Union Budget Reaction quote on Finance / Banking / Fintech sector by Mr Rachit Chawla, CEO Finway (Registered Financial Adviser with SEBI)
The budget this year seems very good, very aggressive, and very optimistic; especially since in the last few years, relief on the increase of income tax slab was awaited and now the same has been delivered. Even the deficit or the borrowings are less than what the market was expecting. Budget 2023 financial literacy announcement urging regulators to provide age-appropriate reading materials for libraries for children and adolescents is a very encouraging and motivating step because financial literacy is too important in anybody’s life and overall well-being. Also, the new KYC PAN Norms introduced during the Union Budget 2023 is a welcome move, primarily because customers are linked to a single digit number, which is the PAN – so, will make banking easier. It is a good move from a financial regulation standpoint as well as the customer standpoint, now that customers will only be giving pan as their KYC. All in all, it’s working out to be projecting a good state of mind and a good futuristic view that the government has taken.
Union Budget Reaction quote on Finance / Banking / Fintech sector by Mr Mahesh shukla Founder & Ceo PayMe
The Finance Minister has brought in several changes in the tax regime, which can be seen as a welcome move for the common people. The government has announced big incentives under the new tax regime and given a big push on the capex. The finance ministry has also brought revisions to the tax structure by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh. A low tax regime is always beneficial for the taxpayers since introducing tax cuts and giving more money in the hands of people will eventually boost the country’s economy. Another positive move by the government was increasing the capital investment outlay by 33 per cent to Rs 10 lakh crore, which will account for 3,3 per cent of the GDP. Also, the new KYC PAN norms declared by the Finance Minister will be a win-win situation for both the government and the customers, since customers are linked to a single-digit number, which is the PAN – making banking easier.