Kochi, March 2 2016: V. George Antony, Managing Director, UAE Exchange, India, was a panel member in the Post Budget Analysis session organised by CII, and PWC in Kochi. We are grateful to him for summarising the digital elements of the budget.
He says: "These are not short term plans bearing immediate fruits, but it will surely bring in the desired results in the years to come."
· Aadhar as a common ID. – This is going to change banking and finance industry and reduce NPA issues currently banking system is fighting with. Banks will be able to know about the credit and revenue history of each customer which is the basic parameter to give credit to a customer.
· Bill for Targeted Delivery of Financial and Other Subsidies, Benefits and Services by using the Aadhar framework to be introduced. – Only deserving people will avail subsidy, pilferages will go away and transparency will come into the whole process.
· Introduce DBT on pilot basis for fertilizer. – Convenience for genuine farmers
· A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years. True financial and digital inclusion will happen in the grassroots by doing this. Lifting their lifestyle, awareness, rights etc become simpler and easier
· Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.– Creating a paperless economy for all certificates of a person from birth to death and things become so easy and transparent for citizens when fully implemented
· Expansion in the scope of e-assessments to all assessees in 7 mega cities in the coming years. – Making life simpler for people and tax authorities and bring all qualifying into tax net.
· 'e-Sahyog' to be expanded to reduce compliance cost, especially for small taxpayers.
· Automation facilities will be provided in 3 lakh fair price shops by March 2017. A great move to stop all types of pilferages happening now and make life easy for genuine and deserving citizens.
· A Financial Data Management Centre to be set up.– The numbers which we know will completely change to actual numbers when this become fully operational and managing finance become so easy and transparent and perfect.
· National Land Record Modernisation Programme has been revamped. – New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocation of Rs 655 crore. When this is fully implemented, life will become so easy for all citizens who have some land to manage and view their records. Everything in this area will become so transparent.
· Unified Agricultural Marketing ePlatform to provide a common e- market platform for wholesale markets – Great move which will change the agricultural sector to a completely different level. Lots of middlemen will go away. Farmers will get better price for their produce and reimbursement will become very easy and fast, credited to the account.