Budget implications | ease of doing business, digilocker, KYC, agricultural credit, income tax slabs

 Haribandhu Patra, CFO Lentra, a digital lending cloud platform for banks and NBFCs, shared his perspective on the implications of the budget on ease of doing business, digilocker, KYC, agricultural credit, revised income tax slabs and the economy as a whole. Will be grateful if you can consider this for your story.

The Union Budget 2023 is focused on building a strong and resilient Indian economy with a focus on tech-driven development, leading towards a knowledge-based economy with a strong financial sector. The government's focus on simplifying processes, expanding fintech services, and improving bank governance reflects its commitment to economic growth and stability. The announcement of 50-year, interest-free loans for states is expected to drive investment in infrastructure, leading to economic growth and job creation. The increase in the agri credit target to Rs. 20 lakh crore and the computerization of agricultural credit societies are expected to boost the agriculture sector in the future. Under the National Data Governance Policy, simplification of KYC processes, expansion of Digilocker, and proposed framework for credit infrastructure will increase access to financial services for all and foster financial stability. On the youth power front, The Pradhan Mantri Kaushal Vikas Yojana 4.0 will help train lakhs of youth and improve their employability in the fast-changing tech-driven economy. The estimated fiscal deficit of 5.9% of GDP shows the government's responsible approach to fiscal management. We are optimistic about the potential impact of these reforms on the Indian economy and look forward to contributing to its growth. Further, the revision of income tax slabs will empower the middle class by enhancing their spending capacity. This in turn will boost the country's economic activity and gross domestic product (GDP), and ultimately help achieve sustainable economic growth.