Budget 2024: The FinTech industry expects to see more initiatives that spur rural financial services adoption and expansion and permission for new fintech led business models to operate.
Budget 2024: Ahead of the Budget 2024 presentation by Finance Minister Nirmala Sitharaman, the FinTech industry expects the Central government to implement special measures on financial innovation, simplifying tax and compliance standards. Other experts expected that the budget should propel innovation and inclusion in the rapidly evolving FinTech and gold-tech landscape.
Speaking to India.com, Roshan Shah, Co-founder & CEO of VoloFin, said the fintech industry is the backbone of India’s economic growth and resilience. “We expect the Interim Budget 2024 to recognize the potential and challenges of FinTech and provide an ecosystem to support and enable it to operate,” he said.
He expects that the Centre will facilitate the adoption of trade financing, simplify tax and compliance standards, and promote financial digitization and innovation.
Anuj Arora, Co-founder & COO, SahiBandhu Gold Loans, said, “We anticipate the Interim Budget 2024 to align with the government’s mission of uplifting the underprivileged and urge the government to introduce beneficiary schemes, especially as the Lok Sabha Elections 2024 is approaching, focusing on the socio-economic empowerment of the marginalized.
“Acknowledging the FinTech and tech-based gold loan industry’s pivotal role in reshaping financial services, we hope for policies supporting our growth, particularly in Tier 2, 3, and 4 cities, aiming to integrate rural communities into the formal banking system,” he said.
He added that incentivizing FinTech dedicated to empowering SMEs through financial and technical interventions would mark a significant stride.
Sarvjeet Virk, Co-founder & MD, Finvasia, said the Fintech industry anticipates a continued focus on advancing India’s digital public infrastructure, a key pillar for realizing the $5 trillion economy dream.
“I look forward to enhanced government initiatives fostering financial inclusion benefiting Bharat, not just India. On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnership to boost end-use-cases of generative and predictive AI and increase its adoption in India,” he said.
Amit Nigam, Executive Director and COO, Bankit, said it is a crucial opportunity for the government to propel the Indian Fintech industry to greater heights.
“While our sector has thrived, challenges such as talent shortages, regulatory complexities, and data privacy concerns persist. To address these, we urge the government to establish a dedicated Fintech skilling program, simplify KYC/AML norms, and create a robust framework for data governance. These targeted interventions will not only nurture a thriving Fintech ecosystem but also drive responsible and inclusive financial innovations benefiting all strata of society,” he said.
Neha Juneja, CEO, IndiaP2P.com, said the Indian fintech companies see great potential in expanding into rural and semi-urban consumers and this seeks policies that could enhance financial inclusion.
“We expect to see more initiatives that spur rural financial services adoption and expansion and permission for new fintech led business models to operate. Additionally, the sector is optimistic about the potential simplification of regulatory frameworks,” she said.
Nikunj Agarwal, Head – Debt and Lending Alliances (Propelld), “We don’t expect major shakeups in the upcoming Interim Budget-24. We do, however, hope for measures to support liquidity-ease for new age financial players, particularly NBFCs. Financial support is crucial for further sustained and inclusive growth of NBFCs, which will in turn benefit students struggling to access financial services in remote parts of India.”
Experts said the FinTech sector is optimistic about the potential simplification of regulatory frameworks,” she said.