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Quotes on Budget expectations from FinTech companies

Ms. Shruti Aggarwal, Co-founder, Stashfin 

"Government's digital push has opened the doors for financial inclusion and the fintech revolution. I'd like for the budget to have a dedicated focus on driving the fintech ecosystem in the country. Fintech industry has the ability to help propel the Indian economy to the place it rightly deserves. Just as PSL (priority sector lending) helped priority sectors of the economy that may require credit and financial assistance from NBFCs, it will be beneficial for Fintechs start-ups if more segments are included that drive financial inclusion for citizens with limited credit footprint. Currently the on-lending by banks to NBFCs is allowed up to an overall limit of five percent of individual bank’s total priority lending. If this gets increased to 7%, it will further boost the economy.

I also wish that the budget caters to generating avenues and ecosystem for women entrepreneurs by introducing tax incentives such as standard deduction, and easy accessibility of funds, especially for early-age women run ventures that have less than 10 employees. This will give an impetus to the overall community, allowing every woman entrepreneur to be financially empowered by these solutions."

Mr. V Swaminathan, CEO, Andromeda and Apnapaisa.com

With the Union Budget 2022 all set to be unveiled on the 1st of February, we expect a few key relaxations in taxes as well as GST reductions on raw materials, which will have a bearing on the real estate sector. As we’re seeing the housing demand bounce back to pre-pandemic levels in the top 8 cities in the country, we would really like to see the existing tax rebate of ₹2 lakh under Section 24 to be hiked. Apart from that, a waiver on GST for under-construction properties, and awarding Industry status for the real estate sector will help developers in securing discounted credit from financial institutions.

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