Announcements for Aadhaar-Pay, BharatNet and other Digital India Initiatives in Union Budget 2017

The Union budget 2017-2018 put the focus firmly on the idea of Digital India with the government announcing more steps for increasing digital payments in the country, along with a boost to the optical fibre network in rural areas to improve internet connectivity and access. Here’s a look at the top Digital India-related announcements from the Budget 2017-2018.

Aadhaar Pay

Aadhaar Pay, which is a merchant version of Aadhaar Enabled Payment System (AEPS), will be launched shortly. According to the Finance Minister, “This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones.” The government has set a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards.

Additionally the government has set banks a target to introduce additional 10 lakh new PoS terminals by March 2017. Banks will also be encouraged to introduce 20 lakh Aadhaar-based PoS by September 2017, according to the announcement.

The Finance Minister also said the government believes that increased digital transactions will make it easier for small and micro enterprises in getting access to formal credit. “The digital payment infrastructure and grievance handling mechanisms shall be strengthened,” added Jaitley.

BharatNet

High-speed broadband on optical fibre will be available in over 1.5 lakh gram panchayats with hotspots and access to digital services at low tariffs, Finance Minister Arun Jaitley said today. A ‘Digi Gaon’ initiative will also be launched to provide telemedicine, education and skills through digital technology, Jaitley said in his Budget speech.
“Under the Bharat Net, optical fibre has been laid in 1,55,000 kms. I have stepped up allocation for Bharat Net project to Rs 10,000 crore in 2017-18 and by the end of 2017-18, high speed broadband on optical fibre will be available in more than 1.5 lakh gram panchayats with hotspots and access to digital services at low tariff,” Jaitley said.

Manufacturing in India

The finance minister said the government is creating an “ecosystem to make India a global hub for electronics manufacturing.”

“Over 250 investment proposals for electronics manufacturing have been received in the last 2 years, totalling an investment of Rs 1.26 lakh crores. A number of global leaders and mobile manufacturers have set up production facilities in India,” said Jaitley.

“I have therefore exponentially increased the allocation for incentive schemes like M-SIPS and
EDF to Rs 745 crores in 2017-18. This is an all-time high,” he added.

BHIM app

The BHIM app is being used by over 125 lakh (1.25 crore people), announced Arun Jaitley The government will launch two new schemes to promote the usage of BHIM: Referral Bonus Scheme for individuals and a Cashback Scheme for merchants.

Sharing is caring!