Indian Budget 2022 – 6 takeaways

Finance Minister Nirmala Sitharaman delivers the 2022 Indian Budget

Finance Minister, Nirmala Sitharaman has delivered the 2022 Indian Budget – here are my 6 takeaways:

India is the fastest-growing large economy

At 9.2% for 2021-2022, India’s GDP growth will be the fastest of all the large economies.

Launching a digital currency

Indian minister’s 2022 budget speech focused on various incentives to boost India’s digital economy, including the launch of a digital rupee within 2022. Minister Sitharaman noted that the central bank digital currency will “give a big boost to the digital economy and lead to a more efficient and cheaper currency management system.”

India is going green

Calling climate change one of the highest external risks facing the country and the green economy a sunrise economy, the finance minister presented multiple proposals and pathways to climate action across different sectors. These include raising climate finance and developing greener public transportation.

Emphasizing inclusive development

The pandemic financially hurt millions of Indian families and analysts have warned against the threat of growing inequality amidst the pandemic. Prime Minister Modi’s government has, since 2014, laid a strong focus on citizen empowerment. India 2022 budget aims to expand its support for Indians, particularly vulnerable groups such as girls, women, senior citizens and farmers. The budget expands social welfare support, while economically empowering marginalised groups through job creation.

Expanding education and mental health care

The pandemic has meant that many Indian school children have lost up to 2 years of valuable schooling. Major educational programs include expanded digital tools for schools in remote regions.

In a significant move, Minister Sitharaman announced the launch of a National Tele-Mental Health Programme, which, built around 23 core health centres, will provide citizens with access to quality mental health counselling and care services.

But Covid is the big concern this year

With a new growth in Covid numbers, there is growing concern that the pandemic could hit India big again this year and could impact the budget numbers.

Author: Stephen Manallack

Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand. Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication. Passionate campaigner for closer western relations with India. Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India. A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.

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