Financial inclusions, clear regulations and accessible financial ecosystem are some of the expectations that Fintech entrepreneurs in India expect out of Interim Budget 2024. Thought Habitat reached out to some of the revered Fintech entrepreneurs in India who have shared their expectations from the budget in a comprehensive manner.
Aditi Balbir, Co-founder, EcoRatings
In India, there are currently only three diversity-focused funds—AWE, She Capital, and Arise—each facing the challenge of relatively small fund sizes. To effectively advance the agenda of women entrepreneurship, the upcoming budget must prioritize and allocate substantial resources to support their access to capital. Specifically, there is a pressing need for increased equity-based funding. The government should focus on allocating funds for risk capital rather than relying solely on loan-based strategies. Many female entrepreneurs often discover that they are ineligible for existing schemes, emphasizing the necessity for a more inclusive and accessible financial ecosystem. Therefore, the ask in the upcoming budget is pretty straightforward: the budget should allocate more capital to diversity-focused funds, acknowledging the pivotal role women entrepreneurs play in fostering a more equitable business landscape in India.
Sarvjeet Virk, Co-founder & Managing Director, Finvasia
As we approach Budget 2024, we anticipate a continued focus on advancing India’s digital public infrastructure, a key pillar for realizing the $5 trillion economy dream. I look forward to enhanced government initiatives fostering financial inclusion benefiting Bharat, not just India. On the tech front, I hope to see further progress in establishing AI Centres of Excellence. I also expect more policies to enable public-private partnership to boost end-use-cases of generative and predictive AI and increase its adoption in India. The fintech industry, as usual, will be the flag bearer of innovation. Government support, both in terms of policies and funding, will be instrumental in propelling the fintech sector to new heights of success.
Roshan Shah, Co-Founder & CEO, VoloFin
We strive for a budget that embraces innovation and unlocks opportunities. Clearer regulations, tax breaks for R&D, and incentives for SMEs and MSMEs unlock our full potential. This budget has the transformative power to harness the financial potential toward the opportunities for a brighter future.