ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Bank holidays in August 2022: Banks to remain closed for 18 days; Check full list
  • Apple iPhone 14 launch: What to expect - price, specifications, release date and more
  • Majority of employees want hybrid work, not work from office - An insight
Read in App
Business News » India News

Budget 2019 expectations: Tax sops for Fintech firms and Startups, roadmap for Digital India 2.0

Budget 2019 expectations: Financial Year 2019 has started on a good note for the Fintech industry as it received support from both the Ministry of Finance and the RBI.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Budget 2019 expectations: Tax sops for Fintech firms and Startups, roadmap for Digital India 2.0
Finance Minister Nirmala Sitharaman. Image: PTI

Budget 2019 expectations: Financial Year 2019 has started on a good note for the Fintech industry as it received support from both the Ministry of Finance and the RBI. Several new product launches, bank and fintech collaborations and huge investments coming into the sector have been seen now. However, as Finance Minister Nirmala Sitharaman prepares to present her first budget of the new government, expectations of the sector have only gone up. 
It is expected that the coming budget will offer further tax sops as well as some special incentives offered to startups, and overall reduction in corporate tax.

Gaurav Chopra, Founder and CEO, IndiaLends, told Zee Business Online, "We hope that this budget would have initiatives aimed at driving digital adoption and expect the new government to push forward new reforms as part of ‘Digital India 2.0’."

Chopra said the government has taken tremendous efforts to promote 'Digital India' but there is scope for growth especially in interiors of the country. "After the Aadhaar verdict, we hope that the government brings more clarity in the e-KYC process. A policy framework and budget allocation, if placed, for the adoption of the Electronic National Automated Clearing House (e-NACH) and DigiLocker technologies can act as a catalyst in further helping the industry and consumers at large."

Rachitta Juneja, CMO Letstrack, said, "We expect that there should be a fast implementation of the procedures to ease startup funding. We also expect a strategic plan to promote AI in various sectors, as this would need close coordination of different ministries with Information Technology ministry and tech startups. Budget 2019 should focus more on Smart cities and Digital India initiative in order to shape the IT infrastructure and increase the adoption of technology. Lastly, we need policies to be implemented for higher use of technology to make systems efficient and transparent."

On cybersecurity, Chopra demanded the government should implement stricter laws and policies and conduct programmes to spread awareness about cyber threats and how to deal with them.

Vinay Bagri, Co-founder and CEO, NiYO, said, "In the first full budget of the new government, we expect a slew of measures from the government to ease the operating environment for fintech startups, particularly in the wake of the NBFC liquidity crisis and the setback to digital on-boarding through eKYC. "We expect the government to push forward new reforms under the umbrella of 'Digital India 2.0', as well as strengthen the measures to achieve financial inclusion. We are hoping for tax relaxations for fintech companies and payments players which can pave the way for the fintech industry to increase investments in product innovation and customer service."

Rajesh Loomba, Managing Director of Eco Rent A Car, expects this budget will put "some focus on tourism as a generator of employment and not be treated as an elitist activity’. 

Loomba further said GST needs to be revised for various sectors especially the hospitality sector where it is currently very high especially for Self Drive Car Rental services. "I hope the government will give its due importance to the Tourism and Passenger transport business and relax the taxation in the coming financial year. There are no incentives on new investment whereas tourism and tourist transportation creates the most employment per rupee of investment."

Gautam Raj Anand, Founder and CEO, Hubhopper, said, "With podcasting industry gearing up for a transformational year with the convergence of media, technology and telecom industries coupled with the government’s vision to further accelerate the Digital India program, most experts also support that the Budget 2019 will only help to streamline this transition more positively." 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Nirmala SitharamanBudget 2019
Written By: ZeeBiz WebTeam
Updated: Mon, Jul 01, 2019
10:41 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
RBI has taken steps to promote rupee as preferred currency for global trade, says FM Nirmala Sitharaman RBI has taken steps to promote rupee as preferred currency for global trade, says FM Nirmala Sitharaman
No new levy on items consumed by poor; states taxed such products in pre-GST era: FM Nirmala Sitharaman No new levy on items consumed by poor; states taxed such products in pre-GST era: FM Nirmala Sitharaman
India is facing no risk of recession: Nirmala Sitharaman in Lok Sabha during price rise debate India is facing no risk of recession: Nirmala Sitharaman in Lok Sabha during price rise debate
Crypto use as asset, substitute for currency a challenge, says Union Minister Crypto use as asset, substitute for currency a challenge, says Union Minister
Social Stock Exchange: What it is? How it works? Big questions answered about new financing paradigm Social Stock Exchange: What it is? How it works? Big questions answered about new financing paradigm

LATEST NEWS

Domestic investors pip FPIs to hold all-time high in June 2022 quarter

Tata Motors to buy Ford India's Sanand factory for Rs 726 crore

Stock Market Holidays 2022: Equity markets to remain shut on 3 days in August; commodity exchanges at these times – details here

Air India plans to bring back 10 wide-body aircraft into its fleet

Google foldable smartphone Pixel Fold likely to feature ultra-micro-hole camera set

Samsung Galaxy Z Fold 4, Z Flip 4 launch this week - Expected price, specs, Unpacked event date and timings

Apple iPhone 14 launch date leaked? From price to specifications - All you need to know

PNB Housing plans to re-enter corporate loans after two years hiatus

Has inflation impacted premium spirits segment in India? Know what Brown-Forman thinks

Torrent Power Quarterly Results: Check Q1FY23 net profit

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV