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Finance minister Nirmala Sitharaman on Tuesday announced the <keyword id="12280048" type="General" weightage="20" keywordseo="pm-gati-shakti" source="Orion">PM Gati Shakti</keyword> National Master Plan aimed at making logistics connectivity seamless across the length and breadth of the country. Sitharaman described the <keyword id="11977289" type="General" weightage="20" keywordseo="gati-shakti" source="Orion">Gati Shakti</keyword> plan – a massive infrastructure development undertaking – to encompass the ‘engines’ of growth, namely roads, railways, mass transport, seamless multi-modal connectivity. In deference to the request from many states, the outlay of the Scheme for Financial Assistance to states has been increased from ₹10,000 crore to ₹15,000 crore. The allocation for FY23 is ₹1 lakh crore to catalyse overall investments in the economy. The 50-year interest free bonds are over and above the normal borrowings by the states. This will be used for Gati Shakti, rural road projects, town planning schemes etc. The Gati Shakti project aims to create a synergy between infrastructure and logistics, both of people and goods, and location of projects. Here are the key takeaways of the announcements under the PM Gati Shakti National Master Plan: <ul><li>A scheme for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods.</li><li>The national highways network will be expanded by 25,000 kilometres in 2022-23, with an outlay of INR 20,000 crores via financing.</li><li>A new Unified Logistics Interface Platform will be brought in to facilitate data exchange between operators across different modes of transport, aimed at implementing a just-in-time approach for logistics management and giving access to real-time information to operators.</li><li>A new open-source mobility stack for organising seamless travel of passengers will be facilitated.</li><li>Contracts for implementation of multi-modal logistics parks at four locations will be awarded on a public-private-partnership (PPP) mode in 2022-23.</li><li>Railways will develop new products and logistics services for small farmers, and small and medium enterprises.</li><li>Railways will integrate railways and postal networks for seamless movement of parcels.</li><li>A 2,000-kilometre railway network will be brought under ‘Kavach’ for safety and capacity augmentation.</li><li>400 new-generation Vande Bharat trains with better energy efficiency and passenger riding experience will be developed and manufactured over the next three years.</li><li>100 PM Gati Shakti cargo terminals for multi-modal logistics facilities will be developed in the next three years.</li><li>‘Innovative’ financing options will be encouraged for building metro systems of appropriate type and scale.</li><li>Facilitation of multi-model connectivity options between mass urban transport and railway stations.</li><li>Standardisation of metro systems and civil structures based on Indian needs.</li><li>Parvatmala, a preferred ecologically sustainable alternative to conventional road systems in hilly areas – also known as National Ropeways Development Programme, will be undertaken in PPP mode.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2022-speech-highlights-and-updates-from-finance-minister-nirmala-sitharaman/articleshow/89264352.cms">Budget 2022: Watch out for the highlights from Finance Minister Nirmala Sitharaman’s speech</a> <a href="https://www.businessinsider.in/budget/news/minda-industries-sona-comstar-greaves-cotton-amongst-biggest-gainers-as-investors-bet-on-budget-2022-being-ev-friendly/articleshow/89264077.cms">Minda Industries, Sona Comstar, Greaves Cotton amongst biggest gainers as investors bet on Budget 2022 being EV-friendly</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-fmcg-companies-rise-on-hopes-of-consumption-boost-for-the-sector/articleshow/89263952.cms">Britannia, Dabur, Marico surge on hopes that budget will leave people with more money to buy stuff</a>

PM Gati Shakti National Master Plan aims to bring synergy between infrastructure and logistics across the length and breadth of India

<ul><li>Experts and industry players have welcomed the long-awaited <keyword id="7393806" type="General" weightage="100" keywordseo="national-logistics-policy" source="Orion">National Logistics Policy</keyword>, calling it transformational and a ‘game changer’.</li><li>The <keyword id="187135" type="General" weightage="80" keywordseo="nlp" source="Orion">NLP</keyword> includes a new single-window platform for accessing all transport services digitally to an online portal to address grievances.</li><li>With the NLP, the immediate aim of the government is to reduce the cost of <keyword id="108235" type="General" weightage="20" keywordseo="logistics" source="Orion">logistics</keyword> and bring it in line with global standards.</li></ul>The Indian government finally announced the much-awaited National Logistics Policy, and that has the industry players excited. The primary aim of the new policy is to bring down the cost of logistics in line with global standards. The NLP, as it is being called, aims to standardize several aspects of logistics, including things like the Unified Logistics Interface Platform (<keyword id="44600" type="General" weightage="80" keywordseo="ulip" source="Orion">ULIP</keyword>), Ease of Logistics Services (E-Logs) platform, and more. Here are some of the goals of the new National Logistics Policy: <ol><li>Bring down logistics costs from the current 14% of the Indian GDP to 10% by the end of 2022. In countries like Singapore, US, and South Korea, this stands at 8%.</li><li>Improve Logistics Performance Index and catapult India to the top 25 countries.</li><li>Minimize logistical issues via standardization of the warehousing sector and reduce transportation stress on roadways by offloading some of it to other modes of transport.</li><li>Enhance workforce skills via Gati Shakti Vishwavidyalaya.</li><li>Address issues of the logistics industry via unified service platforms like ULIP and E-Logs.</li></ol>Industry players have welcomed NLP, saying that this will be a “game changer”. “Push towards seamless multimodal transportation and modern connectivity will be a game changer as it will shift the transportation stress from just road to other modes as well,” said Vineet Agarwal, MD of Transport Corporation of India. Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, said, "The National Logistics Policy is a welcome move and this along with PM Gati Shakti plan will help build a more resilient logistics ecosystem in the country. Along with improving efficiency across the value chain, it will also result in a considerable reduction in logistics costs from their present level, thereby benefiting the end customer with lower costs." Sunil Nair, CEO of Snowman Logistics said that the much-awaited National Logistics Policy covered most of his expectations. “The integration of 30 systems from seven different departments is one of the most liked solutions,” said. Ease of access to information will also enable better business opportunities, said Zaiba Sarang, co-founder of iThink Logistics. “NLP gives the smallest person in the ecosystem access to information that was available to key stakeholders only. 85% own less than 10 trucks and their empty trucks can pick up the goods from the best place which will yield them higher returns,” she said. The government’s aim to reduce dependence on just one mode of transport is important, said Pervinder Singh Chawla, co-founder of Onmove. “NLP attempts to have strong infrastructure (the heart of logistics) and tech infrastructure to support a fast-growing manufacturing economy. NLP has its focus on tactical multimodal implementation (the tail of cheetah) that is flexible, cost efficient and agile,” he said. <cmsannotation type="cmsannotation" annotationid="NLP could be the UPI of logistics, say analysts" comment="subhead" text="NLP could be the UPI of logistics, say analysts">NLP could be the <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> of logistics, say analysts</cmsannotation> One of the common issues plaguing the Indian economy has been bureaucracy and the red tape. The NLP also tries to address this to an extent with ULIP, which is a single window interface that integrates all digital services for the transport sector at a single place. “Unified Logistics Interface Platform (ULIP) will bring all digital services related to the transportation sector into a single portal. The platform aims at breaking individual silos, promoting integration among various ministries/departments and creating a single window thereby bringing in transparency and efficiency,” said a report by JM Financial. “The aim is to create a UPI-like structure in which every single transaction of the logistic department can be authenticated,” the report added further, explaining how ULIP could transform the logistics landscape. It remains to be seen if ULIP can do for logistics what UPI has done for sending and receiving money. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/anil-agarwal-profile-vedanta-resources-listing-in-london-stock-exchange-gujarat-semiconductor-chipset-plant/articleshow/94297057.cms">Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange</a> <a href="https://www.businessinsider.in/stock-market/news/for-every-100-pulled-out-by-foreign-investors-from-the-indian-equity-markets-domestic-investors-have-ploughed-back-89-this-year/articleshow/94220904.cms">For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year</a> <a href="https://www.businessinsider.in/stock-market/news/from-sbi-to-icici-indian-banks-are-entering-an-earnings-upgrade-cycle-says-morgan-stanley/articleshow/94049013.cms">Time to buy banks? Morgan Stanley says yes as banks are entering 2nd leg of earnings upgrades</a>

National Logistics Policy will be a game changer, say industry players

<ul><li>Finance Minister of India Nirmala Sitharaman presented the Union Budget on February 1, 2022.</li><li>Struggling with high inflation and tepid rural demand, FMCG companies were hopeful for some positive news, steps and reforms that would help boost consumption in the economy.</li><li>However, with no changes in personal tax, there isn’t for hope for a drastic change in consumption and demand.</li><li>At the same time, there are enough subsidies to support the rural areas of the country.</li><li>Here’s what leading FMCG companies have to say about the Union Budget 2022-2023.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman presented the Union Budget for 2022-2023 on February 01, 2022. The government announced that 5% of the annual collections under the Universal Service Obligation Fund will be allocated to improve broadband and mobile service penetration in rural India. This move will allow Fast Moving Consumer Goods (FMCG) brands and all businesses to cast their net a little wider in rural areas via mobile services. The government’s plan to expand the National Highway network by 25,000 KM, the Gati Shakti plan to strengthen seven engines of infrastructure, the launch of 100 new cargo terminals, will further open up new roads for brands and improve logistics efficiency. It will also create new job opportunities in rural areas, improving consumption and demand. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. The government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. These initiatives will help boost rural incomes and aid the growth of FMCG companies. The Union Budget aims to facilitate ease of doing business and give a push to consumption by providing employment opportunities, improving infrastructure, focusing on technological advancement and accessibility. Here’s how these subsidies for rural India will pave the way for FMCG growth: Mayank Shah, Senior Category Head, Parle Products: First of all, putting money in the hands of consumers really helps, so they go out and buy products. So that was more on the front of ensuring that the demand remained robust given that we have gone through two years of pandemic. That was something that industry expected, either by tax cut, or by increasing the slabs tax brackets or by probably increasing the standard deduction limit. Those were the things that we expected but not much has been done there. However, on the second front of job creation, the government has done a lot. The budget talks about seven engines driven by PM GatiShakti that will definitely boost employment and increase the number of jobs. The budget also talked about 60 new jobs to be created in the next five years. That is relatively a longer process compared to the first expectation which was putting money in the hands of consumers, which would have yielded immediate results. A 20,000 crore boost in transportation infrastructure will definitely help in terms of job creation going forward. Another thing the government would have ensured on the rural front was increased allocation to MGNREGA or direct benefit transfer. In Fact they chose the other way. In terms of rural demand, when you're talking about putting money in the hands of rural consumers by increased MSP and increased MSP allocation, it is also going to have an impact on the inflation because if you increase the MSP, that eventually is going to increase the cost of agri products, primary inputs in food processing. So procurement is going to be increased. The current challenge ahead of most FMCG companies, which is managing inflation, probably would be aggravated, so I consider it to be neutral. Probably placing this money in the hands of consumers through MGNREGA or DBT would have ensured demand to remain robust. Ahmed ElSheikh, President, PepsiCo India: Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> reflects this very intent. This year's Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core. The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat. Saugata Gupta, MD and CEO, Marico Limited: With this Union Budget, the government has laid out a growth oriented, future focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision. Venkatesh Vijaraghavan, Director &amp; CEO - FMCG, CavinKare: We welcome the futuristic, investment-led, growth-oriented Budget with a strong impetus to infrastructure and capability building, which would boost GDP, Atmanirbartha, economic stability and job creation, thereby reaping demographic dividend. Ghanshyam Khandelwal, Chairman, BL Agro: The budget was as expected. We didn't anticipate the industry to take centre stage because several schemes for the FMCG sector have already been implemented in recent years. However, the mention of a rationalised strategy to improve domestic oilseed production and minimise reliance on imports was welcomed. A more promising statement was the package that centers on farmers adopting appropriate fruits and vegetables, as well as proper harvesting practices. The move will go a long way towards uplifting the food processing sector. Harsha V. Agarwal, Director, Emami: A very forward-looking budget with focus on capital expenditure which should drive growth. The ease of business in India has also been prioritised. So over all the budget pulls no surprises and focuses on growth of the Indian economy. Amrinder Singh, Director, Bonn Group of Industries: As the social security benefit of state and central government employees has been enhanced in this Union budget 2022, we are expecting that it will spur the consumption. The government has put money in consumer’s hands and ensured that the demand is not getting affected by increasing the tax deduction limit by 14 percent of the state government employees. Vikram Agarwal, Managing Director, Cornitos: The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.

Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

The four-day working week continues to gain momentum, with pilots taking place in the UK, <keyword id="6358817" type="General" weightage="80" keywordseo="ireland" source="Orion">Ireland</keyword>, US, Canada and Australia. Over six-month periods between February and November, <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword> at participating businesses are working only 80% of their time but still receiving 100% of their salary and benefits. These schemes, which are being driven by non-profit coalition 4 Day Week Global, are supposed to benefit everyone by raising workers' <keyword id="23080" type="General" weightage="20" keywordseo="productivity" source="Orion">productivity</keyword>, improving work-life balance and happiness levels, and reducing unemployment. But is this too good to be true? While many firms may find it a better arrangement than a five-day working week, there are several <keyword id="50831" type="General" weightage="20" keywordseo="reasons" source="Orion">reasons</keyword> why the concept needs further research and debate before we talk seriously about rolling it out. 1. The productivity problem A four-day week is unlikely to enhance productivity unless it's already low. Countries like Ireland and the UK already boast very high worker productivity, measured as GDP per hour worked. Indeed, Ireland's productivity is amongst the highest in the world, hitting a whopping US 125 ( 103) per hour in 2019 (admittedly somewhat distorted by the presence of over 1,500 multinationals). And while there has been much discussion about UK productivity struggling to keep pace with other major economies, it is still very high in overall terms at US 54 per hour. China and India's equivalent figures are respectively US 11 and US 8. To even maintain these productivity levels while working four days a week, employees would need to increase output per hour significantly. This is simply because total GDP will fall if everyone works 20% less. In 1988 Japan shortened the workweek from 46 to 30 hours. Productivity did not increase enough to compensate, and economic output between 1988 and 1996 was 20% lower than it otherwise would have been. Countries like Ireland or the UK may require draconian work-floor practices to squeeze enough productivity out of a four-day week, including requiring employees to work more daily hours than before. This would increase the chances of excessive stress, industrial accidents and so on. 2. The truth about happiness Claims that we would all be happier working four days overlook the theory of the hedonic treadmill, which argues that permanent extra happiness is a mirage. People may feel happier over, say, a six-month period. But over a longer duration, they would arguably revert to their previous level of happiness. In 2000, France reduced the working week from 39 hours to 35 hours among large firms. An assessment later concluded that it had failed to improve workers' happiness. The hedonic treadmill explains why many retirees go back to work or why lottery winners continue in their jobs. Or why, in the case of France, many workers got second jobs or moved to smaller firms. It is also why, at the very least, we would need to pilot the four-day workweek over longer periods than six months. Furthermore, there is little evidence of crises in work-life balance or job unhappiness in Ireland or the UK. According to a 2018 Eurostat survey, 38% of Irish people rated their job satisfaction as high sixth highest in the EU after Norway, Denmark, Iceland, Austria and Switzerland. UK job satisfaction was 29%, still above the average. And according to the 2021 UK census: Overall, personal wellbeing levels have increased in the UK. 3. Some will suffer A four-day working week may worsen inequities at work. Ireland and the UK already suffer from hollowed-out and polarised labour markets, which is to say that the proportion of middle-ranking jobs to lower-ranking jobs has been falling over decades. The four-day week would lead to a variation of this issue. People already working four days a week at four-day wages would find themselves doing the same work for a smaller salary than those whose working days had just reduced. Also, older workers would be potentially disadvantaged by the need to do more in a shorter period of time. This is what happened in the US when the average working week was reduced during the great depression from about 48 hours to 41. This should be of concern in Ireland and the UK with their ageing populations. 4. Part-time prejudices There is a strong association between reduced working hours and increased part-time employment. This is because companies whose full-time workers reduce their hours have to hire part-timers to ensure output does not drop, especially in the service sector. Part-time jobs are, however, associated with low pay and temporary contracts . A surge in part-time employment would therefore lead to reduced earnings overall. It would also increase job insecurity and may worsen productivity. Though the evidence around productivity is fairly limited here, it is unlikely to rise given that firms invest less in their part-time workers. This is partly because these workers increase firms' management and transaction costs. 5. Unemployment benefit? One supposed benefit of shortening the working week is reduced unemployment. This was why working weeks were reduced in the US in the 1930s which was reasonable, given that unemployment was 25% in 1933. Today, unemployment in the UK is 3.7%, the lowest in more than 20 years. In Ireland it is 4.7%, while long-term unemployment is a negligible 1.2%. As the Irish Times recently said: There are loads of job vacancies in Ireland, but where are the workers? When labour markets are so tight, it would be strange to reduce the labour supply by cutting everyone's working hours (unless, of course, workers managed to be as productive as over five days). Such a reduction would exacerbate labour shortages. It would also squeeze public finances for example health services would require more staff, thus raising the wage bill. A four-day week would also put extra demand on leisure services. Imagine wanting to spend your extra time travelling for a long weekend away, only to end up in long queues at Heathrow or Dublin airports. Oh wait, this is happening already. Alternatives There are other less risky ways to improve working conditions that may be more effective. These include flexible retirement schemes and more official vacation days and bank holidays. Or if governments provided better support for innovative entrepreneurs, it could stimulate productivity growth, job satisfaction and de-carbonisation in one sweep. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/piped-cooking-gas-price-hiked-by-rs-2-63-per-unit-in-delhi-ncr/articleshow/93364281.cms">Piped cooking gas price hiked by Rs 2.63 per unit in Delhi NCR</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/shaktis-gati-on-interest-rate-hike-to-continue/articleshow/93366502.cms">Shakti’s Gati on interest rate hike to continue</a>

5 reasons why the 4-day week won't work, according to an economic professor

<ul><li>India’s rural consumers and the urban poor are squeezed between rising cost of living and low wages.</li><li>However, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>’s latest <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> was a continuation of last year’s plan to spend more on building modern infrastructure.</li><li>Calls for tax cuts and immediate injection to boost consumer spending were largely ignored. </li><li>With five states going into polls within a month, ignoring the poor and the middle class may be a big gamble. But Sitharaman has chosen to place her faith in good economics over prudent politics.</li></ul>India’s rural consumers and the urban poor may have had the most amount of interest in Nirmala Sitharaman’s fourth budget as the country’s Finance Minister. However, they were, arguably, the most disappointed after her speech. There were a few changes to the import duties that could make stuff like edible oils, apparel cheaper and paints cheaper. But she ignored the call for tax cuts and more rebates to cover for rising cost of living, both due to rising prices of everyday items, as well as the added cost of vaccination and medication for families affected by the COVID-19 infection. The rise in rural wages has been slower than the inflation for much of the last 12 months. <div type="image" title="rural-wages" msid="89319179" hostid="261" caption="&amp;lt;p&amp;gt;The rise in rural wages has been slower than the inflation for much of the last 12 months.&amp;lt;/p&amp;gt;"></div> However, Sitharaman continued with charting long-term plans to modernise the country’s infrastructure with more roads and highways ⁠— through a dedicated programme called Gati Shakti ⁠— build more protection for local manufacturers of electronic products, solar equipment, imitation <a href="https://www.businessinsider.in/budget/news/diamonds-will-now-be-cheaper-imitation-jewell[%E2%80%A6]-budget-2022-will-impact-imports/articleshow/89272589.cms">jewellery</a> and more emergency loans for small and medium-sized businesses. <div type="INSTAGRAMURL" thumbUrl="undefined" caption="Caption not available." user="undefined" cmsId="1643877725318"><url><![CDATA[https://www.instagram.com/p/CZcJd8dBs2z/]]></url><permalink><![CDATA[https://www.instagram.com/p/CZcJd8dBs2z/]]></permalink><payload><![CDATA[]]></payload></div> Even the equity markets wanted the budget to boost people’s purchasing power because some of the country’s biggest consumer product makers like Hindustan Unilever, Marico and Britannia have struggled to find buyers. There was no extra love for hotels, travel operators or real estate developers, which were some of the sectors still reeling under the effect of the pandemic . Once the speech ended, <a href="https://stocktwits.com/TraderHarneet/message/432242104" data-type="tilCustomLink">markets</a> went into a tizzy for a variety of reasons. The fear, which lasted about 20 minutes, was a mix of disbelief and disenchantment. “As the supply of money in the economy shrinks, interest rates tend to go up, which is what people are worried about because if the government borrows so much then interest rates will go up,” Rajamani Venkataraman, managing director and executive director at IIFL Finance, explained on Business Insider. <div type="image" title="ST bank nifty post" height="900" width="1200" msid="89289426" hostid="261"></div> But the market made its peace soon enough. After all, there was the promise of profits in the future through highways contracts, production-linked incentives, improved logistics networks and a 35% jump in capital spending by the government. There was the promise of a digital rupee, backed by the Reserve Bank of India ⁠— although profits from <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">cryptocurrencies</a> would be taxable at 30% ⁠— and the <a href="https://www.businessinsider.in/budget/news/nirmala-sitharaman-announced-that-5g-services[%E2%80%A6]pen-by-2022-23-in-budget-session/articleshow/89267252.cms">launch of 5G networks</a> to look forward to in the coming year. Meanwhile, middle class people found reasons to laugh, thanks to the memes on social media. They can laugh and share jokes while they wait to be above water, financially, because Modi’s visionary administration wants India to have a digital university, electronic passports, cargo terminals, high-speed trains and dedicated roads for electric vehicles where those running on diesel and petrol won’t be allowed. A few unusual elements in the budget included the mention of mental health. 23 tele-mental health centres will be launched, with National Institute of Mental Health and Neurosciences (NIMHANS) as the nodal unit, and International Institute of Information Technology (IIIT), Bangalore providing tech support. Another one was the sharp drop in disinvestment target: from ₹1.75 lakh crore set earlier to ₹78,000 crore now, for the current year, and ₹65,000 crore the next one. “The emphasis is on completion of transaction and implementation. And, if we keep too high a target, sometimes, it also distorts the market. Nothing stops us from achieving a disinvestment as per the plan,” Tuhin Kanta Pandey, Secretary of Department Of Investment and Public Asset Management, told the media. More money – ₹48,000 crore – has been set aside for subsidised housing projects and to bring tap water to more homes at a cost of ₹60,000 crore before March 2023. It helped that the government’s own revenue has seen a robust growth in the last one year. The Finance Minister revealed — with a thrilling pause before the emphasis ⁠— that revenue from goods and services tax (GST) had hit a record high of over ₹1.4 lakh crore in January 2022. The government got kudos from top CEOs for its vision. For its courage to plan for the next 25 years. For its ability to borrow bravely despite its record debt. And, for its willingness to spend that money to build a new, futuristic India. <div type="twitter" handle="udaykotak" handlename="Uday Kotak" image="http://pbs.twimg.com/profile_images/532114039342505984/y0x0ooJy_normal.jpeg" favoritecount="3376" retweetcount="434" status="Budget: trust based governance to build atmanirbhar bharat. Reposes faith in taxpayers, entrepreneurs, investors. B… https://t.co/cS3iSrQEHr" createdat="1643702543000" id="1488422462714908672"></div> However, all the praise from the CEOs usually resonates only among a small part of the population. With five states going into polls within a month, ignoring the poor and the middle class may be a big gamble. But Sitharaman has chosen to place her faith in good economics over prudent politics. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/key-moments-from-nirmala-sitharamans-speech-that-moved-sensex-nifty-50/slidelist/89278989.cms">Key moments from Nirmala Sitharaman’s budget speech that moved the stock market</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/union-budget-2022-this-is-how-the-modi-government-plans-to-give-more-jobs-to-indians/slidelist/89278696.cms">Union Budget 2022: This is how the Modi government plans to give more jobs to Indians</a>

India budgets for a trickle down ⁠— as slow as that might be

<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

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