This budget should lay the groundwork for a more inclusive, resilient, and dynamic financial ecosystem for MSMEs
FinTech BizNews Service
Mumbai, July 13, 2024: Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024. Budget expectations for NBFC Sector are shared by Karthik Srinivasan, Chief Business Officer, at HDB Financial Services, an HDFC Bank subsidiary with an AUM of over Rs90,000 crores:
"There is an increasing demand for financial products in rural markets, fuelled by the penetration of the internet and an entrepreneurial mindset. Government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), Mudra Yojana, and Stand-Up India have created a backbone for NBFCs in these markets. In this digital-first world, technology has played a key role in driving the growth of NBFCs. By bolstering technological capabilities, NBFCs are uniquely positioned to serve the unbanked and underserved segments of our population.
As we advance towards the ambitious USD 5 Trillion economy milestone, we look forward to continued support for policies that enhance digital infrastructure, particularly in the banking and fintech sectors, to strengthen the economy. Over the years, the borrowing prospects of MSMEs have improved, and this budget should lay the groundwork for a more inclusive, resilient, and dynamic financial ecosystem for MSMEs. Implementation of these measures will not only benefit the NBFC sector but also contribute significantly to the rural economy and the financial well-being of BHARAT”.
