Budget Will Foster Innovation: Fintechs Will Help Women-Led MSMEs To Access Formal Credit

FIBE's vision of empowering and upskilling the youth to fulfil their aspirations are aligned well with the initiatives

FinTech BizNews Service   

Mumbai, February 1, 2024: The leading Fintech voices have welcomed the Union Budget 2024, presented by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman in the Parliament in New Delhi today.

Akshay Mehrotra, CoFounder & CEO, FIBE (on youth aspirations, entrepreneurship and financial services): “The Budget’s focus on ‘youth and entrepreneurs’ will help in realizing the Government’s vision of a developed India by 2047 as they are the key drivers of growth. As one of India’s leading digital lending companies, Fibe’s vision of empowering and upskilling the youth to fulfil their aspirations are aligned well with the initiatives laid down in the Union Budget 2024. We welcome the announcement of creating a corpus of one lakh crore with five-year interest free loan and providing long term financing and refinancing with low or nil interest rates. It will not only harness the potential of this vibrant, tech-savvy generation but also foster innovation and contribute to technological advancements and economic progress. We applaud the success of the ‘Skill India Mission’ that has been able to train 1.4 crore youth, while upskilling 54 lakh youth.

Further, Honorable Finance Minister also acknowledged the positive impact of strengthening the financial sector in making savings, credit, and investments more efficient. This is well aligned with Fibe’s commitment of making financial services and credit accessible to every individual in the country thereby fostering financial inclusion.” 

Gurjodhpal Singh, CEO, Tide India, a business financial platform for MSMEs: "The budget clearly showed the focus of the government of India towards empowering women for the economic development of the country. To encourage them and start their own businesses, the Mudra Yojana scheme has been a game-changer, providing loans to 30 crore women. This will bridge the digital divide and help women entrepreneurs to equip with the tools they need to compete in the modern marketplace. The continuous government support for women will help them to take centre stage in the sustainable growth of the country. To transform the rural socio-economic landscape with empowerment and self-reliance, the GOI will enhance the target for ‘Lakhpati Didi’ from 2 crore to 3 crore. We believe Indian fintech’s will help women-led MSMEs to access formal credit lines while saving time and money through digitisation and to unlock their immense potential to drive India's economic growth." 

Raja Debnath, Managing Director, Veefin Solutions: “We applaud the government's intention in calling out ‘timely and adequate finances, relevant technologies and appropriate training’ for MSMEs as an ‘important policy priority’. We do foresee a strong policy support in the coming months for more MSMEs to formalize, resulting in a further uptick in GST filings and Udyam registrations, that will help small businesses to have access to formal channels of credit.  The finance minister has clearly mentioned that India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and I believe financial services will be a critical element of this vision.” 

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