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Fintech and Tech Startups Anticipate Budget 2024: Unveiling Their Expectations

Now only a few days are left for the presentation of the country’s budget. Budget Palmistry of Countries Allocated Finance Ministry on 1 February. Different types of details have been given to the people in this budget. These ideas (startup) culture is growing rapidly in the country. In such a situation, there are many figures (budget expectations) related to this budget. Let us know what fintech and technology related videos want from this budget.

Jitin Bhasin, Founder and CEO of Savein, said that franchise and fintech are the two aspects that should be given primary attention in this budget. Together, these can help India acquire a capable workforce, thereby boosting connectivity. We have seen a lot of regulation in the fintech sector in particular in the last year. We hope the Finance Minister will advance access to financial services and strengthen health care and welfare services towards work. Appropriate tax documents and rules should be introduced to contribute to nation building.

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Nirav Choksi, Co-Founder and CEO of Credable, said that today compilation components are being created to promote valuation SMEs through fintech financial and technical aid. In such a situation, any step towards incentive proposal will be welcomed. Apart from this, many other tasks are waiting to be done, like efforts to maintain profits of public sector banks, boosting credit rating for MSMEs, starting PLI scheme and making profits for small customers. The financial services industry also expects the Budget to make positive announcements regarding the management of non-performing assets (NPAs). The fintech sector is hopeful that radio films will also be included in the government’s implementation along with the growth of the sector, increase in reach and increase India’s digital presence.

Aditya Gupta, Founder and CEO of Credilio, says that in the coming time we will be given a lot of information about the budget and we hope that the focus will be on strengthening the digital finance infrastructure and the financial technology will focus on new architectural technologies. Recent improvements in regulations have ranged from providing tax breaks to a better structural component of fintech innovation, enabling fintech companies to create new opportunities more responsibly. We look forward to the growth of Fintech in the services sector which will further our objective of providing robust service delivery required for financial development of all. It is important to see the government’s cooperation in bringing changes at the ground level.

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Founder of Webclicks Second says- I think digital gadgets and skills should be given high priority in this year’s budget. Like giving tax relief for at least 5 years to promote teachers, AI should be included in the entire system from advice to government monitoring. AI is the future so we should campaign for it as soon as possible. Cases of cyber attacks are continuously increasing, making it one of the biggest terrorist attacks today. It would be welcome if the Union Budget focuses on offering incentives to cyber security agencies and increasing awareness among people about it. We hope that the government will increase spending on symbolic and digital industries.

Lokesh Nigam, co-founder and director of Kognoz, says that the upcoming Budget 2024 will be very important for the startup community. The Indian startup community will be looking for guidance to improve the ecosystem, especially in terms of tax policies related to retired employee stock options etc. From this budget, startup entrepreneurs are expecting tax reforms that will encourage investment and entrepreneurship. Cuts in corporate tax rates, incentives for research and development, and provisions to support early-stage startups can be game-changers for the startup ecosystem. I highlight the importance of startups in advancing technical innovation and AI. In this budget, the government will have to emphasize on policies aimed at promoting upskilling and reskilling projects to handle the ever-changing technological world.

Saurabh, Founder and CEO of Togopool, says that from this year’s budget, carpooling startups are hopeful of measures that promote innovation and sustainability in the transportation sector. We look forward to tax incentives and regulatory support that encourage the growth of carpooling services while taking into account environmental concerns. Investing in digital infrastructure and technology-driven solutions for transportation will help amplify our impact. A budget that recognizes the important role of carpooling in shaping the future of mobility with funding for research and development, combined with incentives for transportation startups to make significant contributions to a more efficient and sustainable transportation ecosystem. Will make you stronger.

Vaibhav Kashik, co-founder and CEO of Nawgati, says startups expect a favorable budget that includes streamlined rules, low rates and incentives for research. Along with this, they also expect affordable loans, support for emerging industries like clean energy and streamlined tax processes. A business-friendly environment and a strong ecosystem can be the icing on the cake for emerging businesses and startups.

Ubreathe founder Sanjay Maurya says that we are eagerly waiting for the Union Budget 2024. The Indian startup community is actively looking for guidance that can propel our ecosystem forward. Additionally, any sign of creation of dedicated startup funds for emerging sectors such as green technology could significantly boost market sentiment. At uBreathe, we are expecting a broad range of incentives and policies in the upcoming Budget with a clear focus on supercharging India’s green growth, demonstrating a strong commitment to reducing carbon emissions and promoting sustainability.

Bodhisatva Sangpriya, Founder and CEO of IG Drones, said that it is estimated that the drone industry could reach $1 billion by 2025. Various ambitious measures of the government will be useful in reaching this goal, because if there is progress in tech startups specializing mainly in drone technology, then the drone industry will also progress. Looking to 2024, startups that prioritize profitability and unit economics are expected to emerge with an emphasis on economically sustainable and profitable business models. It is expected that funding for startups will increase from the upcoming budget of 2024. Apart from this, the government will give importance to their ability to contribute significantly to the country’s economy and GDP. The changing dynamics and innovation in the startup sector is ensuring a secure and promising future for India.

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