A Box of Gifts, Digital ‘Bahi-Khata’ and You

(Picture courtsey: Reference 3).

Doston* Tervetuloa**!

How do you relate to the song ‘Joulupukki matkaan jo käy!’ (Santa Claus is coming to town!)?[1] Christmas, man wearing red, rides on a sledge, the snow, reindeers… and of course, the box of gifts… representation of, ‘what is in it there for me?’.

Isn’t a gift and the above question source of excitement? First, the gift-receiver is not aware of what is the gift. Thus, a certain surprise factor is attached to it. Second, the gift-giver holds the strings of the purse. Therefore, also the decision-making power of what to and what not to gift. Third, a specific time factor substantially hikes the excitement quotient.

However, things take an interesting turn once the gift-receiver is in receipt of the gift. It opens numerous possibilities and probabilities. The gift might surpass expectations, one might like it, dislike it, one might work with or around it. Change of hands passes the decision-making power to the gift-receiver. What to and what not to do with it now lies with You! 😊

Recently, such ‘box of gift’ situation occurred in the India. The country was buzz with excitement. Eyes were glued to the media awaiting the purse and its strings holder. The question ‘what is in there for me?’ was in the air. The strings were with the Indian Minister of Finance, Ms. Nirmala Sitharaman. It was 1st February, the day of the annual budget. The minister arrived at the Parliament and displayed her digital bahi-khata to the media.[2] Then, proceeded in the parliament house to deliver the annual budget for 2022-23. [3]

Before proceeding to few highlights of the budget. Here is a brief explanation of bahi-khata and its symbolic interpretation. It is a term, in Hindi (and other Indian languages) for ‘book keeping’. Bahi means notebook while khata is accounts. Traditional bahi-khata is collection of account papers or ledger notebooks wrapped in a red cloth and string. (As seen in the picture in this blog). In the Indian context, red symbolizes prosperity and auspiciousness. Minister Sitharaman carries a digital bahi-khata, a tablet in a red colour pouch.[4] Thus, symbolizing prosperity, auspiciousness through the fusion of traditions with the digital era.

Now to few highlights of the budget.

  • Encourages private, foreign investment, and entrepreneurship.[5]
  • Eases of doing business in India with least intervention.[6]
  • Increases skilled workforce.[7]
  • Reduces corporate tax.[8]
  • Boosts entrepreneurship.[9]
  • Increases infrastructure.[10]
  • Promotes India’s own digital currency, the digital rupee on blockchain technology.[11]

If you want to understand the dynamics of the digital bahi-khata, explore ‘what is in there for you’ or realize its possibilities or potentialities… contact us. Team SAARV will be happy to help!

Cheers,

Anuradha

 

Twitter: https://twitter.com/Anu_intialainen/status/1489560023386796032

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*Doston = Friends in multiple Indian languages

**Tervetuloa = Welcome in Finnish.

[1] Mikko Tapio, ’Jouluupukki matkaan jo käy’,1.2.22. https://www.youtube.com/watch?v=vpLJ1a07bys

[2] The Economic Times News, ’Union Budget: FM Nirmala Sitharaman with the ‘Bahi-Khata at North Block’, 1.2.22. https://economictimes.indiatimes.com/news/economy/policy/union-budget-fm-nirmala-sitharaman-with-the-bahi-khata-at-north-block/videoshow/89263527.cms

[3] As above 3.

[4] NDTV, ’Briefcase to Bahi-khata to tablet: A journey of budget representation’, 18.1.22. https://www.ndtv.com/business/union-budget-2022-briefcase-to-bahi-khata-to-tablet-a-look-at-the-journey-of-budget-presentation-2712127

[5] The Deccan Herald, ‘Union Budget 2022-23 reactions highlights’, 2.2.22. https://www.deccanherald.com/business/union-budget/budget-reactions-sitharaman-infra-healthcare-covid-cess-customs-duty-gold-income-tax-defence-markets-1076776.html#1

[6] The Indian Express, ‘Budget 2022: Full Text of Nirmala Sitharaman’s speech’, 1.2.22. https://indianexpress.com/article/business/budget/budget-2022-full-text-of-nirmala-sitharamans-speech-7751059/

[7] As above 6.

[8] As above 7.

[9] As above 7.

[10] As above 7.

[11] NDTV, ’Digital Rupee from RBI coming up, name to be announced soon’, 1.2.22. https://www.ndtv.com/business/budget-2022-digital-rupee-using-blockchain-other-tech-to-be-introduced-by-central-bank-in-2022-23-2741602

 

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