Budget 2024: What does the fintech industry want from the FM? Here is the wishlist

Budget 2024: Finance Minister Nirmala Sitharaman will present the interim Budget on Thursday, February 1, ahead of the general assembly election. From education to infrastructure to taxation, all sectors and industry experts are looking forward to a move that will support growth in their segment.
 
Likewise, the fintech industry also expects announcements related to digital payments and startup funding, among others, that will propel development in the industry.
 
Akash Sinha, CEO and co-founder of Cashfree Payments expects the government to push digital payments in Tier 2 and beyond regions.
 
Sinha wants the government to incentivise the creation of a fertile environment for fintech startups to innovate and build products and solutions that will be more inclusive and adaptable for both consumers and businesses.
 
While expressing concerns about digital fraud, he said, "I expect the introduction of regulatory frameworks that will help curb digital fraud and build a safer and more secure digital payment environment, reinforcing the trust of users in digital transactions."
 
Further, "there is a call for the implementation of a standardised KYC framework across all financial services, aiming to enhance efficiency and promote financial inclusion in a secure way," Cashfree Payments' Sinha said.
 
Sinha added that overall, the Budget should also announce some provisions to ease the financial burden on fintechs and provide tax-saving benefits to startups in the sector.
 
Echoing a similar view, Ramanathan RV, co-founder of Hyperface, said that the expansion of fintech into rural areas remained a priority for fostering financial inclusion. The co-founder seeks ongoing support for digital infrastructure development.

 Meanwhile, Priti Rathi Gupta, founder of LXME, wants more financial support from the government for the fintech industry to include a larger female workforce in the financial services space, particularly in payments and investments.
 
"The Central Bank Digital Currency (CBDC) has a lot of use cases for female cohorts. This might include easier access to financial services, reduced financial barriers, and increased financial empowerment for women. Extending access via Fintechs would help broaden the usage and expand the overall reach of digital financial tools in India," said LXME's Gupta.
 
Along similar lines, Yamini Bhat, CEO and co-founder of Vymo said that the Budget will play a key role in providing tech players with more fuel to propel India's growth story if fintech start-ups are incentivised for research, development, and infrastructure.
 
Further, Vymo's Bhat believes that India can immensely benefit from specialised education and training programmes for the youth, which will help India position itself as the hub for remote-friendly tech expertise.
 
As regards artificial intelligence (AI), Bhat said, "Prioritising AI infrastructure development and encouraging AI-enabled public services, defining security standards, encouraging firms providing such technology services, and upskilling government employees is the need of the hour, and any support towards this will be a welcome move."

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