Post Budget Quotes- Fintech, NBFC,MSME, Angel Tax, Startups, Investors

Post Budget Quotes- Fintech
“We believe that this year’s Union Budget has been perfectly balanced by our new Finance Minister. The Government has promised hassle-free experience to foreign portfolio investors and is planning to streamline KYC to make it more investor-friendly. Innovative Aadhaar-based solutions can prove to be a game changer in this development and can introduce robust security while also ensuring seamless processes. The Government is also considering to grant Aadhaar Cards to NRIs via their Indian passports, preventing them from needlessly waiting for 180 days as is the case at present. Another positive takeaway from this year’s Union Budget is the interchangeability of PAN and Aadhaar for the filing of ITR, which directly augments the usability of Aadhaar system and its wide-ranging solutions.”  Siddharth Kukatlapalli,Co-founder and CBO, Syntizen.  

“Today, as India is leaving no stone unturned in terms of digital adoption, the Government is taking all the right measures to further catalyze this development. It is enhancing the rural infrastructure while also making it easier for Indian MSMEs to increase their digital footprint. The creation of single-window platform for end-to-end bill payments of MSMEs is one of these steps and will augment digital adoption of Indian MSMEs. The Government has also promised to extend loans of up to Rs. 1 crore to MSMEs, perfectly in line with the vision of financial inclusion. Both of these developments, i.e. digital enablement and financial inclusion, will make it considerably easier to lend to the segment and unlock the true potential of this growth engine.” said Mr. Vivek Tiwari, MD & CEO, Satya MicroCapital.    

“There have been several key takeaways from this year’s Union Budget vis-a-vis the startup community. Primarily, the Government has resolved the raging issue of Angel Tax by eliminating scrutiny around valuation of share premium. It will also put in place a mechanism for e-verification to eliminate tax scrutiny around funds raised by startups as well. This will act as a catalyst in driving investment towards our startup segment and promote cutting-edge technological solutions. It has also proposed measures to carry forward and set off losses for startups while increasing the period of exemption for capital gains through sale of residential houe for startup-centric investment up to March 2021. Moreover, the Indian startup community will soon be witnessing another wave of startup boom  from rural geographies  as the Government will be launching a dedicated startup programme on DD National, 80 Liveliood Business Incubators and 20 Technology Business Incubators for rural artisans. As a cherry on the top, a slew of reforms have also been introduced for Indian NBFCs including foreign investment, government guarantee for PSB loans, one-time six month partial credit guarantee to buy pooled assets, and quick loans of up to Rs. 1 crore for Indian MSMEs. This is being done while also promoting research and development around avant-garde technologies including Artificial Intelligence and Big Data. Perhaps, all of these measures were the need of the hour for our startup community and will create conducive environment for futuristic and globally scalable businesses in India.” said by Anuj Golecha,Co-Founder Venture Catalysts