The initiatives for the higher education sector in the Union Budget 2022-23 are harbingers of the sector, according to Aditya Mohan Jadhav, Professor of Finance, Area Chair (Accounting, Economics and Finance), TA Pai Management Institute (TAPMI), Manipal.

He said the initiatives for the higher education sector, especially setting up of the digital university and allowing world-class universities to offer programmes in the GIFT City, are welcome. “We hope that these initiatives are harbingers of the education sector opening up to world-class universities,” he said.

Digitisation boost

Digitisation has taken a boost through initiatives such as post offices brought under core banking system and supporting laying of optical fibre to all villages for better digital connectivity. Further development of the digital rupee and taxation of crypto gains will ensure a reduction in money laundering, Jadhav said.

The Budget 2022-23 focuses on the acceleration of economy through heavy investment on infrastructure development via PM Gati Shakti Infra Master Plan, increase in capital expenditure by 35 per cent to ₹7.5 lakh crore or the affordable housing via PM Awaas Yojna, he said.

However, the budget disappoints in the area of disinvestment as the disinvestment target is very low. Tax concessions for the salaried class, which has suffered through pandemic, are absent. He said the Government has not given enough thought to the looming spectacle of high inflation which is a real risk for its plans.