Budget 2022-23 is a Futuristic Budget with scientific vision and Start-Up incentives according to Dr. Jitendra Singh
Dr. Jitendra Singh, Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, briefed the media on the Budget implications for the Ministries and Departments with which he is involved, said that if one had to summarise the General Budget 2022-23 in a single sentence, it would be appropriate to say that this is a budget that is focused on “Futuristic Budget with scientific vision and Start-Up incentives”.
Dr. Jitendra Singh stated that India is looking forward to a critical decade ahead under Prime Minister Narendra Modi’s leadership, which will be principally decided by two factors:
(a) the economy and (b) science, technology, and innovation. Finance Minister Nirmala Sitharaman, he said, had given an all-encompassing Budget that touched a wide range of sectors, including rural, healthcare, agriculture, sanitation, and so on, with these key considerations in mind.
According to the Minister, the budget’s defining feature is that practically every statement or program reflected in it has a significant impact on scientific technology and innovation. He cited the launch of innovative new initiatives such as the Digital Rupee linked to technology, Digital Banking units in 75 districts, Digital University, and StartUps linked to Artificial Intelligence, Space Technology, and other topics in this regard.
According to Dr. Jitendra Singh, the future roadmap for the coming years mirrors some of the Finance Minister’s StartUp efforts. For example, he said, StartUps will be free from paying taxes for another year, up to 2024.
Dr. Jitendra Singh believes that India’s focus on drones, particularly “Drone Shakti” through StartUps and the use of Kisan Drones in agriculture, will give the country an advantage over other nations.
The Minister pointed out that the Budget provides for export incentivization as well as local production incentivization for the promotion of start-ups.
The Minister was particularly impressed by the fact that a minor ministry like Earth Sciences was given a budget of Rs. 2,653.51 crore, which is in addition to the Rs. 4,000 crore was set aside for the Deep Sea Mission earlier this year. This just demonstrates Prime Minister Modi’s confidence that future India’s economy will be heavily reliant on ocean and sea resources, he explained.
Similarly, Dr. Jitendra Singh stated that the Ministry of Science and Technology has a budget of Rs.6,000 crore, of which Rs.2,581 crore is allotted to the Department of Biotechnology, which is the department that has been performing trials on DNA vaccines in the past and now on the Nasal Vaccine.
Dr. Jitendra Singh recalled PM Narendra Modi’s concern about climate change expressed in COP 20 and pointed to reference in 1st February’s budget speech to Low Carbon Development strategy. He said the Science Ministries have been given a boost by PM Modi in carrying forward the Hydrogen Mission.