Ease of Doing Business in budget for sectoral productivity, Infrastructure & Energy says Abhijeet
This budget brings productivity in various sectors of economy with reforms to provide more Ease of Doing Business like duty concessions for some electronics manufacturer, it Revokes anti-dumping duty for steel products, lowered Lower duty e chemicals and announces its national plans to cut dependence on oil seed imports.
Infrastructure,
logistics are key focus areas of this budget but not only limited to structural
infrastructure but comprehensively covered digital infra also to hold its upcoming
multi-trillion-dollar economy projections. Robust expansion of Highways up to 25000
KMS by 2023 with announcement of new 100 cargo terminals in immediate next three years and envisioned and an ultra-modern logistical framework with
encouragement to Startups to promoted ‘Drone Shakti’ like ‘Gati Shakti’ for
infrastructure.
Government intent to harvest recent growth in export during pandemic years by strengthening logistic sector can be seen with clear directions to Rail, POST to work together on logistic. Policy on Battery Swapping is being seen by auto and Electric Vehicle industry as highly needed step to standardise batteries to upgrade ‘Charging’ with ‘Swapping’ facilities to increase E-mobility adoption and efficiency.
Digital infrastructure has also received robust upgrade with Digital rupee to be introduced by central bank in FY23 to be backed by block chain technology, also gave data centres for infra status with an integrated initiative to promote digital infrastructure on e-portals like Open Network for Digital Commerce (ONDC). Bringing Post Offices on core banking systems by 2022 is showing both intent and competence of union government to extend digital infrastructure to include rural and semi urban economy with penetration at post-office level.
Budget for Ease of Doing Business
A long awaited announcement to setup international ‘Arbitration Center’ in gift city Ahmedabad is a highly welcomed from Ease of Doing Business point of view to reduce timeframe to resolve ‘Commercial Disputes’ an international pace and competence. Budget 2022 also extends tax incentive for startups up to March 2023 with Tax gift of virtual digital asset, also introduced tax on income from Virtual digital assets transfer at 30%.
Abhijeet Sinha is a Technocrat, currently National Program Director of Ease of Doing Business, starting from Modi’s Citizen from Accountable Governance (CAG) participated Pilots like IMNCI, NPR, UIDAI also Project Director of ambitious E-Highway Pilot National Highway for Electric Vehicles (Jaipur – Delhi – Agra) prototype with Govt of India.