Union Budget 2022-23 – Quote by Jaya Vaidhyanathan, CEO, BCT Digital

By Jaya Vaidhyanathan, CEO, BCT Digital

The Union Budget 2022 has lived up to expectations on many fronts. The FM has delivered a budget that addresses holistic measures to take the economy towards the $5 trillion target. Overall finances seem to be in good shape, with fiscal deficit for FY22 at 6.9%, and GST collections at a record Rs.1.4 lakh crore in January. Capex budget has been increased by a steep 35.4%, which is the need of the hour.

The highlight for the year has been the unfaltering focus on complementing macro-economic growth through micro measures, such as all-inclusive welfare, domestic production, tech-aided development, and public infrastructure, while pushing the envelope on the energy and climate agenda – a tall order.

The fintech industry will welcome announcements such as 100% CBS coverage for the post office, liberal regulation for the GIFT IFSC centre, and heightened emphasis on fintech education. All of these acknowledge the government’s efforts to transform India into a global fintech hub. The FM has also announced FY23 as the timeline for the much-awaited RBI CBDC – the digital Rupee. Crypto enthusiasts will appreciate the clarified stance on cryptocurrency, although gains will be taxed at 30% with 1% TDS.