This budget is being presented at a time when the country is in the era of economic recovery after recovering from the corona virus epidemic. Macro conditions are improving rapidly in the country. There is a positive recovery in the growth indicators. In such a situation, the eyes are on the budget of every sector.
Budget 2022 Expectations: Not many days are left for the presentation of the budget for the financial year 2022. This budget is being presented at a time when the country is in the era of economic recovery after recovering from the corona virus epidemic. Macro conditions are improving rapidly in the country. There is a positive recovery in the growth indicators. In such a situation, the eyes are on the budget of every sector. Be it FinTech, startups or rural banking sector. Everyone is expecting some relief from the budget. The focus of the government is on startups anyway, in such a situation, experts are also agreeing that the government can give some big gifts to promote this sector. At the same time, there is also a strong emphasis on Fintech companies and some such companies are listed in the market or are in the queue to be listed.
Start-up India Seed Fund Scheme
BharatATM founder Ram Shriram says 2021 has seen accelerated growth by the fintech and startup ecosystem, which has protected customer confidence while maintaining growth. In this budget, we expect the government to expand the scope of the Start-up India Seed Fund scheme to promote startups. He says discounts on purchase of point-of-sale terminals, GST rates for rural banking agents and subsidies to compensate for merchant discount rate (MDR) exemptions are some of the measures the industry is eyeing.
Relief on GST and TDS
He says that the growth and adoption in the digital payment sector is the result of gentle taxation for self-serviced digital customers. To ensure that similar benefits reach less tech savvy people, the government should provide relief on GST and TDS for financial inclusion services provided through Business Correspondent (BC) outlets across India. The exemption of GST and TDS will help in reducing the cost of offering seamless financial services to the industry.
need the right budget
Ashwini Jain, CEO & Co-Founder, ForeignAdmits says that with the idea of taking forward the larger impact of Make in India, it is important to understand the role of start-ups as well. Start-ups and their new ideas need a proper budget to contribute to the economy. Better start-up conditions in the country can solve many problems related to the economy. The government should keep some important factors in mind during the budget discussion for the coming financial year. In which reducing GST, more allocation to start-ups and making public data accessible. Start-ups should also get equity and interest free loans in the development stage so that they can help contribute to the country’s economy.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
,