Union Budget 2017: India digitally transacting

Finance Minister Arun Jaitley announced a tech union budget today in which he emphasized on digital transactions giving a big drive to Digital India initiative. Soon government will be launching an AadharPay, a merchant version of Aadhaar-enabled payment system for those without debit cards, mobile phones.

Focus is on transform, Energise and clean India

“We are aware we need to do more for our people, our agenda is to transform, energise and clean India, that is ‘tec India'," said Jaitley.

FM @arunjaitley: Our agenda for the next year is ‘Transform, Energize, and Clean India’. #Budget2017. pic.twitter.com/Lj0uzgAWPX

— CNBC-TV18 (@CNBCTV18News) February 1, 2017

Courtesy: Twitter

Jaitely also praised government new BHIM app. "BHIM app has been adopted by more than 125 lakh people". Jaitley also said that the government will launch two new schemes to promote the use of the BHIM app. One will be referral payments for individuals, and the other will cashback for merchants who accept payments from BHIM.

Also Read: Union Budget 2017: Reactions from IT sector

• Cash Back schemes for merchants and referral schemes for consumers to be launched on the BHIM app.
• Aadhar Pay facility will be launched soon for those with no access to credit/debit card, mobile phones and computers.
• Banks advised to setup 20 lakh Aadhaar based PoS (Point of Sale) terminals by September 2017.
• Committee on digital payments has recommended structural reforms in the payments ecosystem and the government will review these to bring about amendments.
• FM has proposed setting up of a Payment Regulatory Board within the RBI.
• Online travel booking facility for defense personnel to be set up.
• Web-based pension distribution system for defence to be established, says FM.
• Government to take steps to promote digital payments at petrol pumps & hospitals, says FM.
• FM sets target of 2,500 crore digital transactions across platforms like BHIM and UPL Startups
• Profit linked-deductions for start-ups reduced to 3 years out of 7 years.

Other announcements for rising digital economy are:

Telecom Sector

• Under the Bharat Net Project, 1.56 lakh kilometers of OFC (Optical Fiber) has been laid.
• In 2017-18, high speed broadband connectivity will be available in more than 1 lakh villages.
• FM announces DigiGaon initiative to digitise villages

Electronics Manufacturing

• 250 electronics manufacturing investment proposals received in last 2 years, worth 1. 26 Lk Cr in investment - FM
• New FDI policy under consideration, says FM
• FM has proposed increase in incentives for manufacturing in India worth 745 crores in 2017-18

Cyber Security

• FM proposed to form a Computer Emergency Response Team to aid the financial sector. The team will work closely with financial regulators
• Solar Energy
• Government to take up second phase of solar power development for additional 20,000 MW, says FM.

Also Read: Bharat Net project to be stepped up to Rs 10,000 crore in 2017-18: Arun Jaitley