Here is how industry experts reacted to the Union Budget 2023!
1. Upasana Taku, Co-Founder & COO of the MobiKwik:
“The upcoming budget will undoubtedly be geared towards augmenting the growth of the Indian economy, but it also needs to address the challenges faced by the common man and the salaried class as we recover from a global pandemic and tackle the ongoing global economic slowdown. People are especially pinning their hopes on the upcoming budget to address the issue of unemployment, control inflation, and make essential goods and services more affordable. The salaried class is looking for some cheer on the personal tax front, hoping that the annual basic exemption limit gets enhanced to Rs 5 lakhs from the existing Rs 2.5 lakhs.”
2. Tarun Joshi, CEO & Founder, Join Ventures and IGP.com:
“At Join Ventures, we have always believed in the significance of traditional artisans and craftspeople in keeping our rich cultural heritage alive and provided them with a global platform to earn from their craft. We are thrilled to see the government’s recognition of India’s valued artisans and craftspeople through the PM Vishwa Karma Kaushal Samman initiative, which will not only improve the quality, scale, and reach of their products but also integrate them with the MSME value chain. This is a proud moment for all of us who have been working towards preserving and promoting the timeless beauty of traditional Indian crafts.”
“The measures announced in the budget to simplify the personal income tax structure and increase exemptions for the middle class will provide much-needed relief to salaried professionals. This will also allow startups to retain talented employees by providing competitive salaries and benefits.”
4. Vikas Garg, Co-Founder & CEO, Paytail:
“The government’s efforts to simplify the KYC process and adopt a risk-based approach will go a long way in streamlining the process for customers and fintech companies alike. We appreciate the focus on a digital-first approach and the use of technology to improve financial inclusion in India. The establishment of DigiLocker as a one-stop solution for reconciliation and identity management is a game-changer for the fintech industry. This will simplify the process and save time for customers while also enhancing the security of their personal information.”
5. Padmanabhan Balasubramanian, Partner, Protium:
“The use of PAN as a common business identifier for digital systems of specified government agencies will bring ease and consistency to the compliance process for businesses. This is a step towards a more efficient and streamlined system from both a cost and consumer protection standpoint for fintech companies to operate in. The measures announced in the budget aimed at promoting efficiency through integrated systems via a one-stop solution for reconciliation and updating of identity and address of individuals using DigiLocker service are commendable. These measures will help companies in the finance sector to further boost their efforts to deliver innovative solutions to customers and drive financial inclusion in India.”
6. Vineet Singh, Founder & CEO, Castler:
“We are thrilled to see measures aimed at easing the compliance burden for businesses, PAN as a common business identifier, and promoting efficiency through integrated systems. The establishment of Digilocker as a one-stop solution for reconciliation and identity management further demonstrates the government’s commitment to a digital-first approach. We look forward to leveraging these developments to enhance our services and support the growth of fintechs in India.”
7. Sousthav Chakrabarty, Co-Founder & CEO, Siply:
“The establishment of Digilocker as a one-stop solution for reconciliation and identity management is a watershed moment for the fintech industry. This will enable us to streamline our processes and provide more secure and efficient services to our customers. The use of PAN as a common business identifier for all digital systems of specified government agencies is a smart and efficient solution to simplify the compliance process for businesses. This will save time, reduce costs, and promote transparency, making it easier for Fintechs to thrive in India and is a major step forward in promoting financial inclusion in India. We are proud to be part of this transformation and are committed to working with the government to bring more digital financial services to the masses.”
8. Mr. Niranjan Vemulkar, Co-Founder & CEO of Yellow :
“The eCourts project is a step in the right direction towards a better and more efficient administration of justice in India. With an outlay of Rs 7,000 crores and the combined efforts of the government and the judiciary, we can hope to see a revamp of the Indian j in sync with this digital era. This project has the potential to bring about much-needed change, provide citizens with efficient and time-bound judicial services and reduce the burden on our judiciary, which currently has 72,062 pending cases in the Supreme Court, 59,45,709 in the High Courts and 4,19,79,353 in District — which is alarming.”
9. Kamalika Bhattacharya, CEO and Co-Founder, QuoDeck:
“We at QuoDeck believe that the increase of 33% in the capital expenditure in this year’s Union Budget will boost infrastructure development in the country, which ultimately leads to long-term job creation. Particularly in the light of what many say is an approaching global recession, this kind of cushion is extremely important to sustain employment in the country. It’s also a good thing that the government is continuing its focus on skilling and on-job training, particularly in new-age areas such as AI, robotics, drones and soft skills.”
