Budget 2019 expectations: This is what Fintech industry wants from FM Nirmala Sitharaman
Even fintech industry, which has changed the way a traditional banking business is done, has a few expectations.
While the 17th Lok Sabha or monsoon session of Parliament is on, the most awaited part of it would be the final presentation of Union Budget for the fiscal year FY20 on July 5. Pre-budget consultations have been already taking place. The final budget will be announced by Finance Minister Nirmala Sitharaman. Meanwhile, industries, investors, experts, common man, foreign investors and markets all have been voicing various expectations which are likely to take place this Budget. Even fintech industry, which has changed the way a traditional banking business is done, has a few expectations.
Here’s what fintech industry expects from FM Sitharaman.
Aditya Kumar Founder & CEO Qbera
The expectations from the budget are fairly straightforward in terms of allowing Fintech companies to encounter lesser regulatory roadblocks and offering additional tax sops. The recent Sandbox policy announced by the Reserve Bank of India spells out guidelines for Fintech companies to test new technologies that could potentially be disruptive, in the confines of protected data sets.
The environment is certain to help these companies fix inconsistencies in their tech frameworks, helping them to plug gaps that could potentially be damaging when dealing with bigger data sets, the likes of which include data and information of thousands of potential and existing customers.
Creating an atmosphere where Fintech lenders can raise funds more easily and conveniently is also an important step in ensuring that the growth of these companies isn't stifled, particularly noting that these companies are robustly driving credit penetration in India and many of them require access to funding channels to display pronounced organizational growth.
Sanjay Aggarwal, Co-founder, Money View
Fintechs can play a key role in shaping the future of Indian economy if the Govt can provide the right environment - in terms of availability of capital and favourable policies, for fintech to experiment and succeed. We expect this budget to push the Digital India and financial inclusion initiatives forward and help in increasing the availability of capital at lower costs while reducing the regulatory supervision for the fintech companies to help them grow faster.
Ankur Choudhary - Co-Founder and CIO, Goalwise
While the corporate tax rate was lowered for MSMEs last year, we are now expecting the same for businesses of all sizes.