Startup Industry Reactions To The Union Budget 2022-23

The government proposed to extend the period of incorporation of the qualified or eligible startups by another year till  31 March 2023  for giving tax incentives, a move geared towards empowering entrepreneurs.

Finance Minister Nirmala Sitharaman in her Budget discourse said startups have arisen as drivers of development for the economy and throughout the course of recent years, the nation has seen a complex expansion in effective startups.

Here's how Indian startups are reacting to the Union Budget for 2022–23.

Sandeep Aggarwal, CEO, Droom

"In terms of the overall budget, I think the budget was very balanced for the masses. India talking about close to Rs 11 lakh crore going for capital expenditure and this is a very exceptional policy and hopefully will not only improve the infrastructure for the country but also create a significant amount of jobs. There were many announcements like putting a limit to the surcharge on a capital gain coming from the sale of stocks. There was a lot of mention of acknowledging the contribution of Startup companies. For automobile companies, the battery swapping policy for the electric vehicle once they are used for public transportation. This will indeed increase the adaption of an electric vehicle for the transportation industry. Finally, this is consistent with the prior announcement of vehicle scrappage and now on EV and focus on developing a 25,000 km of road infrastructure in the fiscal yr 2022-23 that will ultimately contribute to the higher adoption of automobiles in the country.”

Anurag Sinha, Co-founder & CEO, OneScore & OneCard

"Considering we have not yet emerged out of the shadows of the pandemic; I believe the Finance Minister has done an excellent job in striking a fine balance in being fiscally prudent and growth supportive. The budget has laid out a host of top-notch measures offering a huge push for infrastructure besides incentivising manufacturing and addressing key growth driving cohorts such as MSMEs, youth and even the startup community.

The budget has laid considerable focus on public investment and capital expenditure; however, on the other side it is quite conservative in its tax growth estimates. The budget however, contains several significant reform measures and fiscal initiatives that will boost social and economic development."

Amit Nigam, COO & Executive Director, BANKIT

"FinTech industry is an ever-growing sector of the society. As per one of the ideologies of budget 2022 “Aatma Nirbhar Bharat Ka Budget”, the FinTech industry also strives to make everyone self-reliant. According to the budget 2022-2023, India’s growth is expected to grow by 9.27% including high-yielding opportunities for start-ups. As digital payments have grown at rapid pace, the benefits of digital banking should reach every nook and corner. So, 75 digital banking units will be set up in 75 districts by scheduled commercial banks that will be like icing on the cake. Focus on the usage of Digital Payment Apps will also be enhanced from our end. All the 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their accounts online and transfer money within post office accounts and to other banks also. As tax incentives for start-ups to be incorporated until March 31, 2023, Union Budget sounds favorable for FinTech start-ups. Next phase of “Ease of Doing Business, Ease of Living” is also ready to be launched. Hence, we are looking forward to making the best use of new technological and advantageous opportunities designated by the Union Budget 2022-2023."

Tauseef Khan, co-founder and CEO of Gramophone 

"The government's focus on technology implementation in the agriculture sector through initiatives like Kisan drones along with public-private partnerships to deliver digital and high-tech services to farmers are steps in the right direction and can help boost the income and productivity of farmers. We hope agri-tech startups like us are roped into these initiatives. Creation of a fund with blended capital to finance agri-tech startups and rural enterprise will be beneficial to upcoming entrepreneurs. Another good measure is promotion of chemical free farming access the country, starting from corridors along river Ganga. This will certainly help boost exports and will ensure a healthier India." 

Vishal Saurav, Founder and CEO of VFLYX India

"After last year's drone rules relaxation, this year the budget gives huge boost to the drone technology. Large drones weighing 150 kgs can now be used across different sectors like Healthcare, Logistics etc. to create effective and efficient solution. The same will require more drone production which in turn help Government's make in India campaign. Start-ups has given license to produce and experiment with Drone Shakti so that it can be implemented as soon as possible. Drone based security surveillance which will be used in Railways will create more production opportunity. Also opening up the defense sector more to the Start-ups will create more opportunity for start-ups to experiment and create state of the art technology. Additionally, Kissan Drones will be huge boost to the agricultural sector which has so far remained untouched by this novel technology.  India being a country where most people still depend on agriculture for a living, this will give the sector a huge shot in the arm."

Ratan Deep Singh, India CEO, SkillUp Online

"This is a bold budget, and I am glad to see emphasis on three particular areas that have long term implications. First, the decision to tax cryptocurrency trade and launch a digital currency. This is good news, as the world is moving to cryptocurrency and this step formally recognizes an important emerging technology. Second, the setting up of DESH e-stack for up-skilling and reskilling. This will go a long way towards helping the common man to take upskilling courses that enable him to reshape his career in our fast-evolving world. And third, the setting up of a digital university and leveraging this via collaborations with educational institutes. These decisions are positive steps forward for universalizing education and skilling across the country.

Mangesh Panditrao, CEO & Co-Founder, Shoptimize

"The Union Budget announced by the Honorable Finance Minister today supports the recent growth momentum India is witnessing. We thank the Govt. for extending the tax incentive for startups and announcing a new Rs. 6000 cr fund to boost MSMEs and startups across India. This will open a new door of opportunities for startups & MSME's in upscaling their businesses.

We are also happy to note that the capital gains exemption for investments in startups has been extended, which will enable more investments in this sector, and encourage more venture capitalists to expand their portfolios."

Sudhesh Chandrasekar, Chief Financial Officer, slice

"Several initiatives announced by the government in the budget have been directed towards the country's financial inclusion agenda. The government's continued focus on digital payments and digital banking will contribute towards making the entire ecosystem far more robust. This inclusion showcases the government’s commitment to encouraging further adoption of digital payments in the country, especially in the smaller cities and towns. .  With the aim to take digital banking to every citizen in the country, the government's proposal to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks is another major step towards achieving our financial inclusion goals."

Lizzie Chapman, CEO & Co-founder, ZestMoney

"The Union Budget- 2022 presented by Union Finance Minister Nirmala Sitharaman reaffirms that the Government of India is betting heavily on Digital India and sends a strong message that India is ahead of the world in adopting technology. From continuing incentives for start-ups to thrust to digital payments via financial support to leveraging blockchain technology for a new ‘Digital Rupee’, the budget is an emphatic acknowledgment that fostering fintech innovations and digital banking is the only way forward for financial inclusion."

Nishant Agarwal, Founder, Proctur

"The Union Budget for 2022 appears to be optimistic for overall growth and rehabilitation of the economy, which has been harmed by the pandemic that has affected the entire world for the last two years. We have all witnessed the pandemic's devastation of the education sector, and as a result of the forced closure of schools, our children, particularly those in rural areas or from other weaker sections, have lost nearly two years of formal education. Realising the importance of education, the new budget comprises the PM eVIDYA's 'one class-one TV channel' programme, which is a great initiative and will be expanded from 12 to 200 TV channels, in consideration of the necessity to impart supplementary teaching and develop a robust system for education delivery. As a result, all states will provide extra education in regional languages to students in grades 1 to 12."

Rashi Gupta, Chief Data Scientist and Co-Founder, Rezo.ai

"Startup incentives, as well as notable and progressive skilling and upskilling initiatives, will undoubtedly serve as a successful catalyst for the country's economic growth. In this union budget, the government has made an unprecedented commitment to technology innovation and adoption. The introduction of digital currency, the rollout of 5G in FY22-23, and the use of embedded chips and futuristic technology in e-passports are all exciting developments for the country's future. Though we anticipate the government focusing further on launching more incubator and accelerator programs to assist businesses across the country."

Kapil Makhija, CEO, Unicommerce

The budget’s elaborate focus on building digital economy and technology-enabled development is extremely encouraging. As mentioned during the budget that start-ups have emerged as growth drivers for our economy showcases the immense potential of India's startup ecosystem.  Its evident that the government’s push on 5G, connectivity and logistics will  help the ecommerce industry to develop and grow further. Technology will be a key enabler here leading to improve logistics and ensure faster deliveries. We are excited to see this growth journey and are extremely optimistic about the future. Brands and companies’ increased focus on Tier 2 and Tier 3 cities will prove to be the real game changer. We look forward to continue to partner with the ecosystem players and simplify ecommerce selling with our technology solutions that will support the nation’s growth objectives, generate employment and strengthen India’s digital economy. 

Deepak Mittal,  CEO and Co-Founder, TO THE NEW

“The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth.”

Vaibhav Odhekar,Co-Founder & COO at POKKT 

"The Indian gaming industry is growing at an exponential scale and giving the long-due recognition to the Animation, Visual Effects, Gaming and Comic (AVGC) sector is a welcoming move. We believe this proposed move of creating a new task force will entice young professionals, creating job opportunities and drive economic growth. The initiatives proposed are steps in the right direction, however we will wait for concrete steps to be taken by the government."

Amit Ratanpal, Founder & MD, BLinC Invest 

"With Budget 2022, the government has clearly taken a stride in the right direction to support inclusion of technology in the education and financial services sectors. With initiatives like digital DESH e-portal, digital university, digital currency, and credit extension to MSMEs coupled with ease of doing business, increasing the penetration of EdTech and FinTech products to the masses will be the key area of focus for the coming years. However, a closer alignment with the budget allocation as per the New Education Policy would have added significantly to the current momentum in the EdTech sector."

Sakshi Vij, Founder & CEO, Myles

"The battery swapping policy that has been announced in the budget is a welcoming effort. It will give a huge boost to the commercial adoption of EVs in a big way. So, vehicles such as taxis, last-mile delivery vehicles, heavy commercial vehicles, and light commercial vehicles will get a boost. It will also improve the Inter-state movement of EVs which will make tremendous difference to the entire EV ecosystem."

Shankar Nath, Co-Founder, Junio

"I firmly believe that the introduction of the digital rupee is a very progressive step and, this will ultimately drive growth in the digital economy. This will help to promote a cheaper currency management system, and faster lending and payments. Moreover, it is a clear indicator of a cashless economy that gives impetus to the government's focus on cashless payments. I am confident that Gen Z will  take to the digital currency and tools in a massive way once it is launched. 

Apart from the above, schemes that favor children, tax incentives & support to startups, and an increased focus on digitization, make this Budget quite inclusive for millennials."

Farman Beig, Co-founder & CEO of Wat-a-Burger

"The government has been supportive towards the F & B sector and did announce some steps to help the sector bounce back by shifting the GST compliance onto online food delivery partners on behalf of the restaurants. However, some relief in terms of ITC (Input tax credit) would have further catalysed the recovery of the sector which otherwise is on the bleeding end. Currently, when the industry is struggling to manage the fixed cost with GST, it requires immediate boost, and cutting down ITC would have worked wonders."

Sumeet Mehta, Co-founder and CEO, LEAD 

"Overall, this has been a progressive budget as it accelerates the government’s efforts towards inclusive and sustainable development. As an educator, I welcome the emphasis on creating digital and free-to-air channels of education. However, at the same time, the budget appears to circumvent physical schooling. I sincerely hope that is not the case. While online learning was inevitable due to the Covid-19 pandemic, it would never be as effective as offline learning, which brings out the best in students in terms of learning outcome and performance. Online education can at best only play a supplementary role in education. I would have also loved to see a greater focus on improving the teaching and learning processes in our schools vis-a-vis infrastructure and tech-enabled curriculum. Going forward, I hope there will be policy changes in that direction.”

Arjun Khazanchi, CLO and Co-Founder, Rooba Finance

"The 2022 budget presented by the Hon’ble Finance Minister is one that is inclusive and well thought-out. With Consumer Price Inflation currently under 5 % which is modest and manageable, the Government has opened spending through zero-interest loans to States and expanded infrastructure funding by stating their intention to build 24,000 Km of roads. The Government has also been conscious of the needs of the Agri sector and provided adequate relief. Thereby covering core sectors along with sunrise sectors. One of the biggest changes which will positively impact the Indian economy in the years to come is the taxation of virtual and digital assets. By taxing the transfer of virtual assets at 30% the Government has set the ball rolling for the formalization of the sector and bringing it out of the fringe. By keeping the tax at 30% the Government has addressed fears of a 40% taxation which would effectively penalize the industry, prima facie. The Government given the economic survey noting that there was a 67% increase in revenue from tax collection is clearly not starved for income through taxation."

Ujjwal Singh, CEO and President, Infinity Learn

"The Budget 2022-23 has an inclusive approach. We are pleased that the Government has recognized the importance of digital learning provided by the EdTech companies in India. The extension of the PM eVIDYA initiative 12 to 200 TV channels will give the segment the requisite boost. Further, the availability of regional language educational modules from Class 1 to 12 will enhance the literacy rates in India’s hinterlands, over and above the metro cities. This will serve as the driver of socio-economic change, enabled through technology. Education specifically has taken a new direction that has made technology-based learning, whether online or blended, indispensable for our education systems. Digital learning holds the potential to empower the country’s grassroots level population through democratised access to education, thereby facilitating continued learning sans infrastructural challenges, pan-India."

Pranav Goel, CEO, Porter

“The Union Budget 2022-23 announced today has restored the much-needed confidence in the startups and logistics sector in the country.  The focus on the PM Gati Shakti Master Plan to fortify the logistics infrastructure with the help of digitization, will benefit young digital startups under this space. With enhancement of this multimodal national plan, the country hopes to ease bureaucracy and create seamless logistics infrastructure. The proposed unification of data exchange among all-mode operators will enable a positive momentum in efficient movement of goods. Furthermore, by laying focus on accelerating the capacity building of EV infrastructure, the announcement of the Battery Swapping Policy for electrifying urban mobility and clean public transport, comes as a welcome sign for companies hoping to move towards an electrified future. By extending the tax incentives to boost the startup ecosystem by one more year, the Union Budget has once again helped startups by providing the support for sustained growth.” 

Aloke Bajpai, Group CEO & Co-founder, ixigo 

“India’s startup hub is growing rapidly and is currently the third-largest startup ecosystem in the world. Extension of tax incentives of startups will provide additional support to the industry and will help them recover from the losses and hardships faced during the pandemic months. Ease of doing business 2.0 will empower upcoming entrepreneurs, foster local entrepreneurship significantly and give rise to a new generation of founders. Digital learning and upskilling policies announced will address the industry-academia widening gap and nurture entrepreneurship at the grassroots level." 

Mridu Mahendra Das, Co-founder and CEO, Automovill

"The Budget just refueled the ongoing initiative with the announcement of battery swapping policy, and charging stations setup plan. The battery swapping policy will enable adoption of battery as a service. This is also expected to reduce the running cost of the vehicle. With the increasing adoption of EV there is a need for simultaneous strengthening of the support infrastructure. Like new-age auto tech -service startups are upskilling and reskilling internally to support the maintenance end of it. As we have already launched India's first learning management system for bridging the gap between skilled,semi-skilled workforce across the country in line with government vision."

Sumit Ghosh, CEO, Co-founder, Chingari

"We welcome the budget 2022. It is a   promising budget to fulfill the dreams of thousands of crypto startups in India by opening various avenues of crypto assets. The announcements done by hon'ble finance minister Nirmala Sitharaman to introduce a 30% crypto tax is an encouraging development indicating the legalization of cryptocurrency in India. Further, the adoption of the digital rupee based on blockchain is a sign of the growth of making digital assets more accessible to the larger masses.

The budget is a gratitude towards the startup ecosystem by giving and accepting the new-age technologies and extension of tax incentives for startups respectively.  In the near future, we expect the government will continue to support and encourage digital currencies."

Prateek Ruhail, Co-founder and CEO of a homegrown clean beauty e-commerce platform, Vanity Wagon

"With the government allowing young startups for another year of tax incentive, alot of new gen companies would not face the brunt of increased taxation on post pandemic growth. With a widespread expectation of the economy bouncing back strongly, startups like Vanity Wagon are cushioned for another year beyond the already allowed 3 consecutive years."

Anshul Srivastava, Product Head, Keka Technologies

“Infra, and Rural are the only sectors that were the main focus in this budget. In the Banking sector, introduction of CBDC (Central Bank Digital Currency) using blockchain tech, and terming crypto assets as Virtual Digital Asset (although being taxed at 30%), is a step towards recognising Crypto. This would finally put an end to speculations around banning crypto assets. More focus is on economic growth, but nothing changes much for the working class. This much needed shift in perspective around crypto and digital assets is also expected to open up a whole new avenue of jobs and employment in the country. We're already seeing career opportunities popping up in blockchain just like we're noticing crypto businesses spiraling its way into the layman's economy albeit it being popular in select niches at the moment. Our economy- jobs, employment, business and everything in between - might've been bogged down by the pandemic, but we see an upward graph charting from here on. The country’s economy seems to be stabilising to counter the pandemic’s effects. “ 

Appalla Saikiran, Founder & CEO, SCOPE 

“The extension of Tax incentives for one more year to startups through 2023 is indeed a welcome move in view of the Covid-19 pandemic. The government’s focus on improving digitization, increasing digital and financial inclusion coupled with proposed several other initiatives to increase the ease of doing business will prove the key growth factors in the country.”

Ashish Singhal, Founder and CEO, CoinSwitch and Co-chair Blockchain and Crypto Assets Council (BACC) 

“We welcome the government's decision to introduce central bank digital currency (CBDC) to accelerate digitization. We also believe that various budget measures to improve digital payments adoption will induct more digital-savvy Indians into the financial ecosystem willing to explore newer forms of investing and wealth creation.  The regulatory guidance on tax from the government furthers the mainstreaming excitement of this emerging asset class with over $6bn worth of investments in India. It is also the gateway to the future decentralized world, aka Web3.0. Today’s digital-savvy Indians are willing to experiment with this emerging asset class. The budget provides clarity on taxation and shows the government’s intent to take a business-friendly approach while protecting the interest of consumers and the exchequer. We hope to work with the government to help bring crypto-asset taxation at par with other asset classes and participate in the central government’s vision to promote economic growth.’’ 

Gaurav VK Singhvi, Co-Founder, We Founder Circle 

“Indian startup industry has earned itself acknowledgement globally with funding on an all time high, and unicorns shining on the stage. Now that the Budget has announced the establishment of an Expert committee for VC/PE funding, it is clear that the government has adopted a progressive inclination towards further boosting the growth of the startup industry. The expert panel will analyse the industry and guide the government to accordingly scale up the funding, form favourable policies, and nurture the segment at national level. We can expect a healthier credit line for budding entrepreneurs, and a better penetration in tier 2 and tier 3 cities reaching innovative businesses." 

Charu Noheria, Co-Founder & COO, Practically

"The Union Budget is definitely a step ahead for the education sector laying emphasis on digitalization. From announcing "One Class, One TV" programme, to focusing on finding innovative ways to creating a simulated learning environment, we as a nation are headed in the right direction. Additionally, creating high quality e-content and introducing Digital Universities  will definitely see this sector scale to new heights.”

Amritha Gaddam, Founder and CEO, The Tribe Concepts

“The budget has various encouraging initiatives that will help in the growth of the economy. The government has taken well-defined initiatives towards the health and wellness sector which is the need of the hour. The extension to the startup sector on eligibility for claiming the tax holiday and exemption for investment by another year is a great move as it will help the aspiring entrepreneur and youth to set up their business easily. Additionally, the government's efforts to collect taxes and implement an economic recovery plan are yielding positive results.  That being said, we continue to hope for a reduction in the complexity of indirect tax compliance requirements for e-commerce platforms. Also, we appreciate the initiative taken by the government for women-led development."

Ashish Jain - Member at FACE and CFO at LoanTap

"The budget is progressive and addresses all the major expectations from various sectors including Fintechs, EVs, MSMEs, startups, etc. Allowing an extension of tax incentive by another year will hugely benefit the newly started ventures and will motivate the players to contribute to the macro-economic growth. The FM has suggested setting up an expert committee to monitor mobilization of funds to start-ups through VCs and Private equities which is a major welcome step. The introduction of central bank digital currency will further boost the digital economy and will hugely benefit the Fintech ecosystem. With the setting up of 75 digital banking units in the next two years India is set to become a robust digital economy."

Harminder Singh Multani, CEO, MyDentalPlan Healthcare Pvt. Ltd  

"The government had placed health care and well-being as one of the six pillars in the Union Budget 2021. With the pandemic still raging, it was expected that the government would continue to keep the sector in the focus and we are happy that it was indeed the case.  In today’s budget, the government has announced rolling out an open platform for the National Health Digital ecosystem, which will help various health workers across India. This is in alignment with PM Modi’s vision of the National Digital Health mission. We welcome this move and believe it will help in nurturing good health for all."

Mithun Majumdar, Co-Founder, 750AD Healthcare Pvt. Ltd.  

"The new tax regime does not allow 70 tax exemptions and deductions like 80D (which allows tax deduction on premium for medical insurance). This has been developed with the view of encouraging people to go for lower tax rates. Also, the new healthcare schemes such the National Digital Health Ecosystem, National Tele Mental Health program focused on the digital registries of health providers and health facilities, unique health identity and universal access to health facilities including mental health becoming the key focus, are some of the significant steps for the Indian healthcare system. Lastly, with a GST collection of Rs. 1.4 lakh crore, highest till now, the budget 2021 has proven itself to be a Once-in-a-century-Budget (as said by Nirmala SItaraman) and hopefully will continue in 2022."

Neha Puri, CEO & Founder, Vavo Digital

"It’s a positive step that the Modi Government has taken to recognise the Digital currency by bringing it under Tax net. Vavo has been working with various start-ups that work in crypto, the sense which we could get is that the digital is the future. We are going to see the new trend in NFT’s in India which is full of talent & art, giving them opportunity to grow. Another major step to make India truly a digital country is by announcing the auction of 5G spectrum in a time bound period. This will give access to faster internet speed which will in turn increase the digital content on citizens handset thereby growing the business of digital media industry and associated businesses."

Nitin Gupta, CEO & Co-Founder, Attero Recycling

"In the Union Budget tabled today, the Hon’ble Finance Minister has announced a slew of measures to further bolster the adoption of EVs in India. Taking into cognisance the constraint of space in urban areas for setting up charging stations, a battery swapping policy has been proposed. It has also been announced that the interoperability standards will be formalised soon. These steps will not just have a positive impact on the existing players but will also encourage new players that are planning to foray into the segment. We also welcome the government’s decision to issue sovereign Green Bonds in public sector projects to reduce carbon footprint in the economy. The budget also lays emphasis on transitioning towards a circular economy and touched upon Li-ion battery recycling and Electronic waste management. As the industry grows, we are aligned to play our part in the EV ecosystem by recycling end of life Li-ion batteries and helping India be Atmanirbhar in key elements such as Lithium, cobalt and nickel."

Mudit Garg, MD & Co-Founder, Vivaan Solar private limited

With the motive of Green and Clean India, the Financial Minister has allocated an additional Rs 19,500 ($2.62 billion) for production-linked incentives towards solar equipment manufacturing. This funds allocation will help in increasing the solar capacity by 280 GW by 2030. The government's focus is to manufacture high-efficiency modules and create integrated manufacturing units PV modules. The dependency on conventional energy and imports will decrease because of the improving Make in India plans. We are happy that the government is considering the solar sector and strategically working towards clean India going forward.

Madhusudan E - Member at FACE and Co-Founder & CEO, KreditBee

"Union Budget 2022-23  had special emphasis on Financial Inclusion, technology adoption and entrepreneurship, which is highly appreciable. Initiatives like Desh stack e-portal and interlinking of Udyam, e-shram, NCS and Aseem portals will surely contribute to the Digital Infrastructure and entrepreneurial push.

Introduction of Central Bank Digital Currency (CBDC), leveraging blockchain technology will influence the digital transactions and hence its implementation process will be something to pay attention to. Government’s recognition of startups as the drivers of economic growth is heartening. Measures like setting up an expert committee to suggest measures to help attract investment and extension of tax incentives period for startups incorporation by 1 year, will certainly aid in creating a healthy startup ecosystem. Equally encouraging is the Government’s bid to boost digital banking and financial inclusion with initiatives like bringing  100% of 1.5 lakh post offices into the core banking system.
In a broader sense, the Finance Ministry has presented a distinctive set of measures in Union Budget 2022-23, with a streamlined focus on rapid, holistic and inclusive economic growth."

Akshay Mehrotra - Member at FACE and Co-Founder & CEO, EarlySalary

"This budget, with its focus on digital inclusion and using digital to increase access to finance is a welcome one. As a Digital lender, EarlySalary is delighted to participate in this democratic solution for leveraging demographic-dividend. This will mean for the middle-class India to afford products and services using responsible-credit mechanisms. As a FinTech industry player, we welcome the idea of digital banks in a few districts, as well as bringing Post Offices to the core banking system. This would be a precedent for the Digital-only-banks and could become a reality soon."

Piyush Bhartiya, Co-Founder and CEO, AdmitKard

“The budget has been very much in line with the latest trends and changing paradigms in the education system. We are glad that the government is promoting digital education in India. The budget mentioned the launch of a nationwide digital university, which might be the answer to the long-prevailing gaps in the higher education system. What initially started as a result of the global lockdown, has now been acknowledged as the probable solution to the difficulty of accessing higher education in the country where 65% of the population resides in the rural region. Simultaneously, stressing on Higher education will reflect in the next generation's culture and quality of skill-set in the employment market," 

Sarvagya Mishra, Co-founder & Director, SuperBot

"The government has insisted on the development of digital infrastructure. Especially, in the education sector, the government has realised the need for a nationwide eVidya programme and digital university. This also opens prospects for new age tech startups to collaborate and contribute in establishing a robust digital infrastructure along with the government. New businesses have been leveraging technologies like AI, machine learning and data analytics, and have presented successful implications which might come handy in enabling the national education projects."

Ram Shriram, Founder, BharatATM 

"In the run-up to the Budget this year, one of the most popular demands by the startup ecosystem was the extension of the tax holiday, this is important to show the government's commitment to building a robust startup economy and ecosystem. This is immensely important keeping the number of new start-ups registered in 2021. This is going to be a boost for young startups in the country. The country now has over 61,400 startups recognized with almost 75% of districts having at least one startup each.

Himanshu Tyagi, CEO & Founder of Digikull

"The long prevailing skill gap in the market was a challenge for both- the recruiters, and youth of the nation too. With the launch of Digital DESH e-portal we can expect to fill in this gap to a certain extent. The interesting part is, that following the lockdown, adoption of digital medium had increased. The budget has leveraged this shift in behaviour to add to the ultimate aim of digital India. If the execution is right, we can gradullary expect digital learning to become the primary education system 5 years down the line," 

Apurv Agrawal, Co-Founder, Avni

"The pandemic has unravelled a lot of loopholes in the Indian healthcare system. Certainly, health was to stay a priority in the budget. The Budget announced the launch of an open platform for the National Digital Health Ecosystem . This will provide easy access to the available health facilities and health providers. Absence of the right information had created a ruckus during the first and second wave of covid. We are glad that the government took note of the same and has now resolved the challenge too," 

Gaurav VK Singhvi, Co-Founder, We Founder Circle 

“Indian startup industry has earned itself acknowledgement globally with funding on an all time high, and unicorns shining on the stage. Now that the Budget has announced the establishment of an Expert committee for VC/PE funding, it is clear that the government has adopted a progressive inclination towards further boosting the growth of the startup industry. The expert panel will analyse the industry and guide the government to accordingly scale up the funding, form favourable policies, and nurture the segment at national level. We can expect a healthier credit line for budding entrepreneurs, and a better penetration in tier 2 and tier 3 cities reaching innovative businesses." 

Rakesh Kaul, CEO, Clix Capital

"The other bright spots include the decision of extending the period of incorporation by a year for startups to avail of tax incentives till 31 March 2023, establishing 75 new digital banking units in 75 districts via scheduled commercial banks to help ensure a pan-India reach and allocating INR48,000 crore to boost urban housing, among others. These measures will benefit multiple verticals, including the BFSI segment.

The announcement of a digital rupee using blockchain is exciting per se, but one needs to wait and watch whether there will be any specific benefits for this asset class. But the 30% tax on any income from the transfer of digital assets can act as a dampener on efforts to create a virtual digital economy.

The capping of surcharge on long-term capital gains tax at 15% on transfer of any asset type is another commendable measure. Overall, the Budget should give a boost to the fintech segment.”

Mihir Jain, Sales and Marketing Director, Insight Cosmetics

"MSME sector contributes around 45% of India's overall manufacturing output. The 40 percent of exports and around 30 percent of the national GDP is by the MSME sector. We are pleased that the government has emphasized the importance of the MSME sector by allocating a fair budget of Rs 6,000 crores to the industry and its growth.
The budget also gives custom duty exemption on import of steel scrap being extended by a year to help the MSME sector.

Also, the Emergency Credit Line extension will help us a lot by extending Rs. 50 thousand crores to the scheme.
The government will also work on the additional fund of ₹2 lakh crore for Micro and Small Enterprises and expand job opportunities for the youth. Overall, this budget will help the MSME sector and the country's economic growth."

Kumar Gaurav, Founder & CEO, Cashaa

"The industry was waiting for the government to recognise crypto technology and innovation. Today, it is the beginning of a revolution when the government has itself announced the launch of digital cryptocurrencies. We, as an industry, have taken a step ahead towards adoption of digital currencies. Yes, currently taxation imposed is a little on the higher side, but the industry which was already growing rapidly in the absence of regulation, will now thrive with the government’s clear support."

Navneet Gupta, Founder & CEO, YPay

"India’s fintech system was a silver lining in the difficult times of lockdown and the pandemic. The nation has been bullish with digital payments, and the current budget has further fueled the same by announcing 75 digital banking units in 75 districts. Inclusion of 1.5 lakh post offices under banking system with digital infrastructure enablement will promote financial inclusion, and accelerate shifting micro economy in the mainstream banking system. Gradually, all the efforts will strengthen credit access, and payments in the MSME system will certainly reflect in the nation's economic growth at large,"

Rajan Bajaj, Founder and CEO, slice 

“The government's increasing focus on deepening digital banking is encouraging. Setting up Digital Banking Units across districts and creating access to digital banking is a step in the right direction towards achieving our financial inclusion goals while we wait for more clarity on the precise definition of DBUs.

Backing all of these efforts with a world-class fintech hub that the Government has proposed to set up will transform the way financial services are delivered."

Greg Moran, CEO & Co-Founder, Zoomcar

"In this year’s budget, the Finance Minister made a couple of announcements around the auto industry that will boost the industry overall, and will also enable us to deliver better. With the reforms coming in play in the automobile industry in India the Battery Swapping Policy on being implemented  efficiently will benefit the entire EV ecosystem including manufacturers and charging infrastructure players. As a result of this policy and its appropriate execution, the adoption of EV will see a significant boost in India. The government will also encourage private players to become a part of this new development and its process in setting up adequate infrastructure. While this policy will enable wide-scale adoption of electric vehicles, it will also contribute to achieving net-zero goals of the country."

Dhruv Sawhney, Business Head and COO, nurture.farm 

"As a part of the agri-tech industry, I firmly believe that the budget should not only focus on economic but also enable sustainable development to secure future generations. Putting climate action as one of the focus areas of the budget is a mega move from the government. The AgTech sector plays an important role in educating farmers on sustainable modes of agriculture, scaling the operations, and reducing the carbon footprint that are an outcome of the agricultural practices. The announcement towards launch of sovereign green bonds for projects signals India’s strong commitment towards a low carbon economy. It will help to bring down the cost of capital for green projects by attracting new investors and mobilising private capital towards sustainable development. This will further boost our efforts to make agriculture sustainable by helping farmers earn more through adopting sustainable agricultural practices."

Roshan Farhan- Founder and CEO, Gobillion

"Start-ups are the next high impact growth drivers for the Indian economy and will promote an Atmanirbhar Bharat.

The proposed extension of tax incentives for one more year will help startups at the early stage attract more funding and optimize their working capital.

The proposed fund for promoting agri-tech startups and rural enterprises will boost the rural economy.

We are excited for India's economic growth this year and looking forward to startups playing a pivotal role"

Siddharth Kukatlapalli, Co-Founder and CBO, Syntizen

"India has more than 61,400 startups recognized by the DPIIT. The growth in the number of startups and unicorn-startups in the country, exhibits the potential that the startup community brings to the economy. Not just the variety of services and products, but also the contribution of startups to the economy holds a significant place. The provision made for startups, in today’s budget announcement, of implementing tax incentives to startups for four years of incorporation is a big step for enabling and encouraging newer startups. This will help startups in attracting more funding, therefore optimizing their working capital and continuing to drive growth for the economy."

"In order to promote digital footprints We appreciate the intiatives announced in the budget by the honorable FM. 75 digital banking units by scheduled commercial bank in different districts will enhance banking penetration to the last mile.  E passports using embedded chips, futuristic technology is another digital intiative which Govt plans to complete by 2023. Allocation of 48000 cr to PMAY scheme to complete 80 lakh homes will boost affordable housing sector. Govt also proposed to expand E vidya to 400 channels and establish digital universities. Credit linked guarantee scheme extended till March 2023 will support the MSME sector during these pandemic time. Overall seems to be a futuristic budget where a lot of thrust is given to more digital expansion and to promote start ups and fintech."

Amit Das, Co-founder and CEO, Think360.ai 

"There were occasional glimmers of positive change:– the core banking system modernization of post offices, thereby creating transfer and interoperability between post office accounts and bank accounts;
-set up of 75 Digital Banking Units in 75 districts;
-NGDRS (National Generic Document Registration System) aiming to drive Unique Land Parcel Identification Number"

Vineet Tyagi, Global CTO, Biz2X

The Government's aim to spread digital banking services to remote areas in India is a welcoming move. The Finance Minister proposes the inclusion of Post Offices in the core banking system customers. With this, Post Office account holders will be able to make online transactions and even transfer money to other bank accounts through net banking. This will be beneficial especially for farmers, senior citizens and SMEs in rural areas, enabling interoperability, and financial inclusion. He further added, “Acknowledging Digital rupee is a great acknowledgement by Government and is a massive digital boost. It will promote fintech and technology-based development which is a much needed push. The use of technology in every important project is the key highlight of this year’s budget and an epitome of “Naya Bharat.”

Anuj Kumbhat, Founder and CEO, WRMS

The Union Budget 2022 has opened new ways of farm and grain procurement for FY23 with an allocation of Rs 2.37 trillion. It also promotes chemical free natural farming to boost sustainable agriculture productivity and income of farmers that will help WRMS align its services better and explore our utmost potential while providing farmers with high-end sustainable agriculture services progressively throughout the country. The budget also brings in picture a comprehensive package of participation of state governments and MSMEs to help farmers adopt natural farming practices; tremendously helpful for us to promote sustainable agriculture at a better pace. 

Archit Gupta, Founder and CEO, Clear

“Union Budget 2022 saw a few key GST updates in the Central Goods and Services Tax (CGST) Act, especially surrounding the cancellation of GST registration and tighter input tax credit claims.

Return filing too has become more rigid with taxpayers disallowed from filing their returns if there are pending returns for previous tax periods.

The GST updates this Budget are an indication of tighter GST laws to come. Taxpayers cannot default in filing their returns or inaccurately claim input tax credit anymore. Even small discrepancies could result in huge penalties or GSTIN cancellations.” 

Nandini Mansinghka, Co-Founder and CEO, Mumbai Angels

"The budget read more like an overview of the economy and its direction, with very few details. Most submissions for changes in the venture capital and private equity industries have not been addressed, with the promise of an executive committee to be set up for reviewing the rules. The one big announcement of course is the acceptance of digital assets as a reality with a 30% taxation."

Milind Borate, Co- founder and Chief Development Officer, Druva 

“The government recognizes that as it puts its thrust on digital transformation to usher in economic growth the human capital of the nation needs to be modernized, digitally empowered and rightly skilled, and this is a very welcome move. The DESH- Stack eportal and the formation of a digital university are all steps in the right direction and a major push towards upskilling & reskilling that should go a long way in addressing skill gaps and employability issues of the industry.”

Anurag Garg, Founder and CEO, Nivesh.com

"To me it is a very impactful budget, benefits of which will be realized in coming years. In investing, we promote long-term over short-term. I feel this budget is also focused on the long-term future of the economy rather than focusing on short-term populist measures. There has been a strong focus on adoption of digital at all levels, which will go a long way in bringing transparency and efficiency. This includes the initiative of taking e-services to villages and spending on laying optical fibers to all villages for easy and fast internet access. Then the step of introducing a single registration process across the country for land is going to be a major reform. Government is also keen on promoting MSMEs and startups and announced various measures, including extension of tax benefit by one more year. This will boost entrepreneurship and eventual economic growth. January had an all time high GST collection of Rs. 1.4 lakh crore which clearly signals that economic recovery post covid is very much real and this budget will provide more pace to the recovery. No benefits have been provided to the salaried income tax payers, which is likely to disappoint this class."

Kumar Abhishek, Founder and CEO, ToneTag

"The budget is in line with the convictions and ambitions of the government to push digital inclusion to the remotest parts of the country.The proposal to set up 75 digital banking units through scheduled commercial banks and connecting post offices to core banking is a step in the right direction and will prove to be a vital probing point for digital reception and acceptance.The allotment of capital for research and development for start-ups and exemption on various tax fronts will provide a much-needed leeway for start-ups to focus more on innovation and product development. It also opens up avenues for start-ups to diversify and expand into new territories.

This advancement in innovation coupled with the massive boost in digital infrastructure will not only reinvigorate the existing digital ecosystem but also provide an easy path for start-ups, especially Fintech firms, to penetrate deeper into the country."

Ankur Gupta, Founder & CEO of Ruptok Fintech Pvt Ltd.

“Continued incentives for startups will help them curb the impact of COVID. We are glad to see a digital-economy-focused budget. The proposal to set up 75 digital banking units is an incredible push for the lending sector in India. Digital adoption and payments will also expedite the growth of fintech startups in the country. This move will help India to become a digital-first country”

Vikram Subburaj, CEO, Giottus Crypto Exchange

“We are delighted by the announcements today. It gives relief to a lot of investors that the Government is recognizing the crypto asset ecosystem and has taken efforts to give clarity on its taxation. This legitimizes the crypto asset in the country and paves way for a formal umbrella of regulations going forward. A standardized 30% tax treatment is welcome though we await the details on what is a taxable event and what is the threshold for 1% TDS deduction. We do hope that the Government will give exchanges and other businesses a certain time period to enable the tech behind TDS deduction and bookkeeping. Offsetting and carry forwarding losses have worked well in other countries but we are happy to see a consideration given to all such instances. The issuance of a central bank digital currency (CBDC) by the RBI will enable an efficient transfer of digital rupee much like UPI, IMPS or NEFT. This can make transfers cheaper and enable 24x7 serviceability. Overall, we believe that the ecosystem along with its businesses and investors are primed for growth in the upcoming future. The Government, we believe, has already laid the foundation for a future thriving and sustaining industry.”

Hiren Shah, Founder, The Men's Lab

"The startup industry contributes a lot to the economic growth of the country. We are extremely delighted that the government acknowledged the role of this industry and gave reasonable exemptions to our sector. We are happy that the government has given 1-year tax relaxation for startups, this would help us recover in the post-pandemic era and offer better products and services to our customers. The budget allocation of 5.5 Lakh Crores also seems fair and would help us grow as an industry in the coming year. Also, the digitalization model will help us and the consumers more in easy transaction options."

Rajat Jain, Co-founder - Pataa

"The Union Budget 2022-23 is all set to take India towards digitalization. With exciting announcements like a boost to the tech-driven drone industry, we believe that this is the perfect time to give the much-awaited push to technology and start-ups. The finance minister announced the opening of digital universities to impart technical education to everyone in order to realize this dream.

Make in India will provide 60L jobs to the youth of India, which will help us in contributing more towards the economy. The government aims at enabling technology and digitalization in rural areas of the country through which the overall tech advancement of the country will be enhanced. Another brilliant move by the government is the provision of tax incentives till 2023 which will provide some relaxation to the start-ups."

Shams Tabrej, Founder and CEO, Ezeepay

"Witnessing the digitalization in India, we think it is a sound decision by Finance Minister to work towards a digital ecosystem. The plan of this fiscal year hints towards encouraging digital courses by setting up more Digital Universities and making people more digitally educated. Also, the inclusion of digital banks in rural areas, bank ATMs in post offices, and digital payments will help make banking in rural areas better. This year, the government has shown promising improvement in rural banking and tech literacy. This would lead to a better banking experience in rural areas and make the country's digital come true. Furthermore, the government plans to set up a fintech hub at Gandhinagar Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC) — popularly known as the GIFT City — to offer a platform for fintech startups to expand globally. With all these initiatives, we can improve the banking experience for our customers."

Nikhil Agarwal, Co-founder and Chief Corporate Development Officer, Powerhouse91 

"This year’s Union Budget is balanced with clear focus on growth, infrastructure investments, initiatives for new businesses and push for domestic manufacturing. Some highlights affecting the startup ecosystem and eCommerce sector are quite encouraging, especially the extension of the startup tax holiday scheme and the ‘One Nation, One Registration’ initiative. Further, the ‘Unified Logistics Interface Platform’ would provide for efficient movement of goods through different modes, reducing logistics cost and time, assisting just-in-time inventory management, and eliminating tedious documentation."

Nishi Singh,  DirectorHOD (Department of Infertility & IVF)Prime IVF 

"Walking the Digital India lane in the budget announcement, the Finance Minister of India announced an open platform for the National Digital Health Ecosystem. This platform would help a lot in structuring the whole Indian healthcare under one roof. We are very happy that now all the digital registries of health providers and health facilities, unique health identity, and universal access to health facilities will be easily accessible.

Another amazing takeaway for the healthcare sector and especially our IVF industry is the promise to revamp the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0. The pandemic has taught us that the only thing we have learned is that life is unexpected, and we need to be ready for anything and everything. And in a situation like Covid, healthcare should be our first priority."

Sachin Chopra, Co-Founder and CEO, Ninety One Cycles

“The fiscal budget 2022-23 was extremely new-age as anticipated and promising for growing businesses especially within the ambit of Atma Nirbhar Bharat and Digital India mission. We welcome the Government’s revamped focus on urban infrastructure and development. We believe the introduction of town planning schemes and transit-oriented development will create a massive opportunity for e-mobility in India. The policy push towards building and improving efficiency of India’s EV ecosystem will play a crucial role in encouraging more and more consumers to adopt eco-friendly ways of commuting for both short and long-distance travel.

 Initiatives like Drone Shakti for startups and an expert committee to help attract investments, PE/VC is an encouragement for many players with the mission to expand their businesses and export goods manufactured in India to the world. In the larger context, this strengthens India’s mark on the global map and continues to be the manufacturing hub which will also boost FDI. The budget is very holistic and definitely aimed for the next 25 years as assured by honorable FM in her opening statement."

Akshay Chaturvedi Founder & CEO, Leverage Edu

"I believe the 2022 budget is focused around smart digital expenditures in not just education, but across sectors! A very forward-looking budget in my opinion that will enable startups take lead in India's next phase of development. Introduction of the e-passport facility will decrease friction in the immigration process and I look forward to Indians getting access to such world-class tech. Lastly, steps like capping off long-term capital gains at 15% clearly position this as a document which heard and implemented feedback from all quarters, and that’s amazing!”

Rishubh Satiya, Co-Founder, Plix

"Being a startup we are pleased to see that the budget has once again prioritised our needs. The decision to extend tax incentives to March 2023 is a welcomed move. The pandemic has been difficult for a lot of businesses. Many startups had to pivot overnight and this extension is a great way to support the fraternity. Plix being a plant based wellness brand, welcomes the attention being given to the sustainability movement. The budget also focuses on the need to prioritise mental health. However, we were hoping to see some decisions to support overall health and well-being. We also hope that in the future the ministry prioritises the need for sustainable and clean living. "

Shekhar Jain, Co-founder, OMOTEC (On My Own Technology)

"Setting up a digital university is an excellent step by the govt. Also focus on teachers training for usage of new digital equipment along with making content available for students in grade 1 -12 in different languages is an excellent step in the right direction.  Impetus being provided to Academic Institutions to focus on Research and Development is an added welcome."

Rajeev Dwivedi, CEO, LivePixel Technologies

"AVGC sector has seen tremendous growth of 30-35% in the last year and yet is short of artists, programmers and creative contributors. The sector has a voracious appetite to absorb talent and deliver content and products that has mass appeal. The proposal of a task force is a much needed welcome step in establishing and building world class skill centres providing highly skilled resources that help meet the huge global demands for an industry expected to grow and reach upto USD 30 billion by 2023."

Chirag Agarwal, Co-Founder, TravClan

"Being a B2B travel tech Startup, we are happy to see that the ministry has prioritised our needs and has extended the tax incentive until March 2023. This is a much needed relief for new businesses such as ours to sustain and it’ll also help a lot of new startups to take off. From a travel perspective, since travel agents are considered our primary partners, we welcome the much deserved loans that are being introduced to give this sector some relief. The pandemic has been tough on the industry and this decision will not only aid our business but will also impact the entire industry on the whole." 

Tarak Bhattacharya, Executive Director at Mad Over Donuts

"The budget unfortunately has given no attention to the hospitality industry in particular. Our industry continues to bear the brunt of the pandemic, probably more than a lot of other sectors. We were hoping for some relief or some measures that would help the industry in the months and years to come. However the bright side is the push to local tourism. The introduction of new trains and routes will see a rise in domestic travel which will certainly generate consumption. Further, real estate has been given a good push; which may lead to the growth of the retail industry, which may boost our sector to an extent." 

Lalit Mehta, Co-founder & CEO, Decimal Technologies 

“The focus on fintech and technology enabled development right at the outset of the budget speech set an encouraging tone for the industry and the overarching vision of an all-inclusive digital economy.

Starting with the paperless budget, the common thread throughout the Finance Minister’s speech was the focus on promoting digital and technological innovations across sectors, which will spell accelerated growth for technology led development, energy transition and climate action, while ensuring an inclusive welfare society. It is heartening to see a sustained push towards making the benefits of digital banking reach every corner of our country with an initiative that marks the 75th year of independence by establishing 75 digital banking units across 75 districts. Core banking across hundred percent of the 1.5 lakh post offices by 2022, financial support for digital payments ecosystem, and a 6,000 crore rupees programme to rate MSMEs to be rolled out over 5 years, are some much needed steps in this direction.”

Jitin Bhasin, Founder - SaveIN 

 "Union Budget 2022 is extremely progressive and forward looking in nature. Especially for startups, the tax exemption to eligible startups, incorporated before 31st Mar, 2023 is going to provide much needed cash flow boost to startups in their formative years.

Setting up of an Open platform under the National Digital Health Ecosystem is a welcome move and much needed with an aim to accelerate digital health push. The fintech sector has a decisive role to play in furthering accessibility and affordability of healthcare products and services. Overall, budgetary provisions look progressive." 

Gaurav Kumar, Founder & CEO, CredAvenue

“This budget will provide a major boost to the economy, allowing it to gain traction and meet its growth targets. While this budget might be regarded as a response to the pandemic year, it also demonstrates the government’s intention to boost banking and fintech confidence by strengthening the digitalisation of the entire financial ecosystem. Digitalisation will assist in improving the loan ecosystem as a whole. The plan to establish 75 digital bank units and the post offices’ inclusion in the core banking system will aid financial inclusion and familiarisation. This will have a multiplier effect on the digitalisation and fintech ecosystem as a whole. The reduction in surcharge on the sales of unlisted stock and the extension of tax incentives by one year for start-ups will boost the overall start-up sentiment. This budget has given a strong direction to digital and tech-driven financial growth.”  

Harshil Mathur, CEO & Co-Founder, Razorpay

"To bolster the startup and fintech ecosystem, we welcome the government’s decision to establish thematic funds to promote and encourage sunrise sectors in India. The introduction of thematic funds, where the share of the government would be limited to 20%, the Government of India has established a constant flow of capital for the sector, enabling it to innovate and grow, while at the same time generating wealth for investors."

Kunal Varma, Co-Founder and CEO, Freo

"This year's budget is quite interesting given the times that we are living in and the challenges that we face, like inflation and growth. We can see a clear mention of, and push towards digitization across sectors. 

An overall focus on digitization of infrastructure, particularly in banking and transactions, is very exciting to observe. All our post offices (which have a tremendous physical network) are to come on to the core banking system. This will create massive distribution in the banking ecosystem. What we didn't see happen through the Payments Bank license in its original avatar, might happen now with this new push."

Prerna Kalra, CEO & Co-Founder, Daalchini Technologies

"In today’s budget, the Government has emphasized on escalating the performance of MSMEs. The extension of tax benefits is a great move to ensure the speedy recovery of businesses – especially micro and small - in this segment. Extending the period of incorporation for eligible startups by another year will give these players some relief in terms of time to set up their operations and leverage existing tax incentives. Additionally, the announcement to popularize ‘One Station One Product’ will certainly help local businesses and supply chains. 

Sankalp Mathur, Co-Founder & CRO, NIRO 

"The steps taken by the Govt. to push financial inclusion and make FinTech more accessible to rural settings highly depends on the availability of infrastructure for the same in these areas. The digital banking units show some promise in this avenue, but in order to actually boost inclusion in these areas a lot more than 75 units would be required. We duly commend the government's initiative to encourage FinTech consumption. We believe that this financial year is going to be a crucial curve for the payments ecosystem in the country."