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.
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.