After the announcement of today Budget, Few startups working in the fintech response on how they see the impact o
“This budget reflects coverage of all segments of the society. It looks populist as expected. However, the three moves, related to middle class salaried people, farmers and unorganized sector workers, looks like well thought and a calculated one. They comprises of approximately 80% of the population. Though the slipping fiscal deficit target could be a bit concern point, overall the budget is good for all sections of the people. I feel that the salaried people are the best beneficiary with 3 facet benefits across tax slab, tax benefit in purchase of second house and increase in untaxed income earned through bank/post deposits.”
– Bhavin Patel, Co-Founder & CEO, LenDenClub.
“The proposal to digitize 1 lakh villages over the course of the next 5 years will benefit the Fintech companies to further drive financial inclusion to the Indian masses. The FM’s announcement to provide full tax rebate to individuals with income up to Rs 5 lakhs will benefit over 3 crore middle class families including the employees of many startups. We look forward to the National Artificial Intelligence Portal because now the innovative Fintech segment can tap into new and emerging technologies and use AI to the betterment of the society.”
– Ajit Kumar, Founder & CEO, RupeeCircle.
“The “Thank you note” to Tax payers, made us feel officially proud for the first time. Focus of Govt on Rural and Startup is clearly visible and this is a long term impact work. We are glad that we are a Startup working towards helping accomplish critical activities which are part of the vision of Govt. Certain modules of Startup growth hack and customer retention have been applied to reward Good Behaviour and we stand validated by the Government for our business models.
Farmer support income through Aadhaar is suggestive of the fact that the construction has begun on the Base (Aadhaar). True grass root level of marginalised beneficiaries have been identified amidst migrants, nomads, small farmers, small tax payers, small businesses and retiring small salary earners. The budget has been well received, benefits are immense and the future is bright. Environment feels like Diwali in February.”
– Anand Kumar Bajaj, Founder & CEO PayNearby.
“It is a progressive budget with a clear push towards socio-economic growth of the country with a focus on agriculture, SMEs, and the working class. The budget touched upon almost every strata of the society. We also welcome the government’s proposals that incentivize MSMEs. The budget proposes bringing down the corporate tax for firms that reported turnover up to Rs 250 crore, from 30% to 25%, thereby reducing the tax burden on MSMEs.
There is visible thrust for digital solution and new age technologies as the budget specifically mentioned the envisaging of a National programme on artificial intelligence and Digital India being an integral part of the long term vision.”