Fintech, start-ups expect digital push in Budget

New Delhi: Fintech firms and start-ups expect the government to usher in a new set of reforms in the upcoming full Budget for the current fiscal and hope for tax relief, funding access, and further push to digital economy.

It come at a time when the consumption demand is not growing fast enough, investment is tapering and exports are falling.

Finance Minister Nirmala Sitharaman will unveil the full budget 2019-20 on July 5. The interim budget was presented on February 1, as the general elections were due in April and May to form the new government.

Loyalty programme firm PAYBACK Chief Executive Officer Gautam Kaushik said Prime Minister Narendra Modi's second term with an even bigger majority provides an opportunity to be decisive on the policy front.

"We expect a bolder approach to reforms and usher in reforms 2.0 for the economy that has been facing issues of domestic consumption not growing fast enough to offset a weakening global economic environment coupled with slow growth in investments and subdued exports," he said.

In 2018-19, India's economic growth had slipped to a five-year-low of 6.8 per cent, lower than 7.2 per cent in the preceding financial year.

"We expect Budget 2019 to continue with the tone set by the interim budget, which was built on the theme of offering exemptions to taxpayers, maintaining fiscal prudence, support to farmers and encouraging digitalisation," said Gaurav Gupta, co-founder and chief executive officer (CEO), Myloancare.in.