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By Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

“The Ministry of Finance has presented a well-rounded, futuristic and optimistic Union Budget 2022 to propel the digital economy and boost the MSME sector. Given that ‘inclusive development' and ‘financing of investments’ were two of the seven pillars of the Budget, it laid thefoundation for faster financial inclusion and expansion of the credit ecosystem. In a bid to make MSMEs more resilient and competitive, the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023 is a critical step. This measure will ensure the continued handholding of MSMEs, which accounts for more than 30% of India's GDP and remains an important engine of economic growth, job creation, income generation and livelihood support. In addition, the proposal to skill both entrepreneurs and students with the help of technology will empower and enhance the productivity of the country altogether.

For India to become a digital economy, all villages should have the same access to digital resources as urban areas. To augment this, the setting up of 75 digital banking units in 75 districts of the country is a commitment to taking high-end tech to the bottom of the pyramid. This step will ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner. The objective of citizen empowerment with digital growth and supporting fintech will directionally encourage delivering of digitization to India in its 100th year well ahead of time.

 We are happy that over the past few years we were able to focus on Aspirational Districts and deliver on one aspect of financial inclusion and the score of 95% is encouraging. Going forward, we will focus to align with the Vibrant Villages Program and will continue focusing on the financial inclusion of farmers and senior citizens at the last mile. However, we wish the GST waiver for Banking Correspondents for financial inclusion services could have been taken into consideration. During Amrit Kaal, while our government aims to achieve the vision for India@100, we pledge to make India a digitally and financially inclusive nation. Zidd Aage Badhne Ki.”

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