Union Budget 2022
The Finance Minister of India has presented the Union Budget 2022, on Tuesday, focusing on a number of sectors, aimed at enhancing growth. This newsletter examines what possibilities the budget holds for the Biometric and Security Industries amid the ongoing pandemic.
National Highways Network Expansion
The N ational highway development project is set up to extent to 25,000 km in 2022-23 with an estimated cost of Rs 20,000 crore implying the need for allocation of enormous number of toll gate and vehicle monitoring systems to be placed for controlling of incoming and outgoing vehicles.
MSMEs & Start-ups:
Entrepreneurship in MSMEs is gaining momentum with Rs 6,000 crore programme to be rolled out over the next 5 years. In addition, PE/VC invested Rs 5.5 lakh crore in start-ups, indicating the demand for extensive enterprise security solutions as well cloud-infrastructure requirements for launch of functional business.
Creation of New Job Opportunities
ECLGS scheme extended till March 2023 and around 60 lakh jobs are projected for the next 5 years. Furthermore, various efforts put forward by central, state governments leading to jobs, entrepreneurial opportunities emphasise the importance of human resource management and workplace security monitoring.
Infrastructure Development Projects
An expert committee for urban developers and economic professional to be established for recommendations on urban capacity building, planning execution, and governance. Modern building by-laws will be introduced. In addition, a high-level panel to be set up for urban planning, public transport in urban areas, etc., signalling the need for smart security systems.
Facilitating Business Activities
In effects to facilitate business operations as well as to accelerate business activities, 75,000 compliances have been eliminated and 1,486 union laws repealed. India to launch the next phase of Ease of Doing Business EODB 2.0 and Ease of Living. Voluntary exit for corporates to be cut down to 6 months from 2 years. Special Economic Zones Act to be replaced with new legislation.