“Annual budgetary exercise is the most anticipated regulatory update by the salaried individuals, the key contributors to the country’s tax revenue. It is expected that there will be a change in tax slabs or in terms of tax-related relief. As the working population is India’s primary source of tax revenue, they are the target of the most expected regulatory changes from the Union Budget 2023.
As it is expected that in the upcoming budget, some relaxations will be provided to the personal loan borrowers, we look forward to 35% of the Indian lending market as a lender. The salaried group also anticipates long-term benefits like healthcare, higher education, superannuation, and post-retirement benefits from the government in the upcoming budget.
One of the most important demands the businesses have from the government for the next Budget is to further ease the financial burden for start-ups in the fintech industry. The industry also wants depreciation on the fixed assets used by fintech companies to save on taxes. The government should be helping smaller NBFCs and fintech companies, working on their product in Tier-2 and Tier-3 cities with adequate co-lending limits, rates to develop the fintech industry and become fully digitalized. We hope that the 2023 budget will prioritize the policies and add to the fintech sector growth.”