“The Union Budget 2024 is a transformative step toward strengthening India’s economic fabric, emphasizing employment, skilling, and MSMEs. The allocation of ₹2 lakh crore for job and skill development schemes over the next five years will empower the youth and foster a skilled workforce, essential for driving innovation in the fintech sector. The budget’s focus on social justice and inclusive human resource development ensures growth benefits reach every segment of society.
For the fintech industry, simplified tax exemption regimes and TDS adjustments will streamline operations, creating a more favourable business environment. Abolishing the angel tax for all classes of investors is a ground breaking move to bolster the Indian start-up ecosystem, boost entrepreneurial spirit, and support innovation. Initiatives to develop cities as growth hubs and significant investments in urban housing and infrastructure will stimulate economic activities and provide a robust foundation for sustainable growth. Enhanced support for MSMEs, including the new credit guarantee scheme, will bolster the backbone of our economy, driving innovation and job creation. This budget sets a promising trajectory for inclusive growth, positioning India as a resilient and forward-looking economy.”
