To boost the Indian economy, the Reserved Bank of India (RBI) will be issuing a digital rupee using blockchain and other technologies in the Financial Year 2022-23, Finance Minister Nirmala Sitharaman told the Parliament on Tuesday.
“Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy,” she said.
Earlier, the Union Cabinet approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament.
Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.
Amid the ongoing coronavirus pandemic, replacing her signature ‘bahi khata’, she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it.
Meanwhile with an objective to reduce dependence on imports of defence equipment, India will earmark 68 per cent of its capital procurement budget of the defence sector for the domestic industry, Finance Minister Nirmala Sitharaman said on Tuesday.
Presenting the Union Budget 2022-23 in the Lok Sabha the Finance Minister said 68 per cent of the capital procurement budget for Defence will be earmarked for domestic industry to promote Aatmanirbhar Bharat and reduce dependence on imports of defence equipment. This is up from 58 per cent last fiscal.
Sitharaman announced that defence research and development (R&D) will be opened for industry, start-ups and academia.
Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with Defence Research and Development Organisation (DRDO) and other organizations through the special purpose vehicle (SPV) model, the Finance Minister said.