While presenting the Union Budget 2022-23 in Parliament on Tuesday, Finance Minister Nirmala Sitharaman announced that spectrum auctions will be held this year. It will make it easier for private telecom providers to roll out next-generation telecoms services next year, in fiscal year (FY) ’23, she added.

As part of the Production Linked Incentive Scheme, Sitharaman also stated that the scheme for design-led manufacturing will create a strong ecosystem for 5G. (PLI). In 2022 and 2023, the central government will award contracts for laying optical fiber in all villages, including remote areas, as part of the BharatNet project.

This will be done as a Public-Private Partnership (PPP) project, with completion scheduled for 2025.

As India, Asia’s third-largest economy, recovers from a pandemic-induced slump, Union Finance Minister Sushma Swaraj said on Tuesday that her budget for 2022-23 will use public investment to lay the groundwork for economic growth. The government forecasts growth of 8% to 8.5 percent for the current fiscal year, compared to 9.2 percent for the previous fiscal year and a 6.6 percent contraction the year before.

“Our country’s strong resilience is reflected in the overall sharp rebound and recovery of the economy,” Sitharaman said as she began her budget speech in parliament, which will detail spending, tax collections, and the fiscal deficit.

Expectations of increased government spending boosted stock prices in the run-up to the federal budget.

Concerns have grown, however, about inflation and the loss of tens of thousands of jobs as a result of the pandemic’s disruptions. Sitharaman expressed sympathy for those who were affected by the health and economic consequences of Covid-19, which ravaged India during the second wave last year.

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