Budget 2018-19:What fintech, c-commerce and investors expect from Jaitley

NEW DELHI: India’s Finance Minister Arun Jaitley will present the Union Budget for 2018-19 on 1st February.This would be his third full-year Budget. So all eyeballs on his briefcase, what Jaitley is going to present for India.
Lets go through exceptions from Jaitley
Ishan Singh, CEO & MD RevStart, Active Angel Investor.
The Indian government has done great work with the Atal Innovation Mission and Atal Tinkering labs which have focussed on grants to educational institutions, however, to accelerate commercialization, they need to partner with private for-profit incubators and accelerators.
For any budding entrepreneur, access to capital is the most critical factor to success. The government needs to establish a start up Bank like the SBA in the US and allow equity crowdfunding to ease the flow of equity capital and credit to entrepreneurs and start-ups.
Anurag Avula, Co Founder and CEO, Shopmatic
“The Indian Government is taking great strides forward in digitising the entire country with its Digital India movement. That opens a very big opportunity for businesses to go online and sell. We continue to look forward to further initiatives in the Union Budget 2018019, that will truly give Startups and Entrepreneurs a fillip in growing their businesses and taking them online.
The country has a great potential to foster a startup environment and with the right initiatives and incentives, can indeed go a long way in encouraging millions of talented individuals to succeed ,”
“The Indian Government is taking great strides forward in digitising the entire country with its Digital India movement. That opens a very big opportunity for businesses to go online and sell. We continue to look forward to further initiatives in the Union Budget 2018019, that will truly give Startups and Entrepreneurs a fillip in growing their businesses and taking them online.
The country has a great potential to foster a startup environment and with the right initiatives and incentives, can indeed go a long way in encouraging millions of talented individuals to succeed ,” said Mr. Anurag Avula, Co Founder and CEO, Shopmatic
Ranjit Punja, CEO & Co-Founder, Creditmantri.com
As a fintech service which has data and technology in its core, the GST did not impact us directly; but this unified tax with and the recent systemic changes would bring about a much-needed digital push and increased accountability. We hope in the year ahead that the Digital India initiatives along with the GST which functions entirely online would bring about a shift in mindset and increased digital adoption,”
Surendra Kumar Jalan – Founder and CEO, OML P2P
“ We expect the Government will continue with it’s focus and thrust on the digital India programme in the coming Financial Years.
P2P industry has vast potential to support and provide financial inclusions of the masses, who are currently deprived of the adequate financial support (Loans) for their Personal and Business needs. As P2P industry is in its nascent stage, we expect Government to provide adequate tax incentive to the lenders to encourage large number of investors (Lenders) to join in for lending through these platforms to provide Financial Support (Financial Inclusions) of the people deprived of credit,”
Sanjay Sharma- MD and CEO, Aye Finance
“As we approach for the budget this year, one of the primary suggestions would be that the government should continue its firm stand on not allowing unnecessary loan freebies to the Agro or MSME sector. Passing on such freebies destroys the credit discipline and rewards the offenders, and thus indirectly punishes the diligent loan repayers.Further, the regulatory rules governing the fintech businesses need to be finalized on priority. Last year has seen these go through discussions and consensus building. This year should see the rules formalized into policy pronouncements. The focus of the regulators should be to enlarge the reach of organized lending, especially in bringing the excluded parts of the economy into the fold of organized lensing. Fintechs are, and will, play an important part in achieving this objective,”
Aditya Kumar, CEO & Founder, Qbera.com
Fintech companies in India are hoping that the upcoming budget emphasize on usage of IndiaStack, which would help end consumer apply for a loan with a click of a button. With sustained push towards a digital first economy, government can truly promote financial inclusion .
Satyam Kumar- CO-Founder and CEO, Loantap.in
“We find Angel Tax very contradictory to government’s push for Start Up and a matured market place transaction. In a fair transaction both Investor and Start Ups are free to negotiate a price point for investment and the same are guided by demand-supply principal. We see no place for IT Department to penalise a good negotiator.
On the other hands, when the economy is crying for capital investment & job creation, start ups are doing exactly the same with the help of Angel or Seed Stage investors. Why to penalise them? If we can not give them a Good Job Done Card, then atleast we should keep them away from trouble.”
Manish Chaudhari, Co-Founder and CRO, CoinTribe.
“With Demonetization and GST, the Govt has given a great boost to digital transactions and availability of financial records for Small business which is likely to provide a big boost in the coming years. This agenda can be enhanced by encouraging the Small Businesses with tax benefits for conducting digital transactions as this will build a strong foundation for sustainable Small Businesses. The overall expectation from this budget is also around lowering of income tax rates for businesses and professionals to encourage wider taxation coverage similar to the drive for increasing coverage in indirect taxes.
Given the growth in Fintech, it will be a welcome move if the govt. also creates some schemes to encourage budding Fintech entrepreneurs e.g. creation of Fintech Parks where space, high speed internet, basic admin facilities can be provided,”
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