India Is Poised To Bridge The Digital Divide

Building a More Inclusive & Sustainable India

Santanu Agarwal, Deputy Managing Director, Paisalo Digital

FinTech BizNews Service   

Mumbai, February 2, 2024: The leading digital technology solutions providers and 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.

Santanu Agarwal, Deputy Managing Director, Paisalo Digital: "The budget presents a vision of prosperity and resilience, reflecting the vision of a Viksit Bharat. It strikes a balance between growth and fiscal responsibility, prioritizing key sectors, green initiatives, and the rural economy. The government's commitment to sustainable development and financial inclusion is evident through increased capital and operational expenditures across all three sectors. This optimistic outlook promises inclusive development, environmental sustainability, and economic empowerment for all. Targeted measures for the rural sector, coupled with visionary strategies for financial upliftment and social welfare, underscore India's dedication to fostering entrepreneurship, ensuring credit access, and developing sound financial regulations. The budget champions entrepreneurship as a key driver of economic development, paving the way for their active participation and contribution to India's diverse sectors."

Suresh Sethi, MD and CEO, Protean eGov Technologies: “Starting from addressing the foundational challenge of identify at population scale, India’s visionary DPI framework built on open standards and protocols, is now permeating across multiple sectors of the economy across ecommerce, agriculture,

education & health, to name a few! We applaud the Finance Minister's recognition of Digital Public Infrastructure (DPI) as a key driver of economic formalization and believe that with the DPIs firmly in place, India in the 21st century is poised to bridge the digital divide, eliminate barriers to entry, and create a more inclusive and prosperous future. Protean eGov Technologies has forever championed the power of Digital Public Infrastructure (DPI) in our mission to drive social and financial inclusion while building for billions. “

Prashant Muddu, Managing Director & CEO, Jocata, a leading B2B fintech working with financial institutions: The government has reaffirmed its intent of promoting timely and adequate finances for MSMEs to help them grow and compete domestically and globally in alignment with the national economic agenda. The industry will see further strengthening of the regulatory environment and more policy push for Banks, NBFCs & Fintech towards priority sector lending. Fintechs working towards uplifting the MSME ecosystem through adoption of digital technologies, SaaS and financing can look forward to strong ecosystem support from the government in the coming months with MSME finance, training and tech adoption being spelled as a ‘policy priority’. Also, GST as a unified tax structure in the country will compel banks and financial Institutions to confidently rely on GST-led credit decisioning as robust and reliable source of business and operational performance. We expect banktech and regtech players like us to witness a demand for analytics-driven credit decisioning solutions. The FM has also reiterated the recent announcement of the India-Middle East-Europe Economic Corridor being a strategic and economic game changer for India and others. We expect financial services to play a big role in it,”

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