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Below are Quotes On Budget reaction Fintech Sector By Mr. Nityanand Sharma, Co-Founder & CEO, Simpl

’Budget 2021 is a Budget of hope towards realizing India’s growth aspirations, strengthening the start-up ecosystem and boosting the digital-first economy. We believe Budget 2021 aligns to the urgent need of the hour to shift focus from survival to revival of economic growth. ‘’

The following key Budget provisions will benefit the start-ups, fintech and digital payments space:

- Recognizing the crucial role of fintech and the huge jump in digital transactions, the FM has allocated INR 1500 cr towards financial incentives to promote digital payment modes.

- Start-ups are innovation hubs. To further encourage the start-up ecosystem to thrive, the Budget has extended the eligibility for claiming tax holiday for start-ups till 31st March, 2022.

- Additionally, to ensure access to funds, the capital gains exemption for investment in start-ups has been extended till 31st March, 2022.

- To ease the process of setting up of start-ups, the Budget incentivizes the incorporation of One Person Companies (OPCs). This would encourage entrepreneurs to grow as OPCs, without any restrictions on paid-up capital and turnover, with the flexibility to convert into any other type of company at any point of time.”

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