Post Budget Reaction Quote on Fintech Sector by S Anand, Chief Executive Officer and Founder of PaySprint, a fintech venture
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Below the Post Budget Reaction Quote on Fintech Sector by S Anand, Chief Executive Officer and Founder of PaySprint, a fintech venture
"As we eye on the budget 2024 today, we shift our gaze to the improvements in the manufacturing and services sector, where FM Nirmala Sitharaman announced the credit support for MSMEs, increasing the loan limit from Rs10 lakh to Rs 20 lakhs, especially for those, who have availed and repaid loans under Tarun Category. I believe enhancing the mudra loan limit is a strategic move that supports the backbone of the Indian economy. It fosters a conducive environment for growth, innovation, and competitiveness, ensuring that these enterprises can contribute robustly to the nation’s economic development.
Additionally, this declaration will witness an increase in capital access that will enable these businesses to expand operations, invest in innovation, and create more jobs, thereby solidifying economic growth. In light of this, it rewards responsible borrowing behaviour, enhancing MSME owner’s confidence and encouraging growth. While simultaneously, helping MSMEs adopt new technologies, improve productivity and compete globally. Overall, this policy strengthens the resilience and competitiveness of MSMEs, reinforcing their crucial role in India’s economic development. With this newfound development, SprintNXT wishes to strengthen the MSME sector with its innovative solutions and pave the way for a simplified path towards the business banking switch it endorses.
In continuation to this, the 2024 Union Budget introduces a range of significant measures that are set to revolutionize the fintech sector. At PaySprint, we are particularly excited about the implications of these changes. The government's Rs 50,000 crore investment in infrastructure development will greatly enhance the digital and financial frameworks essential for fintech growth.
The abolition of the angel tax is a noteworthy development, fostering a more favourable environment for investment in fintech innovations. Furthermore, the simplification of tax regimes, including the merger of charity exemptions and the revision of long-term capital gains tax to a rate of 12.5%, will streamline financial operations and create a more predictable landscape for our industry"
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