Accelerating Fintech Innovation and Financial Inclusion
The fintech sector has emerged as a game-changer in transforming how financial services are accessed and delivered in India. With its potential to drive financial inclusion, foster innovation, and empower underserved segments of society, fintech is a cornerstone of India's digital economy. As we approach the Union Budget 2025, the industry is optimistic about reforms and incentives that could enhance digital infrastructure, ease regulatory frameworks, and support startups and emerging technologies like blockchain and AI.
In this article, we feature exclusive pre-budget quotes from renowned leaders and innovators in the fintech industry. Their insights shed light on the key expectations from the government to create a thriving fintech ecosystem that bridges the gap between technology and financial accessibility, ensuring a more inclusive future for all.
Mr. Manish Kumar Goyal, Managing Director, Finkeda
"For fintech, the Union Budget 2025 represents a key moment. Startups are seeking legislative support to ease credit access, particularly for NBFCs, which play a vital role in financial inclusion. We expect loosened credit standards, expanded funding options, and tax benefits to encourage innovation. Moreover, initiatives like Skill 2.0 programs and innovation hubs, especially in Tier 2 and Tier 3 cities, could promote entrepreneurship and strengthen MSMEs in India."
Mr. Gaurav Bhagat, Founder and Asia's Leading Skill Trainer
"Fintech companies are playing an important role in India's digital economy. The Budget must focus on promoting digital financial inclusion by introducing initiatives for MSMEs and offering startups tax incentives. The focus should also be on boosting talent and skill-building through partnerships between fintech companies and educational institutions."
Siva Balakrishnan, Founder and CEO, Vserve
"The Indian economy is hopeful about the financial year 2025, reflecting increasing private expenditure and investment. The e-commerce industry, which relies on strong consumer trends and infrastructural expansion, will have a lot of room to grow with this budget. Government emphasis on skill development and job creation can boost the e-commerce ecosystem, while measures like Direct Benefit Transfers (DBTs) and rural infrastructure investments can stabilize and enhance rural demand. Additionally, focusing on logistics and digital frameworks will ensure reliable and faster delivery, supporting the sector’s growth."
Empowering Innovation and Growth in the Technology Sector
Sunil Jhunjhunwala, Co-founder & Managing Director, TechnoSport
"As Budget 2025 approaches, we are at a pivotal point in history, where big international brands look to diversify their sportswear supply chains. India is the best long term stable and scalable alternative. To capitalise on this opportunity we hope for streamlined import policies for critical raw materials like yarn, fabric, and machinery, essential for driving global competitiveness in the Sportswear and technical textile industry. Policies like QCO and BIS, restrict access to high-quality raw materials, and restrict our ability to play a key role. We need to work with all supply chains for a few years. Meanwhile, we incentivize the local manufacturers to build capability by investing heavily in R&D, technology, scale and automation for manufacturing raw materials to global standards. Additionally, clear directions on Employment Linked Incentive schemes and increased support for sustainability improving infrastructure will be helpful. Robust export incentives  would further position India as a leader particularly in the growing sportswear segment."
Mr. Shantanu Rooj, Founder & CEO, TeamLease EdTech
"We expect the Union Budget 2025 to emphasize the need for investments in emerging technologies such as AI, quantum computing, and robotics, particularly in the education sector. These technologies are crucial in shaping the workforce of tomorrow and need increased funding for R&D and infrastructure development."
Aryaman Tandon, Managing Partner Technology, Praxis Global Alliance
"The Union Budget 2025 presents an opportunity to position India as a global leader in technology and innovation. Generative AI (GenAI) can revolutionize industries by driving automation, enhancing decision-making, and creating new business models. To harness its potential, the government should prioritize R&D funding, startup incentives, and a robust regulatory framework, potentially adding $15.7 billion to India’s economy by 2035. Investments in AI data centers, essential for powering these advancements, are equally critical. Tax rebates and grants for energy-efficient, high-capacity centers will ensure India remains competitive in the global AI landscape.
Emerging technologies like Virtual Reality (VR), Augmented Reality (AR), and the Metaverse are transforming sectors like education, healthcare, and gaming. Budgetary support for affordable hardware, R&D, and startup grants will accelerate innovation and position India as a leader in immersive technologies.
Additionally, AI, IoT, and automation are driving efficiency in agriculture, manufacturing, and logistics. Government subsidies for adopting these technologies can modernize industries, boost productivity, and contribute to India’s $5 trillion economy vision.
Lastly, enhancing support for startups through innovation hubs, venture funding, and tax incentives will foster entrepreneurship and create a thriving ecosystem. A tech-driven budget will unlock economic growth and solidify India’s global tech leadership."