The impact of the announcements is yet to be seen, however, here’s what the tech and startup executives had to say about Finance Minister’s debut budget speech:
Vijay Shekhar Sharma
“There is no other way to push digital payments than to disincentivise cash and the nice way of doing that is that large cash transactions are being disincentivised. In that way, it will not impact a common person, hence this is very well planned. There are fine prints that need to be taken care of but as a macro direction from the government the push to digitisation is commendable. Overall the MDR being removed is incredible,” said Vijay Shekhar Sharma, founder, Paytm.
#Budget2019 accelarates the reform agenda of the government, continuing focus on fundamental policies to improve ru… https://t.co/fWGXTPWnQ5
— Amitabh Kant (@amitabhk87) 1562310910000
Amitabh Kant, CEO, Niti Aayog, feels that the path-breaking proposal in the Budget will help to create a new India. It accelarates the reform agenda of the government, continuing focus on fundamental policies to improve rural-urban infrastructure & economy, youth & skilling, women-led entrepreneurship & moving toward a 5 trillion dollar economy.
The govt has done well to focus on the rural economy – electricity, roads, skill devt & entreprenuership are much… https://t.co/eDejlxbXmw
— Kunal Bahl (@1kunalbahl) 1562320726000
Co-founder and CEO of Snapdeal, Kunal Bahl cheers the FM for the Budget. He says, the government has done well to focus on the rural economy – electricity, roads, skill development & entreprenuership. All these will lead the country to achieve their five trillion dollar economy. He also welcomed the positive measures for start-ups, angel tax, payments, MSMEs & research promotion.Bhavish Aggarwal
Very inspiring to see #Budget2019 by @nsitharaman @FinMinIndia focus on Electric Mobility, Digital Payments and the… https://t.co/2XwTSZcEI5
— Bhavish Aggarwal (@bhash) 1562319723000
Bhavish Aggarwal finds Budget 2019 very inspiring. He hailed Finance Minister’s focus on electric mobility, digital payments and the growing startup Ecosystem. “We’re excited about being part of this journey and in contributing to India becoming an innovation hub and leading the world by example,” he said.
Kiran Mazumdar Shaw
I give full marks to @nsitharaman for presenting a very holistic, aspirational n visionary budget. Full marks for a… https://t.co/yww4qWrXrY
— Kiran Mazumdar Shaw (@kiranshaw) 1562315846000
Biocon Chairperson and MD, Kiran Mazumdar Shaw is all praises about the FM Sitharaman. She gave her full marks for presenting a holistic, aspirational and visionary budget. The Budget will help in improving the social indicators and driving a strong rural economy. Shaw says that the FM has a clear vision of helping the country to become a 5 trillion dollar economy. However, Shaw feels that the Budget could have been bolder on corporate tax.
Ashneer Grover, CEO and co-founder of Bharat Pe said, “Removal of MDR is the most welcome step for me in the current budget – it’s a positive demonetization and will help drive the credit growth that India needs. No more tolling in name of payments – everyone has to play the simple credit game now ! As individuals and organisations will have no disincentive to transact digitally under the new norms, the economy will make a swift transition from cash as well.”
Harshil Mathur, CEO and Co-Founder, Razorpay, said, “This budget brought in some good news for Startups and FinTech. It solved one of the industry’s major concerns that going forward, the startups do not have the trouble of angel taxes. Next, the announcement about launching an e-verification portal for investors will help startups worry less about the verification of their investors.”
On the digital payments front, Mathur said, “the government has demonstrated their interest in promoting digital payments in a great way – a) any business will be charged a TDS of 2% on cash withdrawal of above 1 crore in a year, b) any business which has an annual turnover of Rs 50 crore and above must opt for certain modes of payments, with no charges or merchant discount rates. I believe this will discourage businesses from making cash transactions and encourage them to make payments through digital channels.”