As the Indian economy witnesses, slow growth following internal pressures and trembling global economy, no wonder then, the banking sector has all eyes set on Finance Minister Nirmala Sitharaman who will table her maiden Union Budget in Parliament on 5th July 2019.
The interim budget was presented on February 1, by the then Finance Minister Piyush Goyal as the General Elections was due.
Dr. Ravi Gupta, Editor-in-Chief, The Banking and Finance Post, a leading publication from Elets Technomedia, who has been at the forefront in promoting innovations and technological advancement in the banking and the finance sector has shared his expectations from the upcoming Budget.
“There is a need to improve the digital payment services at every level in the government system including the Centre, states and local bodies of the country. Digital India has direct implications on India’s economic growth and its penetration is still lagging behind at the state and municipal level. There is an urgent need for the government to provide a further push for the adoption of digital payment services at the grassroots level for the economy to overcome the hindrances that has been slowing its growth,” said Dr. Gupta.
He further added the government should take initiatives to allay the concerns raised by the recent Non-banking Finance Company (NBFC) crisis which has impeded the flow of funds to the Micro, Small and Medium Enterprises (MSME) sector. The Finance Minister should ensure that the cash crunch in the sector is adequately addressed to further boost the growth of the MSME, which contributes significantly to the Indian economy and job creation in the country.
“The government should also ensure that the emerging cryptocurrency sector is encouraged, as it is gradually gaining acceptance in many large economies of the world and is exceedingly playing a pivotal role globally. India has the largest number of skilled software developers, one of the largest numbers of blockchain developers, and some of the sharpest and smartest entrepreneurs. Indian IT companies are receiving new crypto projects from the USA, UK, and other so-called first-world countries. It’s the need of the hour to uplift the ban so that these brilliant minds help to grow India, not the other countries,” said Dr. Gupta.