3, Feb 2023
Post Budget Reaction !uote- BharatPe and Moglix
Nalin Negi- CFO and Interim CEO, BharatPe
“We warmly embrace the Union budget 2023. Fintechs have come a long way over the last few years, and the Government’s initiatives to drive financial inclusion and enable digital payments have been one of the key drivers of the growth journey of this sector. Fintech services in India have been facilitated by India’s digital public infrastructure including Aadhaar, PM Jandhan Yojna, video KYC, India Stack and UPI, and digital payments have grown by 76% in transactions in 2022. In this budget, FM Nirmala Sitharaman has reimagined the government’s Digilocker services for the fintech sector. This will further aid the growth of the sector, along with the Government’s continued support to drive digital payments. Also, the government’s plans for encouraging countries looking for digital continuity solutions to set up data embassies at the GIFT City will further help position India as a global leader in the fintech industry.
Technological advancements can give us the edge as we strive to become a US$ 5 trillion economy. The announcement of setting up of Centres of Excellence for AI will fuel the focus on technology and innovation. Also, the National Data Governance Policy that will bring in innovation and research by startups and academia will enable access to anonymized data.”
Rahul Garg, Founder & CEO, Moglix & Credlix
“It’s encouraging to see that despite the global recessionary waves, India’s economy is growing. The Union budget 2023–24 builds upon the foundation established by the previous budget, with a vision of a prosperous, inclusive India where the fruits of growth reach all sections. Overall, this budget continued focusing on promoting exports, boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, streamlining the supply chain, and providing economic support to MSMEs across the country. Lowered tax rate of 15% for new companies starting manufacturing activities by March 31, 2024, will act as a catalyst, driving the public-private partnership investment in infrastructure, including railways and roads. The thrust on manufacturing & infrastructure will enable the country to achieve the target of achieving a manufacturing potential to export goods worth $1 trillion by 2030. National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduce reliance on fossil fuel imports, thus contributing to green growth. According to our commitments at COP26 and COP27 on climate action, the Union Budget signaled the beginning of the decarbonization of India’s inbound supply chain. The National Data Governance Policy will unleash innovation and research by start-ups and academia, enabling access to anonymous data. The Unified Skill India Digital Platform would facilitate demand-based formal skilling, employer linkage (including MSMEs). Revamped credit guarantee scheme for MSMEs to infuse Rs. 9000 crore into the corpus. The budget has brought about entrepreneur-friendly measures on the policy and legal fronts to drive operational excellence across sectors. Access to entrepreneurial initiatives to further bolster the economic and human resource foundation of the country will drive start-up ecosystem in the country.”