Thursday, January 25, 2024

Introduce Additional Measures That Can Aid Credit Growth, Financial Inclusion And Digital Enablement Of Financial Services

Pre-budget expectations from Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe

“As India sets sight on becoming a US$ 5 trillion economy by 2025, the upcoming Interim Budget offers a timely opportunity to formulate policies that further unlock the potential of fintechs in enabling financial inclusion and powering their growth. I am hopeful that the government will announce measures to increase capital availability for fintechs operating in underserved domains like rural credit, digital payments, and digital lending. Regulations around digital banking, data governance and emerging technologies have fueled the building of sustainable fintech businesses over the last year or so, and I am hoping that the budget will introduce additional measures that can aid credit growth, financial inclusion and digital enablement of financial services. 

It would also be good to see tax benefits and favourable initiatives for research, product innovation and skill development being introduced, so as to encourage indigenization that can help India emerge as the global innovation hub.  Additionally, in order to nurture the blooming startup ecosystem, the Government should further broaden the eligibility criteria and look at providing tax reliefs to employees in start-ups around Employee Stock Ownership (ESOPs). I am optimistic that this budget will set the stage for enhanced collaboration between fintech innovators and policy makers to nurture an ecosystem that can equitably power India's digital economic aspirations.”

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