07 Feb 2022

Budget 2022 focuses on sustainability and development

The Union Budget 2022-23 was announced on February 1, 2022, emphasising a major push towards sustainability and development. It is heartening to see the Government strengthen its plans to transform suburban and rural areas into thriving economic development hubs.

In the recently announced Union Budget for the financial year (FY) 2022-23, sustainability and development have been the major highlights. It was announced that the Government would work alongside regulators in the financial sector regulators in an endeavour to improve access to capital while keeping intermediation costs low. It will also be working with State Governments to decrease the amount of time required to get approvals on land and construction projects. We look forward to this as it will help give weaker sections of society access to affordable housing.

Digitising land records is a key step in addressing litigation issues over land. This will ensure a transparent and accurate record of properties, which customers can access before investing in a real estate transaction. We welcome the move to form a high-level committee for urban planners and economists. This will be critical in building new-age cities in India with modern infrastructure considering the future of mobility, work, education, health, and sustainable living.

Transforming public transportation in urban areas by leveraging clean tech, governance solutions, and electric vehicles is an encouraging step towards building a sustainable and green future. It was also announced that data centres and energy storage systems would be integrated into the country’s infrastructure. We hope to see this pave the way for cleaner energy storage and a more cohesive digital infrastructure.

Regarding housing infrastructure, the Har Ghar, Nal Se Jal scheme covers 8.7 crore households, of which 5.5 crore were given access to tap water in the last two years. We are pleased to see that Rs 60,000 crore has been allocated to cover 3.8 crore households in 2022-23. Alongside this, it is positive to see an increased focus on affordable housing with Rs 48,000 crore allocated for the completion of 80 lakh houses for eligible beneficiaries of PM Awas Yojana (PMAY).

Finally, the PM Gati Shakti Program was introduced as a master plan for expressways to ensure faster movement for both people and goods. Between 2022 and 2023, the National Highways network is expected to expand by 25,000 km. This is a transformative approach to sustainable development. Not only will it help raise productivity, but it will also boost economic growth and development.

This Budget cannot be looked at in isolation. It is in continuation of the nation-building ideas our Government has been implementing since 2014. We have consistently witnessed the Government’s keen focus on creating a strong framework and allowing private entrepreneurs to drive businesses. We are pleased to see the importance given to connectivity projects, resource management, and technology, which will lead to increased capital, opportunities, and growth across the nation. Measures for extending affordable housing benefits to individuals, future planning for modern by-laws, and enhanced public transportation will help lay the foundation for sustainable development with the vision of India@100.

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