Budget 2022: Fintech firms hope for boost to digital infrastructure & innovation

NEW DELHI: The Modi government has consistently pushed for a 'digital India' through several initiatives like aadhaar, direct subsidy transfer and digital payments.

This has seen the volume of digital transactions rise several folds, further accentuated by the pandemic that confined people to their homes for extended periods.

Fintech firms are hopeful, budget 2022 will further incentivise the digital environment.

"It is heartening to see the government's recognition of fintechs’ ability to reach out to the unserved and underserved sections of the country. It is essential that the government’s support is directed towards boosting digital infrastructure and innovation," said Akash Sinha, co-founder & CEO, Cashfree Payments.

"Additionally, policy and regulatory efforts should be aimed at creating a favorable investment environment," he added.

He also pointed out that easing investments in unlisted private businesses, especially in non-metro cities is crucial for convenient capital flow to technology start-ups.

"Reducing entry limits for Alternative Investment Funds (AIFs) and syndicates, aligning with the government's allocation to priority sectors, will ensure fund infusion to businesses," Sinha said.

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