“This is a truly universal budget, which puts extra capital in the hands of people across every income bracket and social segment. Increase in tax rebate slabs, increase in standard deductions and other tax benefits put extra money in the hands of tax payers. The government also announced a pension scheme for workers in unorganized sector. There is also some relief for farmers with a 2% interest subvention.
Much of the segment that benefits from these measures tend to spend a large portion of their income. All this will culminate in extra demand for small business owners who in turn will need extra working capital. This is good news for retail NBFCs who lend to such small business owners. There is direct support for NBFCs as well with the 2% interest subvention for GST registered MSMEs.
With this budget, the government has re-iterated its commitment to help ease access to credit as well as equitable and inclusive growth for an equal and progressive India.”
Amit Saxena, MD&CEO, Unimoni India Ltd.