Union Budget 2022: Digital University Announced to Provide World-Class Universal Education Across Country

At the Union Budget 2022, Minister of Finance Nirmala Sitharaman announced the establishment of a Digital University. It will provide access to world-class universal education with personalised learning experience at students' doorsteps across the country. This will be made available in different Indian languages and ICT formats.

"A Digital University will be established to provide access to students across the country for world-class quality universal education with personalised learning experience at their doorsteps. This will be made available in different Indian languages and ICT formats. The University will be built on a networked hub-spoke model, with the hub building cutting edge ICT expertise. The best public universities and institutions in the country will collaborate as a network of hub-spokes," Sitharaman said.

Among other announcements made during the Union Budget session, a cryptocurrency tax of 30 percent was also introduced. "There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions are made it imperative to provide for a specified tax regime accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent," said Sitharaman.

"No deduction in respect of any expenditure or elements shall be allowed while computing such income except the cost of acquisition for loss from the transfer of virtual digital assets cannot be set off against any other income," she added.

Sitharaman announced that India will get its Central Bank Digital Currency (CBDC) this year, which will be regulated by the Reserve Bank of India (RBI).

Sitharaman also said that e-passports with embedded chip and futuristic technology will be rolled out in 2022-23 to help citizens in their overseas travel.

Additionally, a Drone Shakti initiative was also announced. It will help commercialise the use of drones in different industries and will be promoted with the help of startups.