“The Union Budget 2023 is a commendable approach towards India’s vision for inclusive growth. It has laid its due focus on building the blocks that will transform our nation into one of the strongest economies in the world. With financial inclusion at the core, the relief for taxpayers in terms of direct tax is an absolutely welcome move. The government is creating an incentive structure for people to move from the old tax regime to the new tax regime. This transformation will empower our citizens with a stronger economic stability and a higher standard of living.
The fact that the per capita income has doubled to Rs. 1.97 lakh since 2014, speaks highly of how we have significantly improved our position; as a well-governed and innovative country with a conducive environment for business as reflected in several global indices. Several accomplishments have had a major role to play in India’s rising global profile: unique world class digital public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive in unparalleled scale and speed; online KYC processes. Further, the budget expanding access to documents in digi-locker will help in fastening credit underwriting as well as overall KYC processes. Remote onboarding and underwriting will streamline and bring efficiency to the processes.
With the world moving towards a digital revolution, the Indian government has introduced reforms that will transform India into a digital super- power. As a nation, we are making progress in the right direction. Looking forward, initiatives for start-ups, technology, upskilling and financial literacy will undoubtedly act as a successful catalyst for India’s growth.”
-Mr. Anil Pinapala, CEO and Founder, Vivifi India Finance
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