Shankar Nath, Co-Founder, Junio
I firmly believe that the introduction of the digital rupee is a very progressive step and, this will ultimately drive growth in the digital economy. This will help to promote a cheaper currency management system, and faster lending and payments. Moreover, it is a clear indicator of a cashless economy that gives impetus to the government’s focus on cashless payments. I am confident that Gen Z will take to the digital currency and tools in a massive way once it is launched.
Apart from the above, schemes that favor children, tax incentives & support to startups, and an increased focus on digitization, make this Budget quite inclusive for millennials.
Winny Patro – CEO & Co-founder, Recordent on the MSME Sector.
Major boost for SMEs is the introduction of E-bill system for transparency and faster payments to Vendors to deal with late payments from Govt. departments. The extention of ECGLS scheme can be of some help to MSMEs. The Union Budget 2022-23 emphasized job creation through the growth of SME sector that directly contributes a large percentage to the Indian economy. One can say that the year’s budget has some considerable relief to MSMEs, especially in supporting Atmanirbhar. Budget is also encouraging to Agricultural farmers to invest and produce more. Overall, small entrepreneurs, startups and innovation are given importance. The announcement for India’s digital currency has been pending for sometime and finally announced today, but like a double edged sword with 30% tax on digital assets. This announcement is a boost for startups and for adoption of NFTs in India – Mr. Winny Patro, CEO & Co-Founder, Recordent.
Rajeev Agarwal – CEO & Founder, Innoviti Payment Solutions
“The Union Budget 2022 echoes that this year will be an exciting one for the Indian FinTech industry with the government continuing to play a supporting role.
With India @ 100 in mind, this budget gives the much-needed thrust on financial inclusion by expanding the access of digital banking, digital payments, and FinTech into the remote areas of the country. Initiatives such as bringing all post office banks under the core banking umbrella while setting up 75 digital banking units in 75 districts of the country are a welcome move that will take India forward.
Digital Rupee will further decrease friction in the movement of money, reducing the cost of money and in the long-term contribute to fuelling economic growth
The budget gives a boost to the overall fintech ecosystem, especially to the start-ups in FinTech sector who are working towards making digital payments safer and more frictionless than before,” said Mr. Rajeev Agrawal, CEO, Innoviti Payment Solutions.
Mitesh L Thakker, Founder & CEO, MissCallPay
This 2022 Budget is a real booster budget, As it is focused on vulnerable sections to increase adoption of technology and digital payments in Bharat.
Firstly due to the announcement of 75 Digital Banking Units (DBUs) in 75 districts.. a unique initiative and digitization of 1.5 Lakh post offices to provide core banking to the nook and corner of Bharat. Secondly, there is mention of a focus to promote the use of payment platforms that are “economical and user friendly.”
It seems government has heard my prayers to bring some reforms for feature phone and voice based payments as there are 97.3 Crore mobile subscribers who still not on UPI, while top UPI apps like GooglePay, PhonePe, PayTM, AmazonPay, Govt’s own BHIM as well as app of other 55 Banks have only been able to enroll 20 Crore users on UPI and most of these users are from the Lower Middle-Income segment non-tech savvy, from villages and elderly who struggle to make cost-free zero MDR money transfers, while we zip through addictive UPI based apps.. that ease of UPI has led to big increase in UPI Payments, but UPI user-base has kind of hit the glass ceiling at 20 Crore / 200 Million.
This renewed focus in Budget to the marginal sections, will get channeled in the right direction and rapidly increase the users on UPI and thus bolster the growth of our economy in the coming year, Real Aacche Din for Bharat seems to have arrived at the door.
Aditya Agarwal, Founder, Wealthy
“The unveiling of Budget 2022 for the fiscal year 2022-23 today has brought significant reforms for financial inclusion, with fin-tech being one of the primary focus segments this fiscal year. The establishment of GIFT-IFSC as a financial hub, and the financial charter will have a revolutionary impact on the financial system. The government has finally recognised digital currencies by introducing Digital Rupee with blockchain under the Reserve Bank of India, as well as other virtual asset properties. This is expected to broaden the range of financial avenues available and help investors construct a more robust investment portfolio. “
Lalit Mehta, Co-founder & CEO, Decimal Technologies
“The focus on fintech and technology enabled development right at the outset of the budget speech set an encouraging tone for the industry and the overarching vision of an all-inclusive digital economy.
Starting with the paperless budget, the common thread throughout the Finance Minister’s speech was the focus on promoting digital and technological innovations across sectors, which will spell accelerated growth for technology led development, energy transition and climate action, while ensuring an inclusive welfare society. It is heartening to see a sustained push towards making the benefits of digital banking reach every corner of our country with an initiative that marks the 75th year of independence by establishing 75 digital banking units across 75 districts. Core banking across hundred percent of the 1.5 lakh post offices by 2022, financial support for digital payments ecosystem, and a 6,000 crore rupees programme to rate MSMEs to be rolled out over 5 years, are some much needed steps in this direction.”
