“As we approach the upcoming Union Budget, it is imperative to recognize the pivotal role played by transformative innovations and developments in the fintech industry. The technological strides in this sector not only redefine our domestic financial landscape but also harbor the potential to reshape the global perception of Indian fintech
In the realm of Indian fintech, the expectations for the 2024 budget are substantial. A key anticipation is the fortification of the regulatory framework for the fintech industry in India. The unveiled draft framework aimed at regulating fintech activities stands as a testament to the acknowledgment of the escalating influence of fintech companies. Upon finalization, this framework holds the promise of guiding and nurturing responsible growth and innovation within the Indian fintech sector, contributing significantly to financial inclusion and broader economic advancement—a focal point we anticipate the budget to address.
Financial inclusion stands out as another critical aspect likely to be addressed in the budget. The announcement of the streamlined credit platform underscores the RBI’s commitment to facilitating easy access to credit for small businesses and individuals. This platform holds the promise of simplifying and expediting the lending process, rendering it more efficient for borrowers to secure essential financing. The ultimate success of these measures rests on their successful implementation and effectiveness—key considerations we anticipate the budget to underscore.
Furthermore, the collaborative efforts with key stakeholders, including SIDBI, NABARD, and the agriculture ministry, are pivotal in propelling India’s digital commerce onto the international stage. We expect the budget to shine a spotlight on the growth potential of ONDC and e-commerce for emerging India. The Indian fintech industry eagerly awaits the 2024 budget, aspiring for a comprehensive approach that acknowledges the vast potential of fintech to drive inclusive economic growth, empower individuals with modern financial services, and contribute substantially to the overall development of the nation in the digital era.”