Budget 2022: Impact on Biometric & Security Industries
The Union Budget 2022 paves the way for next stage of growth-oriented development focusing on a number of sectors, aimed at enhancing growth. This article examines what possibilities the budget holds for Biometric and Security Industries amid the ongoing pandemic.
Multimodal Movement
As India sets towards international
competitiveness, emphasis on Multimodal Transportation including implementation
of an extensive highway network and metro systems can facilitate efficient
movement of goods and seamless travel of passengers. The National Highway
development project is set up to extent to 25,000 km in 2022-23 with an
estimated cost of Rs 20,000 crore.
From a strategic perspective,
highway network of such magnitude is a positive indicator for Security
Industry, notably in Vehicle Management segment including Boom Barrier Gates,
UHF Readers as well as other Vehicle Monitoring Systems.
With respect to Metro Stations,
Pedestrian Entrance Control systems are going to play a vital role in optimizing
and managing the flow of people while Baggage Inspection, Metal Detection and Video
Surveillance Solutions assist security personnel to identify and prevent
potential threat incidents from occurring thereby ensuring safety and security
of surrounding premises.
Boost to Entrepreneurship
Entrepreneurship in MSMEs is
gaining momentum with Rs. 6,000 crore programmes to be rolled out over the next
5 years. In addition, PE/VC invested Rs 5.5 lakh crore in start-ups, indicating
a positive demand for extensive enterprise solutions as well
cloud-infrastructure requirements for launch of functional businesses.
ECLGS scheme extended till March
2023 and around 60 lakh jobs are projected for the next 5 years. Furthermore,
various efforts put forward by the central, state governments leading to jobs,
entrepreneurial opportunities emphasise the importance of human resource
management and workplace security monitoring.
Smart Cities & Mega Structure
Projects
An expert committee for urban
developers and economic professionals to be established for recommendations on
urban capacity building, planning execution, and governance. Modern building
by-laws will be introduced. In addition, a high-level panel to be set up for
urban planning, public transport in urban areas, etc., signalling the need for Smart
Security Systems.
These initiatives can be the
catalyst for further boosting up of Biometric and Security Industries towards
delivering Intelligent Solutions that safeguard people and enhance protection.
As a leading manufacturer and
wide range of Biometric Products and Electronic Security Solutions provider in
India, we welcome the Union Budget and we also support the government's
significant push to the manufacturing sector towards ‘Make in India’ mission.
Overall, the Union Budget reflects
optimism for a strong foundation in the direction of a long-term growth and
progressive measures required for the new normal as well as swift economic
restoration.