In 2022, the Centre announced several schemes that could benefit the lives of its citizens. From trade settlement in rupees to the Agnipath scheme to modernise the Indian armed forces, the government decided to implement some decisions which could have a big impact on the lives of its citizens. While at first glance, the idea of a rupee settlement system might not seem as beneficial for ordinary citizens, it will reduce the pressure on the country’s forex reserves and also help them deal with a decline in the rupee vis-a-vis the US dollar. Similarly, the changes introduced by the National Pension System will benefit millions of subscribers. Let’s take a look at some major schemes introduced by the government in 2022:
Agnipath Scheme: To recruit soldiers across the three branches of the armed forces, the Centre unveiled the Agnipath Scheme in June this year. Under the scheme, about 45,000 -50,000 soldiers will be recruited annually. The soldiers will be trained for a period of four years, after which only 25 percent of them will be commissioned for permanent service. The rest will exit the Agnipath programme with a lump sum of Rs 11.71 lakh. This will reduce the pension burden on the defence budget and create a leaner force.
Digital Rupee: The Reserve Bank of India announced the pilot project for the central bank digital currency (CBDC) or digital rupee this year. The pilot was launched for the wholesale sector in November and for the retail sector in December. The digital rupee or e₹-R is the legal tender issued by the central bank in digital form. The CBDC will be issued in the same denominations as paper currency and coins, and will be distributed by banks. The project initially covers Mumbai, Bengaluru, New Delhi and Bhubaneswar. State Bank of India, IDFC Bank, ICICI Bank and Yes Bank are involved in the first phase of the pilot, with four more lenders joining in later.
NPS rules changes: The National Pension System introduced a number of changes this year. NPS Tier-II subscribers are no longer allowed to use credit card payment facility for payment. The Pension Fund Regulatory and Development Authority (PFRDA) also declared that the processing time for withdrawal of funds has been halved. Furthermore the norms regarding submission of a separate form to use NPS funds to buy annuity plans have also been relaxed.
Rupee settlement system: The RBI unveiled a rupee settlement system for facilitating international trade with emphasis on exports from India. According to a press release by the RBI in July, the move will see traders using Indian rupees instead of dollars and other big currencies for international transactions. According to a Reuters report, Tajikistan, Luxembourg, Cuba and Sudan are in talks with India to use the mechanism. Russia has already started using it. The move will reduce the burden of trading in US dollars and boost prospects for international trade.
Changes in education sector: To impart world class quality education to the students in the county, the Budget 2022 announced a slew of measures from Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) to expanding the One class One TV channel programme to 200 television channels. The government also announced a Digital University, which will be built on a networked hub-spoke model. The university will impart quality education to students in different Indian languages and Information and Communications Technology (ICT) formats.
