Budget 2023: Staying ahead on the Digitisation curve
In the Union Budget 2023, digitisation has been a major focus area. Finance Minister Nirmala Sitharaman has stated that the government's vision for the Indian economy is to create a technology-driven and knowledge-based economy leveraging digital tools and platforms.
The Finance Minister announced the establishment of three centres of excellence for AI to promote the creation and use of AI in India. The government's focus on AI is aimed at encouraging the growth of the technology and ensuring that it benefits the country. As rightly said by finance minister Nirmala Sitharaman 'Make AI for India' and 'Make AI work for India'. The government has put a strong emphasis on the development of artificial intelligence (AI), Machine Learning, and Internet of things.
To promote financial inclusion, introduction of a new digital payment system and the expansion of digital financial services to rural areas has been done. The goal is to tap into the potential for new business models and job opportunities that 5G technology can bring. Encouraging the growth of the digital economy, including the creation of a national e-commerce policy and the development of a digital industrial policy. The eCourt project will be launched with a budget of INR 7,000 crore ($854 Million). The eCourt project is expected to modernise the delivery of judicial services and provide a more streamlined and accessible system for citizens. This initiative is aimed at improving the efficiency of the administration of justice by utilising technology.
Digilocker, the government's digital certificate repository will be made available to the fintech sector and will provide a boost for fintech startups. The expansion of Digilocker services to the fintech sector will provide new opportunities for businesses and improve access to important certificates and records. The growth of India's digital economy outpaced that of the overall economy, growing 2.4 times faster and having strong connections to non-digital industries. The acceleration of India's digital transformation was fuelled by the "Digital India" campaign. The significance of the digital economy is also rising in the G20 as it presents numerous opportunities for economic growth, job creation, and innovation.
The digital economy in India is growing at a robust speed due to immense government support. The digitisation trend will bring new opportunities for businesses and individuals of the nation and for the global community at large.