Union Budget 2022-23: Here’s what fintech sector wants govt to focus on
India Today
Experts tracking the sector said measures to boost the fintech sector are in line with the government’s goal to boost financial inclusion and digital payments and banking.
New-age fintech firms have seen tremendous growth in India over the past couple of years despite the Covid-19 pandemic, but there are some challenges that sector wants the government to address in the upcoming Union Budget 2022-23.
Experts tracking the sector said measures to boost the fintech sector are in line with the government’s goal to boost financial inclusion and digital payments and banking.
KEY EXPECTATIONS
S Anand, CEO and co-founder of PaySprint, said, “The Union Budget 2022-23 must strengthen digital infrastructure which would eventually help digitizing banking and thereby the overall economy.”
Another demand arising from the sector is related to maintaining liquidity by keeping interest rates low. Aditya Damani, founder, Credit Fair, said, “We hope it's a fiscally responsible budget since inflation has been rising and that could lead to higher interest rates which would be a headwind for fintechs.”
“Subdued interest rates especially in government bonds and fixed deposits will be needed to spur capex, SMEs and fintech lending. As a creator of Alternative Assets, we hope the Budget 2022 will nudge individuals to diversify their portfolio and enable pension funds to invest in a wider range of fixed income or equity assets that have been created by fintechs,” he added.
Meanwhile, Rohit Gajbhiye, CEO and founder, Financepeer, said he expects the government to introduce more tax reforms that can help fintech firms grow in the country.
