The 2022 Union Budget of India will be presented on February 1 and India’s BFSI industry hopes it will bring forth some good tidings amid the challenges posed by the pandemic over the past two years.
Alok Bansal, Visionet Systems India’s MD and Global Head of BFSI Business says, “The BFSI industry has had to speed up digital innovation and spend vast resources to be able to adapt to disruptive changes during the past two years. We look forward to Budget 2022 for some support to continue these innovations. Reduced GST will certainly bring relief and we also hope for reforms that would help simplify and streamline rural banking processes. Financial inclusion in India is very important to ensure the long term economic well-being of all citizens. Since most of the banking activities will take place online in the times to come, provisions to plug digital gaps would be most welcome too.”
Mr. Alok Bansal also hopes the government will encourage investment in manufacturing and promote regional innovation among technology providers. He is also looking forward to tax incentives for manufacturers to improve productivity, enhance green index markers and increase the percentage of Made in India mix.
He further adds, “If more industry-academia collaborations can be facilitated, innovation programs such as IMPRINT India and UAY (Ucchatar Avishkar Yojana) will help create local design hubs and protect intellectual property rights. We need creative synergies to build a design ecosystem that matches world standards in terms of manufacturing, and talent. Also let us not forget that the pandemic has disrupted global and national supply chains and to bounce back, we need faster clearance windows and less paperwork so that we can serve the global clientele better.”
When businesses move out of India, he says, they not only take financial investments with them but also employment opportunities and so ease of doing business is an absolute priority. He concludes, “As an organisation, we are committed to skilling India’s youth but this is an area that needs attention at a macro level. If we want India to be an economic superpower, we must invest in skilling our youth so that they can find gainful employment and break the circle of poverty and hopelessness. I fervently hope that the Budget has a comprehensive plan to nourish India’s demographic dividend.”
Views expressed in this article are the personal opinion of Visionet Systems India’s MD Alok Bansal.