India Start Up Inc. Shares Post-Budget Insights

In this article, we feature some of the budget-centric insights from the prominent CEOs and Head of Businesses of leading fintech and emerging technology companies.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

“The Finance Ministry’s announcement of allocating Rs.1,500 crore from the Budget towards digital payments is a good step towards incentivising financial inclusion in the country. RBI’s announcement of Payment Infrastructure Development Fund (PIDF) too is extremely encouraging and is creating a strong foundation for the proliferation of digital payments in India. Even if 0.3% MDR is reimbursed from this fund to the merchants who suffer MDR, it could help process Rs.5 Lakh Crore annually.  Additionally, the fund could be utilised towards strengthening the payments infrastructure in the country. This is especially critical in rural and semi-urban areas where ATMs are not a viable option and being phased out. Deploying infrastructure like POS terminals, Micro ATMs and having a robust business correspondent network is crucial to the process of widespread digitisation and access to financial services.

“Considering the challenging year faced by the Indian economy, the Ministry of Finance has put up a fine balancing act. While initiatives to support digital payments are few, the budget showcases a strong intent to continue driving a less-cash ecosystem. On one hand, the Union Budget 2021 has various encouraging initiatives that will propel aspiring entrepreneurs and boost small businesses. On the other hand, it renders a lot of focus on uplifting the lower stratum of the society which includes the migrants, gig workers and farmers among others. The pandemic-induced economy has played an important role in dispelling the long-held scepticism regarding the gig workforce’s efficiency and dependability.

The proposal to extend social benefits to gig economy workers and farmers along with a portal to register their details will pave the way to formalize the sector and create employment avenues amid a robust ecosystem to fulfill the government’s Aatmanirbhar vision. Furthermore, initiatives such as the development of a world-class fintech hub at GIFT, investor charter and a dedicated fund of Rs 1,500 crores for digital payments are extremely encouraging as they will augment innovation within the fintech industry and accelerate the pace of a financially inclusive, cashless economy. we are eager to explore the new and exciting opportunities that will emerge.”

Moreover, some regulatory changes towards tax exemptions for creating BC infrastructure and GST waiver for the BC Agent-based services would go a long way to support digital penetration in tier II towns and beyond.  Though per the existing policy, GST is exempted for serving rural areas’ bank accounts, however, for anyone sending money from urban to rural areas, the transaction doesn’t get recognized as rural, thus nullifying the policy objectives. Hence, GST waiver for any remittances conducted by BCs can help sustain the drive to provide branchless banking in the country.”

“ICC would like to present its highest compliments to Finance Minister for presenting a Bold, Growth oriented and historic budget in many ways. By increasing Capital Spending by 34.5% over last year @ Rs 5.54 lakh crore, this Budget aims at Demand Driven Recovery in Output and Employment, the need of the hour.

ICC compliment Government for keeping higher fiscal deficit target of 9.5% this year and 6.8% for next year which would be funded through borrowings and disinvestment. Industry would like to thank FM for keeping the taxes more or less unchanged during these trying times. The budget lays strong emphasis on Ease of Doing Business, reduced compliance, Transparency and Trust which is much needed at this time of economic crisis.

This is a budget for a Healthy India with a strong Infrastructure and Industry. Rs 64,180 crore would be spent on Healthcare over 6 years with additional Rs 35,000 crore on Covid Vaccine in Fiscal Year 2021-22. Roads and Railways have received Rs 2.28 lakh crore in FY 21-22. Swachh Bharat 2.0 with an outlay of Rs 1.41 lakh crore would be implemented over 5 years. Jal Jeevan Mission for clean water would get a support for both urban and rural areas.

ICC compliments the Government for specific supports to Textile , Housing, Fishing, Tea, Agriculture, Energy and others and the PLI Incentives of Rs 1.97 lakh crore for new Investment. The Budget is in line with Atmanirbhar Bharat Vision of Hon’ble Prime Minister Shri Narendra Modi. In line with the vision, the budget proposes PLI, rationalization of customs exemptions and raises duties on products which can be manufactured in India. Al the same time ensures availability of raw materials for Indian Industry.

ICC welcomes measures like announcement to form an Asset Reconstruction & Management Company; Institution to deal with for NPA/Bad L****, Decriminalization of provisions related to Limited Partnership Act. Revision of Small Industry Definition – Paid up capital 2.0 Crores & Turnover limit revised. All these will boost liquidity and reduce compliance burden

Mr. Ameya Prabhu, Chairman – ICC Western Region and Partner – UAP Advisors

“This is an excellent growth focused budget that has given a booster dose to the Indian economy with a massive fiscal infusion into transportation, railways and agriculture infrastructure. The focus on the Kisan is paramount and will help boost Agriculture productivity and farmer incomes. Divestment of dormant assets and PSU disinvestment will bring in a breath of fresh managerial air and help boost returns and growth. Finally, a sound and measured taxation policy ensures that the post Covid growth momentum is not derailed. Atmanirbhar Bharat means we stand on our own two feet, create IP, strengthen ourselves as a services and manufacturing hub and integrate in the global economy as a net supplier. The markets have welcomed FM Ms. Nirmala Sitharaman’s budget under the visionary leadership of PM Modi. Sabka Saath, Sabka VIkaas now has Sabka Vishwaas.”

Murali Iyer, CEO and Principal Officer, InsureNearby

“Increasing the FDI limit to 74% from the current 49% in the insurance sector is a welcome move by the government which was long overdue. Providing equal rights to foreign partners will help open up the sector while offering the much-needed capital infusion. This will provide a huge fillip to employment opportunities besides helping boost insurance penetration, especially in the hinterlands of the country. Additionally, the move will also help Indian shareholders to find new buyers easily, thereby eyeing a smooth exit.

At just about 4%, India has one of the lowest insurance coverage ratios among the most populous nations and this amendment is likely to put the industry back on the growth track from the present stagnation period. Upscaling FDI in the industry will also encourage innovation-backed tools and technologies that will help drive inclusivity at the bottom of the pyramid. This is likely to boost growth and transformation and will put the insurance sector at par with the banking sector.”

Adding further, Rajesh Jha, Co-founder & Director, PayNearby mentioned, “The increase of FDI limit in insurance is an extremely favourable move for the industry. Considering the skewed nature of insurance penetration in the country, we require innovative, cost-effective tools to cater to the target audience of which 90% is still unbanked and underbanked. The increased FDI limit will offer true metamorphosis for the sector as capital infusion will help businesses expand, aligned strongly with the government’s vision of financial inclusion.”

Mandar Agashe, CMD, Sarvatra Technologies

“The Union budget 2021 has lot of encouraging initiatives for the startup ecosystem and meets some of the expectations of the Fintech industry.

We are happy that aspiring entrepreneurs and small businesses will benefit from the measures government  has taken including broadening the definition of start-ups, simplifying regulations, providing income tax exemptions amongst others. We believe that this announcements will give startup economy a boost!

Also, Considering digital has changed the way transactions are done, Fintech is an important thread for financial inclusion, hence creation of Fintech hub in GIFT ISFC will help companies step up their activity, grant them incentives, help them raise more funds, and create more collaboration opportunities for growth. These initiatives are likely to create a strong foundation for cashless payments and pave a path for robust and sustainable growth for the industry. Besides, the move to  provide financial incentive to promote digital mode of payment will further give boost to digital transaction.

Hence to summarize, the vision of the government is to be digital first, promote the domestic industry and create an adequate infrastructure and the budget lays down its foundation through focused policies in the same direction. At Sarvatra Technologies, we will continue to offer our support to enable government and start-ups to achieve their goal and be a part of the growth story.”

Sudarshan Lodha, Co-founder, Strata, a leading fractional real estate platform

“Considering the challenging year the country has been through, I would like to congratulate the finance minister for putting up a bold budget focussed on growth. It is extremely encouraging to see that the budget bets big on the infrastructure industry to help kick-start the economy. Divestment and monetisation of assets across industry including airports, ports, railways and freight corridors is a big stride and will go a long way in making India Atma nirbhar in the real sense of the term. This will also offer a big impetus to fractional investment models in real-estate. Instead of solely depending on the developers for the supply side, the industry can expect big government assets on the block thereby opening up the industry further to retail investment.

Considering infrastructure needs long term debt financing, a professionally managed Development Financial Institution will act as an enabler, while an Asset Reconstruction Company and Asset Management Company will usher in consolidation in the sector. Additionally, Debt Financing of InVITs and REITs by Foreign Portfolio Investors will help boost much needed liquidity in the sector, whereas reduction in taxes and measures for affordable housing will spur consumption and growth at the retail level.

The budget also offers big boost to the startup sector. Besides extension of a tax holiday, extended capital gains exemption for investment in start-ups by another year will help the sector attract more funds. This will encourage more entrepreneurs to join the bandwagon while also evading the cumbersome compliance procedure.”

Sanjay Bhatia, Co-Founder & CEO, Freightwalla

“For most of the last year, the shipping & logistics sector has been under strain due to global headwinds. The industry was expecting short term measures to lower the current pressure faced by the industry. Having said the budget did include steps to boost the sector in the long term. Invitation to private players to manage the ports is a beneficial move for the industry. Private port management players having knowledge and competencies can transform the overall functioning, thereby increasing its potential in shipment handling. It can also lead to digitizing the entire port facility and providing an experience to the consumers and users.  The industry provides direct and indirect employment opportunities to millions of people in the country. The launch of the scheme to promote merchant ships’ flagging will further give a rise in employment. It also sends a signal that the Indian government is welcoming to the international logistics industry.

Additionally, the goal to double the ship’s recycling capabilities is another move to generate career opportunities among the nation’s youth.  Aggressive road infrastructure push will help in smooth cargo movement to and fro from port to shipper. Overall it has been a reasonable budget for the sector, more investments or steps to digitize the industry could have made it even better.”

Sucheta Shah, Executive Director, Atlas Integrated Finance Ltd.

“An extremely well structured and a forward looking budget encompassing all sectors and detailed steps for implementation. The ground level reforms in Health Infra, Agriculture, finance, education sectors have been supported  by the necessary acts and regulations from the top level. The Development Financial Institution, Increase in FDI in insurance and the PSE and PSB divestment will provide the much needed boost to the financial sector. Tax consistency and transparency are a big relief for tax payers.  The budget comes when India is trying to get its growth back on track and create enough jobs for its workforce. Hence we think, its overall a growth budget providing huge employment opportunities for the Indian economy. The development of Infrastructure is fundamental to the revival of the economy and this continued boost from the government will have a multiplier effect on various sectors that provide material & equipment for construction & development. We believe that the Infra sector will be at a great advantage as each sub sector , shipping, railways , roads, energy and power has been addressed with specific reforms. Also, the introduction of DFI and a Single security market code will enhance the liquidity in the secondary markets and enable smooth capital market  operations. Overall, the budget is poised to bring us closer to  the dream of an Aatma Nirbhar Bharat and positioning India as an alternative global destination for manufacturing and innovation.”

Tapan Ray, MD & Group CEO, GIFT City

“The slew of tax incentives announced for GIFT IFSC in today’s Union Budget have once again reaffirmed the Govt. of India’s commitment to develop GIFT IFSC as a global financial hub. The tax announcement would help in attracting global players in the Fund business, aircraft leasing & financing business and offshore investment banking sector to set up their base in GIFT IFSC. We thank the Government of India for continuously bringing in measures to facilitate businesses at GIFT IFSC.”

He further added, “The development of world-class Fintech hub at GIFT City announced in todays’ budget will go a long way in promoting and developing Fintech start-ups. GIFT City would provide a platform to Fintech firms to expand globally.  The Fintech hub will facilitate research, innovation and development of new age skills in fintech which will help in creating new job opportunities and attract quality talent to GIFT City”

Dilip Modi, Founder of Spice Money, from a rural fintech perspective

“It was encouraging to see the ‘Sankalp of Aatmanirbhar Bharat’ as well as inclusive and sustainable development come into focus right at the beginning of Financial Minister Nirmala Sitharaman’s budget speech. We had hoped for a boost to digital as it has the ability to bridge the gap between haves and have-nots when it comes to access to financial services. This was evident when the lockdown hit last year, when the digital financial infrastructure came to the rescue of millions of citizens. So, the incentive of Rs. 1,500 crore for digital payments is a move in the right direction. We are eagerly waiting to see what the scheme entails and how the industry can benefit from it. We hope a part of the fund goes towards fostering the banking correspondents (BC) network by introducing reimbursement schemes or alternatives to zero merchant discount rates (MDR) which has hampered the growth of the network and the payments ecosystem. We also expect the scheme to have provisions for device subsidy to strengthen the micro ATM infrastructure in rural India. We believe it will accelerate the transformation towards an Aatmanirbhar, Digital India and bring about financial inclusion for underserved parts of India.

We are also excited to see the innovations that emerge out of GIFT International Financial Services Centre to support rural financial infrastructure to be on par with urban India. This is in alignment with Spice Money’s vision to bring innovation in rural fintech and uplift the underserved parts of India.”

Krishna Kumar, Founder and CEO of Simplilearn expressing views on the Union Budget 2021.

“Post 2020, we have witnessed the role of technology taking center stage, opening new job opportunities and increasing the demand for a technically skilled workforce. The government’s decision of introducing post-education apprenticeship with an investment of over Rs.3,000 crore towards the skilling of engineering graduates, diploma holders, etc. is definitely a forward-looking proposition aligned with improving employment opportunities for students pursuing different disciplines. However, it would have been encouraging if the government had introduced a reduction on GST for online education services, with learners and teachers alike taking to online skilling programs in view of the demands of the “New Normal”. Another highlight of the Union Budget 2021 is the extension of social security benefits for gig employees. COVID-19 accelerated the growth of India’s gig economy, giving rise to a new genre of employment and employees. All the initiatives announced by the Government of India today, are signs of building a new India for the generations to follow.”

Prateek Shukla, CEO and Co-founder of Masai School 

“With rapid digitization and online learning defining the days ahead, technology is set to be the prime job creator. The Union Budget 2021 has introduced useful propositions in line with enabling a technically skilled future workforce. The government’s investment towards a robust framework which includes the skilling and upskilling of engineering graduates, diploma holders, and an enhanced focus towards technical skilling of non-science students will aid in paving the path in creating a job-ready workforce in the “New Normal”. However, it would have been advantageous if the Government introduced amendments with regards to the GST cut from 18% to 5% for edtech products, benefitting both learners and edtech companies.”

Akash Gehani, Co-Founder & COO, Instamojo.

“The announcements made by the Finance Minister towards the further development of digital payments in India, as part of the Union Budget 2021 are indeed positive.  In fact, the allocation of Rs.1500 crore for digital payments is a welcome move, but it is too early to comment on the same. What we should be looking forward to is the implementation of the same. While the funds have been announced it is still unclear how these budgets allocation is going to be used for the benefit.”

Avinash Godkhindi (CEO of Zaggle )

“FinTech Hub at Gin City will give a tremendous boost to the Fintech Industry. This will pave the way to look at disruption Technology in the not just Finance sections but Payment and lending sections too.

Push for Atma Nirvbhar again rephrases the Govt commitments in Make in India. This will not only boost jobs in the country but also encourage entrepreneurship & innovation.

The 1 person company changes & the valuation in residency days again helps  in a big way to attract global Indians to come back and start contributing to Indian Growth.

Their entrepreneurship will act as a catalyst and a guiding line to the young entrepreneurs of India and create an even more robust ecosystem.”

Commenting on the Union Budget, Harshil Mathur, CEO & Co-founder of Razorpay, said – “2020 saw an 80% increase in digital payments, especially from Tier 2 & 3 cities, and the Gov. has understandably focussed on capitalizing on this momentum and incentivizing the adoption of digital payments for the year ahead. I believe the 1500 Cr. incentive announced will open a plethora of opportunities for Fintechs to innovate for the new normal, leading to large scale adoption even in the smallest of towns and villages. I’m hoping the funds will be used towards developing alternatives to Zero MDR policy and initiatives towards bringing digital financial literacy in vernacular languages. These will instil trust in the system and accelerate adoption from MSMEs and entrepreneurs who are apprehensive towards moving money digitally.”

He further added, “Fintech in India has grown more in the last ten months than in the last two years, thanks to young Startups who’ve built tailored solutions and addressed markets never served before. And so, easing the norms around setting up of One-Person Companies (OPC), without any restrictions on paid-up capital and turnover, is a good step towards removing barriers to innovation amongst startups. Also, the 1-year extension towards capital gains exemption will provide additional tax relief for startups, enabling ease-of-doing-business in this new order and allowing small businesses to prosper.”

Swastik Nigam, Founder & CEO, Winvesta

“The Hon’ble Finance Minister has taken several key decisions to catalyze start-ups in India. Allowing one-person companies will unlock entrepreneurship and innovation. This brings India at par with the US and the UK to stir the start-up ecosystem as well as SMEs. This move removes expectations that companies in India must have two shareholders which have often resulted in bringing in family members, who are not professionals into the company

The NRI’s tax relief is another welcome move and should definitely spur greater investments by NRIs into India.

Moreover, investors will appreciate extending capital gains tax exemption for investment into start-ups by another year, spurring more investment into the early stages.

I also eagerly await reading more about the Fintech Hub in GIFT City.’

Narayan ‘Naru’ Ramamoorthy, Chief Revenue Officer, Global PayEX said,

“At the outset, it is laudable that the Union Budget 2021-22 lays an increased emphasises on use of data analytics, artificial intelligence and machine learning across industries. We welcome the Government of India’s move in taking definitive steps towards using the power of digital technologies and boosting the fintech and startup ecosystem through initiatives such as fintech hub in Gujarat International Fintech Tec (GIFT). The benefits accrued through the allocation of Rs. 1,500 crores for promoting digital modes of payment as well as the increased tax audit limit for those who carry 95% of their transactions digitally will enable businesses, especially MSMEs to digitise their entire value chain and drive exponential impact on key business levers – innovation, growth and efficiency. Add to it, the proposed setup of Asset Reconstruction Company (ARC) and Asset Management Company (AMC) for stressed assets, which will help accelerate the much-needed credit line in B2B payables and receivables financing from the banking system. Further, the allocation of INR 3000 crore for skill development and facilitating a National Digital Educational Architecture (NDEAR) within the context of a Digital First Mindset will help bridge a sizeable technological skill gap in the country and offer the right engine of incessant growth, while setting the foundation for India’s future in the right direction.”

Lalit Mehta, Co-founder & CEO of Decimal Technologies from a fintech startup perspective:

“The budget presented seems to tick most boxes that India needs today post COVID. The promise on CAPEX should help in generating employment and also solve for long-term growth objectives. The six pillar focus will set the foundation for growth in coming years and make us better prepared for difficult situations like the COVID.

Some of the items that would see effect faster than others would be the FDI cap increase for Insurance, which will surely lead to a better capitalized Insurance sector and better reach of Insurance to the masses. Privatization of PSBs is a welcome move. It should help in make the banking sector more agile and oriented towards digital growth. This should lead to a few acquisitions of PSBs by private lenders. Hopefully, this will increase reach of the private sector to rural markets and will enable these markets with new products and a digital ecosystem. The fintech hub in the GIFT city is a great step towards enabling the fintech industry and shows the government’s recognition of FinTech as a significant play in the financial sector. This should set the road for creation of the required regulations and frameworks for FinTech to work with conventional lenders and banks.

Fiscal deficit and achievement of divestment targets is something that needs to be under close watch. Any slippage on any of these can put a spanner in some other initiatives. Overall a positive budget that tries to balance between long term and immediate needs.”

Ashraf Rizvi, Founder & CEO of Digital Swiss Gold & Gilded, from a fintech, wealthtech and personal finance perspective:

“The Sensex witnessing a rise of over 4.5% signals the positive sentiment towards the Union Budget 2021. The gold and silver market received good news with a rationalization of import tariffs. The reduction in import duty on gold and other precious metals from 12.5 percent to 10 percent, will make jewelry cheaper in the domestic market for the buyer, as India continues to be the second-largest buyer of gold in the world. Moreover, the announcement of SEBI as the regulator for gold exchanges in India, is also a welcome move as it hints at deeper regulation of digital transactions of the yellow metal, which is a critical to earn consumer trust. Overall, a very positive shot in the arm for the Indian economy that looks to help India and its citizens recover in 2021 after a very difficult 2020. We at Digital Swiss Gold and Gilded will continue to ensure savings to our customers, so that more investors consider gold as a critical asset in their investment portfolio.”

Mswipe Founder and CEO Manish Patel said,

“Small retailers and kiranas were instrumental in growing the share of digital payments in India and in providing easy payment solutions to their customers since the onset of COVID 19. The budget provision of Rs.1500 crore to incentivize digital modes of payments comes as a recognition of these very efforts and will go a long way in encouraging Small and Medium Enterprises (SMEs) to switch to accepting digital payments. The announcement by the Honourable Finance Minister Nirmala Sitharaman has met the industry’s expectation of providing financial incentives that enable small businesses to adopt digital solutions. As India’s largest POS acquirer and end-to-end digital enabler of SMEs, Mswipe sees this as a great boost for digital payments infrastructure as well as growth in share of small businesses in online commerce. Further, the budget allocation of Rs.15,700 crore to support the Micro, Small and Medium Enterprises (MSMEs), which is more than double of this year’s budget estimate, is also a positive step. Similarly, the proposed development of a world class fintech hub at GIFT-IFSC is yet another effort in the direction of placing India as a leading innovation ecosystem on the global fintech map.”

Rahul Pagidipati, CEO, ZebPay 

“We are excited to see a budget that put priority on healthcare and economic growth. Blockchain and crypto assets can play a positive role in improving healthcare delivery and financial inclusion. Moving forward on crypto regulation will allow India to take full advantage of this technology.

Until that time, we’ll continue to self-regulate with strict KYC and AML policies. And we’ll stand ready to have an honest, positive dialogue with the government about this new asset class the whole world is investing in and how blockchain technology can help in various sectors including the budget priorities like healthcare, agriculture, and the first digital census.”

Rishab Mehta, CEO & Founder, GrayQuest. GrayQuest is an education-focused Fintech startup.

“This year’s Union Budget was in the spirit of “do no harm” in terms of any adverse policies being implemented. Broadly, the various decisions laid out in this year’s budget are more “incremental” rather than “transformational” in nature. Accessibility and affordability of education across the weaker economic strata of society has been a perennial challenge in our country, especially this year with the disparity increasing manifold due to lack of online education infrastructure both at school and student level. This year’s budget has indicated a good intention of progress in addressing this gap. Government’s decision to strengthen over 15,000 schools under NEP, set up 100 new Sainik Schools, raise allocation for ‘Eklavya’ schools in hilly areas etc. will provide a fillip to quality education.

This budget has also laid down several measures which are further boosting the cause of both startups and especially fintech startups. Once again, we believe the steps taken relating to startups, although incremental in nature, point towards a long term policy goal of the government to signficantly boost the sector via favourable policies, albeit with incremental steps taken every year instead of a big-bang transformational reform. The decision to extend capital gains tax exemption by another year is another step in that respect. Specific to fintech, the setting up a world-class Fintech hub at Gift city will add impetus and government recognition to the growing relevance of Fintech companies in India, which is essential considering that it is a regulated sector.”

Ram Iyer, Founder & CEO,Vayana Network

“The Union budget 2021 should look into the following with urgency:

GST relief for the SMEs and MSMEs: There should be rationalization of GST rates on various goods and services which are used by SMEs and MSMEs. e.g., Supply Chain Management Service, HR services, Services of Chartered accountants, Under Construction property as well as on Passenger and Commercial Vehicles etc. The new rule that restricts use of input tax credit (ITC) for discharging GST liability to 99 % effective January 1, 2021 should also be relaxed in the budget, as this will make more cash available in the hands of MSMEs to fund their growth and increase their working capital. Especially as most of them have had very rough 2020

Incentivising digitization for smaller players :The E-invoicing regime is about to start for >5 crore turnover companies from 1st April 2021. This will be a great push for digitization for SMEs. However, the Budget should make special provisions for SMEs to help them adopt E-invoicing via certain incentives such as providing free (or special priced) E-invoicing applications for such SMEs.

Incentivising the lending sector: The key is to make CKYC and NBFC-AA validated bank credentialized KYC as sufficient for any lender to assume KYC done. This is especially for MSME’s.

Providing benefits to lending players beyond banks : Banks will continue to grow at customary 1.5 x of GDP,  The opportunity and need is to scale lending 10x for unbanked/lightly banked, which can be helped by fintechs and non banks, anything that helps this cause in the budget will be welcome, as it opens the door to credit for a larger audience.

Also, the borrower downloaded credit reports (digitally signed by the rating agency) should be considered as good enough rather than lending institutions retrieving credit rating reports and downgrading the credit score of the borrower. The former does not result in downgrade.”

Before the Union Budget announcement, Ashraf Rizvi, Founder & CEO of Digital Swiss Gold and Gilded  had said, “India’s working-age population (15-59 years old) is a cohort estimated to comprise roughly two-thirds of India’s total population, which the United Nations estimates at 1.38 billion in 2020. As the economy opens up, we expect the government to roll out more initiatives and investment that create jobs which will will to more spending and consumption, and also more saving and investing as personal finances improve, Digital Gold being one such safe, flexible and scalable investment option suited to all investors. 

We, at Digital Swiss Gold, are among the many excitedly anticipating Indian Finance Minister Sitharaman’s Union Budget 2021-22. Gold continues to be one of the biggest imports in India and is an easy source of increased revenues for the government. We will be eager to see if the gold business draws additional import duties as has been the case in prior budgets over the past decade. We are confident that this budget will spur growth across industries while keeping the needs of Indians at its core. With our cutting-edge financial technology and unparalleled service, Digital Swiss Gold hopes to play a role in helping Indians realize their financial hopes and dreams in 2021 and beyond.”

Thank you all for sharing your insights with our readers. Hope to see you all soon again!