BUDGET 2023: FINTECH COMPANIES HOPE FOR TAX BREAKS, GST RATIONALISATION

Fintech start-ups are hoping the Union Budget 2023 will have announcements that will mitigate regulatory burdens, provide tax incentives or breaks and offer infrastructure support that will help them thrive

THE UNION BUDGET 2023-24 assumes critical importance at a time when Fintech companies are paving the country’s path to financial inclusion as a robust tech stack coupled with a strong distribution network has made it easier for Indians to access financial products and services. 

“The Union Budget 2023 should also look at having policies that strengthen the digital lending infrastructure and provide a seamless linkage for Indian fintech companies to global financial ecosystems,”

The fintech industry anticipates additional government assistance for better relationships with banks to reinforce the current paradigm. This can be done by designating NBFCs and digital lenders as priority sectors for banks to create a domino of positive impact.

“When we talk about implementing new changes, the technology or system at the grassroots level is absent. It would take time to come up with the right solution and build a technology platform to alleviate policy-related or regulatory challenges,”