“The budget is in line with the convictions and ambitions of the government to push digital inclusion to the remotest parts of the country.The proposal to set up 75 digital banking units through scheduled commercial banks and connecting post offices to core banking is a step in the right direction and will prove to be a vital probing point for digital reception and acceptance.The allotment of capital for research and development for start-ups and exemption on various tax fronts will provide a much-needed leeway for start-ups to focus more on innovation and product development. It also opens up avenues for start-ups to diversify and expand into new territories.
This advancement in innovation coupled with the massive boost in digital infrastructure will not only reinvigorate the existing digital ecosystem but also provide an easy path for start-ups, especially Fintech firms, to penetrate deeper into the country.”
2. Mr. Anurag Garg, Founder and CEO, Nivesh.com
“To me it is a very impactful budget, benefits of which will be realized in coming years. In investing, we promote long-term over short-term. I feel this budget is also focused on the long-term future of the economy rather than focusing on short-term populist measures. There has been a strong focus on adoption of digital at all levels, which will go a long way in bringing transparency and efficiency. This includes the initiative of taking e-services to villages and spending on laying optical fibers to all villages for easy and fast internet access. Then the step of introducing a single registration process across the country for land is going to be a major reform. Government is also keen on promoting MSMEs and startups and announced various measures, including extension of tax benefit by one more year. This will boost entrepreneurship and eventual economic growth. January had an all time high GST collection of Rs. 1.4 lakh crore which clearly signals that economic recovery post covid is very much real and this budget will provide more pace to the recovery. No benefits have been provided to the salaried income tax payers, which is likely to disappoint this class.”
The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com
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