New Year is near! Have a look at all the Government schemes of 2022

The year 2022 had been a great year jam-packed with multiple schemes passed by the Centre to enhance the lives of the citizens of the country. The Agnipath scheme, the trade settlement in rupees,  and the digital rupee are some of the drastic changes taken up by the Government of India in view of a better tomorrow.

All these plans have gained both appreciation and frown, but they indeed were drastic and brave decisions taken by the government.

For instance, if we go on and talk about the concept of the rupee settlement system. Many would argue that it is not a beneficial idea for ordinary citizens. However, people who support the idea would argue that it will deduct the pressure on India’s forex reserves, while also aiding them to deal with a downfall in the rupee with regard to the US dollar/

Here are some of the most drastic schemes of the year:

• Agnipath Scheme
• NPS Rules Changes
• Digital Rupee
• The Education Sector
• Rupee Settlement System

Let’s talk about each of these, one by one:

Agnipath Scheme:

The Agnipath scheme aims to recruit soldiers across the three branches of the armed forces. Introduced by the Centre in June 2022, the scheme aims to recruit around 45,000- 50,000 soldiers on an annual basis. 

The recruited soldiers will be provided with intense training for a duration of 4 years. However, after the training, only 25 percent of the soldiers will be commissioned for permanent service. The rest of the soldiers will have to exit the Agnipath program with an Rs. 11.71 lakh lump sum. The objective here is to reduce the pension burden on the defense budget, thereby creating a leaner force.

Change in the NPS Rule:

This year, along with many other changes in the already existing Government schemes, the National Pension System too saw a myriad of changes. For instance, the NPS Tier-II subscribers are no longer allowed to make use of credit card payment facilities for their payments.

Moreover, the Pension Fund Regulatory and Development Authority (PFRDA) also made a declaration saying that the processing time for the withdrawal of funds has been deducted to half. Additionally, the norms related to the submission of a separate form to make use of NPS funds in order to purchase annuity plans have also been greatly relaxed.

Digital Rupee:

The present era is the best era for technology to show its great manifestations. The Reserve Bank of India declared the Central Bank Digital Currency (CBDC) or the digital rupee as a pilot project. The project was launched this year for the wholesale sector in the month of November and for the retail sector in the month of December. 

The central bank issued the legal tender e₹-R or the digital rupee in digital form. The CBDC will be issued in the very same denominations as coins and paper currencies. These will be distributed by banks. 

Initially, the project caters to Bengaluru, Bhubaneswar, Mumbai, and New Delhi. The banks involved in the first phase of the project are State Bank of India, ICICI Bank, IDFC Bank, and Yes Bank.

The Education Sector:

In order to enhance the education sector of the country, a myriad of measures from One Class One TV channel to Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal), were announced in the Budget 2022. The government also put forward the idea of a Digital University. This will be designed on a networked hub-spoke model. The unique university will inculcate quality education to the students in multiple Indian languages, along with various Information and Communications Technology (ICT) formats.

Rupee Settlement System:

The Reserve Bank of India put forward a rupee settlement system for the purpose of fostering international trade with a focus on exports from the country. As per the press release by the Reserve Bank of India in the month of July, the step will see traders making use of Indian rupees instead of dollars and other currencies for international transactions. As per a report, Luxembourg, Cuba, Sudan, and Tajikistan are in touch with India to use the mechanism. Russia has already started to make use of this idea. The step will deduct the burden of tradition in the US dollars, and thereby boost international trade prospects.