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Budget Reaction quotes from Fintech, MSME lending & Logistics Player

- Abhishek Gandhi, Co-Founder & CFO, RupeeCircle
The budget is on expected lines with a focus on reviving the economy. Efforts have been made to encourage NRIs to invest in India with steps taken to merge NRI portfolio route with FPI route and easing KYC norms for NRIs. Also, the budget is favorable for start-ups with exemptions on Angel tax and no scrutiny of funds from income tax department. Another positive is promotion of digital economy and making digital transactions free for customers. That is the right step in boosting the digital economy. We also welcome the idea of the social stock exchange however, a bit disappointed that something with the impact potential of P2P was missed in the budget. Steps taken to promote P2P in any way would help the sector which has been driving financial inclusion and creating an alternate investment asset class.

-Bhavin Patel, Co-Founder & CEO, LenDenClub
"I along with many startups had urged FM to simplify the angel tax issue. And here comes the move which we all would like. Provision of e-verification of such investment and declaration from startup/angel is good enough to stay away from angel tax scrutiny."

- Dewang Neralla, CEO, Atom Technologies
“The budget is set the strong tone for incentivising digital paynents. Inplementarion of low cost payment modes for business more than 50 cr turnover will definitely drive QR and low cost options across organized retail and larger enterprises. However announcement of no MDR for customers and merchants would require clarity with respect to which instrument as well as mode.”

- Abhishek Ray, Head - Legal and Compliance, ePayLater
"We are glad to note that at the very outset there were specific references to boosting Digital India and Startups in the 10 point vision of Hon'ble Finance Minister. The multiple initiatives announced for improving transport, in terms of road corridor, port connectivity and UDAN scheme will boost domestic trade. The MSME centric steps are also very encouraging in terms of allocation of more resources for loans and the creation of a platform for filings bills. All this will go a long way in helping small businesses.

The increase of the turnover limit for the lesser corporate tax bracket is a measure which will massively benefit the industry. In terms of startups, the angel tax related steps and clarifications are welcome, along with the steps to reduce tax scrutiny. We are very enthused to note that the Hon'ble Minister emphasised on the need for a cash free economy. Initial steps have been initiated for encouraging digital payments. However, the thresholds mentioned are quite high. This is a good start and we are certain to expect more incentives later on. Innovation is the backbone of the startup sector and for boosting industry in general. We are also very glad to note the boost being given to centers of higher learning to encourage research. Overall we think this was a well balanced budget which has balanced the aspirations of both urban and rural India."

- Piyush Khaitan, Founder & MD, NeoGrowth
“The Union Budget announcement on scaling up the Indian economy from USD 2.7 trillion to USD 3 trillion in FY20 and further targeting USD 5 trillion by 2024-25 is a strong roadmap for economic growth which will boost business activities in country. Our customers i.e MSMEs are facing a consumption economy. With the encouraging measures for boosting GDP driven by consumptions and investments, it ushers in positivity for our line of business. Overall Govt. measures announced for road, port connectivity, foreign flows into debt instruments, construction of 9.5 Crore houses in next 3 years and other tax measures will boost the Indian economy. Moreover, the Govt. has acknowledged NBFCs as a major contributor to GDP growth with adequate measures for supporting their liquidity requirements, lowered tax rates and Guarantee facilities for raising competitive funds.”

- Abhishek Chakraborty, Executive Director, DTDC Express Ltd
“The logistics sectors plays a very crucial role in propelling India to become a trillion dollar economy. With some key measures like Ease of Doing Business, simplification of e-way bills, UDAN, Bharatmala, Jal Marg Vikas etc., it will only improve the overall logistics sector and also reduce the cost of transportation. The budget also specifically mentioned on the Government’s vision to focus on rivers for cargo transportation which help in increasing the freight movement whilst making it cost effective. The proposals made in the budget look very conducive to improve the sector’s competencies. The budget announcement has made special emphasis on the ‘Ease of Living’ thus making it very citizen friendly. The only thing now is execution which remains key and be watched for.” 

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