Address the current challenges in Fintech, including policy inconsistencies and frequent regulatory changes, to ensure long-term stability
The Union Budget 2024-25 is to be presented on 23rd July, 2024. All Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. will also be available on the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience.
Rohit Arora, Co-Founder & CEO, Biz2Credit and Biz2X, shares very important expectations from the budget: We anticipate a budget that prioritises enhancing digital lending frameworks and creating a stable policy environment, fostering a conducive atmosphere for the growth of the Fintech sector. Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs, promoting a more agile and competitive landscape. It's crucial to address the current challenges in Fintech, including policy inconsistencies and frequent regulatory changes, to ensure long-term stability and growth. We hope to see initiatives that reduce the cost of credit and increase its accessibility for MSMEs, possibly through innovative public-private partnerships. Furthermore, targeted efforts to create jobs in Tier 2 and Tier 3 cities will address employment gaps and stimulate economic development across the country. This is particularly important given the current employment challenges in rural areas and smaller cities. Additionally, promoting Global Capability Centers (GCCs) with incentives for high-end job creation and upskilling will position India as a global leader in technology and innovation. Lastly, we hope the government will continue its push towards enhancing India's digital infrastructure, expanding financial inclusion, and bridging the digital divide. This should be coupled with a balanced approach that protects the right to innovate while implementing necessary regulations to strengthen the ecosystem. By fostering an environment that encourages disruption and innovation, we can drive significant advancements in the Fintech sector and beyond, ultimately contributing to India's economic growth and global competitiveness.
