health programme will include a network of 23 tele-mental health centres of excellence, with NIMHANS being the nodal centre and the International Institute of Information Technology-Bangalore (IIITB) providing technical support.
Automotive Sector
There weren't many noteworthy new announcements in the automotive industry. However, the government did make a pledge to EV makers.The most pressing issue confronting the electric vehicle ecosystem at the moment is range anxiety. People don't want to be trapped in the middle of nowhere because their battery has died. Instant recharge, for example, is one of the quick-fix solutions we require. And that's exactly what battery changing offers. You could go to an electric vehicle charging station, pull out your old battery, and replace it with a fully charged one.
Cryptocurrency
DigitalRupee using Blockchain and other technologies will be introduced and issued by the Reserve Bank of India (RBI), starting in the year 2022-23. The Union Budget also announced a steep tax of 30% on virtual assets including cryptocurrencies and NFT’s(non fungible tokens)Let us know your thoughts on this budget in the comments below. Which sector, according to you, flourished the most in FY 2021-22, and which sector needs more development? Share your thoughts with us now!