With the announcement of budget 2018, this year’s budget largely focussed on the betterment of the agricultural sector along with giving a major push to healthcare and education. From curbing the use of crypto currency to extending the job opportunities, this year’s budget announcement has been the most awaited thing. Here are some major announcements that will directly or indirectly will make a huge impact in the country.
The telecom industry will help set up an indigenous 5G at the Indian Institute of Technology in Chennai. Mobile network has received a great push from regulators and equipment manufacturers globally, but with the manufacture of fifth generation in India, the mobile network will receive a major push and that’s not too far. For boosting the adoption of 5G in India, government is planning to collaborate with the premier institution for R&D in technology, IIT Madras. They will set up dedicated 5G centers in India, which will focus on the indigenous development of 5G equipment. With the setting up of 5G centers in India, the Indian smartphone manufactures will be invited to develop compatible components.
Indian government is planning to launch several new schemes to build talent in the areas of robotics, artificial intelligence, big data, quantum computing, and IoT (internet of things). The government will set up dedicated centers of excellence to push research endeavours in the areas of technology. These centers will not only train individuals but will also boost employment, which will boost India’s revenue from technology outsourcing.
The digital India will get double the allocation to Rs 3,703 crores which will in turn improve the quality of education and healthcare sectors.
The government will soon launch ‘Revitalising Infrastructure and Systems in Education’ by 2022. The role of technology will expand the education sector, as emphasized by Jaitley.
The budget allocation for education sector will be 1 lakh crore in the coming four years. For improving the quality of education, the technology will be the biggest driver in education sector. Jaitley said, “The technology will propose to increase the digital intensity in education and move gradually from blackboard to digital board”. The blackboards will also be replaced by digital boards across the nation by 2022, as per the finance minister.
Government has also planned to take measures against the use of crypto currency. The government do not consider crypto currency to be legal. As per the government, the crypto currencies are used for illegitimate trading, black market activities and terrorist funding. The government does not want any adverse impact and want to prevent the country from any risk while exploring the blockchain side by side and leverage opportunities. The finance minister made it clear that the government is planning to curb on transactions using crypto currency.
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While the government discouraged the use of digital currencies during the budget announcement 2018, we await for a clear announcement on investment and trading in these assets.