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Budget 2023: What fintech sector expects from finance minister Sitharaman?

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On February 1, finance minister Nirmala Sitharaman will present the Union budget for the fiscal year 2023-24. The budget will be significant because it will be the last full budget of the Modi government before it faces parliamentary elections in April-May next year.

Click here for full coverage of Budget 2023

Ahead of the presentation of the government’s annual financial statement for the next fiscal year (April 1, 2023-March 31, 2024), HT’s sister publication Mint spoke with experts from the Fintech sector over its expectations from the budget.

Mandar Agashe (Founder, MD and VC of Sarvatra Technologies): “In line with the government’s ‘Digital India’ initiative aimed at financial inclusion, we expect the momentum to continue in the upcoming budget. Serving the unserved and undeserved is the mission that should continue with UPI 2.0’s recent products, UPI 123 and UPI Lite, the two most crucial products that will help penetrate the urban and rural regions of India. At gram panchayat level or the village level, Self-Help Groups (SHGs) can also promote the usage of offline payments through UPI.”

Explained: What is Union Budget, its constitutional provisions

Kumar Shekhar (Deputy Country Manager, Tide India): “We expect the finance minister to unravel the budget with business-friendly tax policies encouraging smaller fintech businesses/startups by providing exemptions in GST till a certain limit on revenue. This will reduce the burden of tax, and challenges that startups face at the nascent stage. We also hope for amendments to create a push for fintech incubation centres across the country. To further strengthen the ecosystem, new guidelines compensating the UPI transactional cost for the industry will be a significant development and will provide impetus to the entire industry’s growth.”

Also Read: How govt prepares Union budget?

Monish Anand (Founder and CEO, MyShubhLife): “The sector can definitely do with some tax relief in the upcoming budget. We are hoping for a reduction in startup taxes, perhaps with no GST until a certain scale of business is achieved. Overall, the industry could do with more assistance from the government on liberalisation of both direct tax rates and GST.”

(The views expressed here are those of the individual analysts, and not of Mint or Hindustan Times)


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Ahead of Budget, Sitharaman to meet President shortly, cabinet meet at 10 am

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The countdown to the Union Budget 2023 being tabled in Parliament has finally begun. Finance minister Nirmala Sitharaman has arrived at the Ministry of Finance ahead of the budget presentation

Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and the Finance Secretary will meet President Droupadi Murmu at 9 am. Later, Prime Minister Narendra Modi will chair a cabinet meeting at 10 am before the Budget is tabled in Parliament.

Union Budget 2023 full coverage here

Earlier, Union minister of state for finance Bhagwat Karad offered prayers.

This is the Narendra Modi government’s last full budget before the 2024 Lok Sabha elections. LIVE coverage

“Today, the Budget will be presented before the Parliament by FM at 11 am. Before that, under her leadership, my colleague Pankaj Chaudhary & Secretary will meet the President at 9am. At 10am, under PM Modi’s leadership, a cabinet meeting will be held”, the minister said.

“You will come to know at 11am what will the common public get. I would not like to make any comments at this point”, Karad added.

“UnionBudget2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country”, Union minister of state for finance Pankaj Chaudhary told ANI.

As Sitharaman presents her fifth budget, there are a lot of expectations from across sectors. The salaried class would be hoping for tax slabs tweaks as some sort of relief from price rise.


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Petrol, Diesel Prices: Fuel rates steady on budget day, check for your city

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Petrol and diesel prices are unchanged on February 1, the day of the presentation of the annual Union budget. The previous country-wide revision to fuel prices was made on May 21 last year; this, therefore, means that across the country, these rates have been steady for more than eight months now.

Click here for live coverage of Budget 2023

In Delhi, a litre each of petrol and diesel continue to be available for 97.62 and 89.62 respectively, while the corresponding figures for Mumbai are 106.31 and 94.27 respectively. In Chennai, you can get 1 litre of petrol at 102.63, and an equal quantity of diesel at 94.24. In Kolkata, on the other hand, these are available for 106.03 and 92.76 for each litre, respectively.


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Union Budget 2023 today: What to expect from Nirmala Sitharaman | Top points

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Union finance minister Nirmala Sitharaman on Wednesday will unveil the last full-year budget before Prime Minister Narendra Modi-led NDA government seeks a third term in the 2024 Lok Sabha election.

From 11am in Parliament, Sitharaman is expected to announce a spending plan of over $544 billion in the financial year starting April to boost employment, fund social welfare and provide perks for manufacturing.

Bloomberg reported that Sitharaman may make a few changes to income-tax slabs to provide relief to the middle class and increase the spending on the poor through programmes such as rural jobs. The Union Budget 2023 may also focus on ramping up financial incentives for local manufacturing.

Union Budget 2023: Here are big expectations

> There are expectations that Sitharaman would put some money in the pockets of taxpayers. She is also likely to raise import duties on items such as private jets, helicopters, high-end electronic items and jewellery to encourage domestic manufacturing.

> India’s jobless rate jumped to a 16-month high of 8.3 per cent last month. DBS Group economist Radhika Rao told Bloomberg that the spending on rural job guarantees to top this year’s allocation of 730 billion ($9 billion), with crop insurance, rural road infrastructure and low-cost housing also getting attention.

> The budget may see production-linked incentives getting extended to sectors such as shipping containers and toys.

> The focus is expected to be on increasing the number of nursing and medical colleges, introducing HPV vaccine in the National Immunisation Program and enhancement of Pradhanmantri Jan Arogya Yojana (PMJAY) coverage. Reports indicate that the health ministry has proposed the inclusion of many other requirements and its expected that some of them will be included in Budget 2023-2024.

> The Budget 2023 is a much-anticipated event for the real estate sector in India. Industry experts and stakeholders have high expectations from the government as they hope to see a number of reforms and initiatives that can help boost the real estate market and encourage investment in the sector.

> Live Mint reported that the government may provide record budgetary support to strengthen the infrastructure of Indian railways as well. The gross budgetary support for the railways is likely to increase by 29 per cent to 1.8 trillion in the year starting April 1 from 1.4 trillion in the current year.

> The budget session of the Parliament began on Tuesday with President’s address. This year’s budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6.

> The Union Finance Minister, Nirmala Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23.

> The Economic Survey said India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22.


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