Ankit Agarwal, MD, STL(Sterlite Technologies), shares his perspective on the Union Budget 2022:
“We believe that this budget will prove to be a Shot in the Arm for accelerating India’s Digital, Domestic and Defence ambitions. On the one side, it addresses digital connectivity for all through optical fibre and digital services in 100% of the villages by 2025. On the other side, it sets the foundation for India’s 5G readiness through spectrum auctions, R&D impetus, USOF allocation along with a boost for domestic manufacturing through a timely ‘Design-led manufacturing’ scheme. The move to allocate 68% of the Defence capital procurement budget for domestic players is also a positive stepping stone towards self-reliance in hi-tech manufacturing. At a macroeconomic level, a 35.4% increase in capital expenditure will bring necessary investments and drive consumption. As India braces to reap benefits from this progressive budget, greater policy impetus for procedural simplification, such as single window clearances and more conducive models for private public investments, would act as a multiplier.
From a longer-term perspective, more Government investment in digital infrastructure would be absolutely essential for building a robust digital economy. In this context, a digital-first budget philosophy that focuses on digitalization of ministries’ budgetary allocations will ensure across the board acceleration of public services in addition to enhanced connectivity.”
