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Fintech companies are expecting support for financial inclusion and expansion to underserved MSMEs in Budget 2024.
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They are seeking clearer regulations, tax exemptions, and lower capital costs to boost profitability and enhance financial inclusion.
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The industry expects the budget to unlock new opportunities for partnerships between public sector banks and fintechs to increase access to financial products.
India’s fintech sector is expected to contribute significantly to the country’s economic growth, with an estimated additional $400 billion to the national economy over the next seven years. As the industry grows, fintech companies are looking to the government for support in promoting financial inclusion, especially among Micro, Small, and Medium Enterprises (MSMEs). In the upcoming Budget 2024, fintech companies are expecting schemes and incentives that will enable them to expand their services to underserved areas.
Fintech companies are seeking a conducive regulatory framework, enhanced public-private partnerships, and the adoption of advanced technologies like AI and blockchain. They believe that this will help unlock India’s digital financial revolution and bring the underbanked into the financial mainstream. The industry is also expecting tax benefits, lower capital costs, and streamlined regulatory frameworks to boost profitability and enhance financial inclusion.
The fintech industry is crucial to India’s economic growth, and the government’s support is essential in fostering collaborations between fintechs and traditional institutions. The budget is expected to provide a boost to the industry, enabling it to contribute significantly to the country’s economic growth and financial inclusion.
