The much-awaited budget for the financial year 2021-22 was presented by the finance minister, Suresh Kumar Khanna, on 22nd February 2021. With a focus on boosting key sectors like agriculture, MSMEs, and infrastructure, the budget has received praise from analysts and experts. But what sets this budget apart is its forward-thinking approach towards investments in emerging technologies like artificial intelligence, cybersecurity, and Smart Cities.
As the world continues to grapple with the COVID-19 pandemic, the Indian economy has also been greatly impacted. In such challenging times, the budget presented by the finance minister is a ray of hope for the nation. The budget not only aims to revive the economy but also lays the foundation for a stronger and more resilient future.
One of the key highlights of the budget is the emphasis on the agriculture sector. With a significant portion of the Indian population dependent on agriculture for their livelihood, it is imperative to strengthen this sector. The budget has allocated a whopping Rs. 1.5 lakh crore for the development of the agriculture infrastructure. This includes the setting up of 1,000 new agricultural markets, better storage facilities, and increased funding for micro-irrigation projects. This move is expected to boost the income of farmers and make India self-sufficient in terms of food production.
The budget has also given a much-needed push to the MSME sector, which has been severely affected by the pandemic. The finance minister announced a Rs. 15,700 crore allocation for the sector, along with a revised definition for MSMEs. This will enable more businesses to avail benefits under the MSME scheme and facilitate their growth. The budget also proposed a digital platform for MSMEs to enable them to seamlessly access credit and market opportunities.
In a major boost to infrastructure development, the budget has allocated Rs. 1.18 lakh crore for the Ministry of Road Transport and Highways. This will be used for the development of highways, including the ambitious Bharatmala Pariyojana. The budget has also proposed the monetization of at least two public sector banks and one general insurance company, which will help raise funds for infrastructure development.
Apart from these key sectors, the budget has also paved the way for future investments in emerging technologies. The finance minister announced a National Language Translation Mission to promote the use of artificial intelligence in various sectors. This move is expected to make India a leader in the field of AI and open up new opportunities for growth and development. The budget has also allocated Rs. 8,000 crore for the development of cybersecurity infrastructure, highlighting the government’s commitment to ensuring a secure digital ecosystem.
Another noteworthy aspect of the budget is the focus on Smart Cities. With rapid urbanization, the need for sustainable and efficient cities has become crucial. The budget has allocated Rs. 2.87 lakh crore for the development of 100 new Smart Cities. This will not only create job opportunities but also improve the standard of living for citizens.
Experts and analysts have lauded the budget for its holistic approach towards the development of the nation. They believe that the budget has the potential to revive the economy and set India on a path of growth and progress. The budget has also been praised for its focus on social welfare schemes, with a significant allocation for healthcare and education.
In conclusion, the budget presented by finance minister Suresh Kumar Khanna is a well-thought-out plan to revive the economy and pave the way for a stronger and more resilient India. With a focus on key sectors, investments in emerging technologies, and a vision for sustainable development, the budget has received a positive response from all quarters. It is now up to the government to effectively implement the proposed measures and steer the nation towards a brighter future.
