In the present times when the world is combating serious periodical damage inflicted by the COVID19 pandemic, our nation rose to present the annual Budgeted calculus 2022’ with the shortest possible budget speech that lasted for not more than 90 minutes. With the total expenditure being capped at a whooping sum of Rs.37.7 lakh crores, our proud nation intends to set an admirable criterion to push the economic resources back into the system through digitization and reforms that intend to ameliorate and boost the pecuniary, fiscal, and accounting aspect as a whole. Discussed in brief, the proffer of the proposals extends from introducing a concept of E-Passport using a chip embedded and futuristic technology besides cementing about 1.5 lakh post offices with the core banking solution (CBS) network. With the introduction of IC bridges to facilitate and curtail the co-ordination gap between the Centre government on one hand and states on the others with a view to articulate removal of overlapping compliances between the two at large, establishing about 75 digital banking units and to put in place a large array of resources that leads to putting in place a highway corridor of about 25,000 kilometers also speaks volumes of the promising charter as announced by the Hon’ble Finance Minister Smt. Nirmala Sitharaman.
To promote and instill electronic vehicular stability amid paucity of space in the urban sectors, a battery swapping policy will be put in place which will be based on interoperability standards. One of the most promising proposals that falls in the nature of the activity that will warrant and capacitate anytime and anywhere registration of deeds and documents with the ultimate aim of achieving the One nation, One registration motto. With over 1486 union laws being put to rest last year, the ultimate aim of achieving minimum government maximum governance underscores the benign intent of the government to achieve a lot in the minimum possible time for which it deserves all the accolades. Intending to establish an International Arbitration Centre to tackle and instrument the disputes/conflicts of possessing global characteristics is also a commendable step falling in line with the international jurisprudence. The introduction of the digital rupee under the garb of a cheaper currency management system facilitated by the Central Bank Digital Currency mechanism will buttress the stature of our currency globally. The budget might appear to be promising on the side of infrastructural gadgetry but in absence of any major tax reform being introduced to back the expectations of the tax-payers fraternity at large, fall short of being capped as a meritorious one.
Sameer Bhatia is an Advocate.
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