NEW DELHI: Ankush Aggarwal, founder of Avail Finance, on Thursday said that the government should announce adequate measures to ease working capital blockages, introduce better products and ensure higher penetration of credit to reach a wider ecosystem in 2020 in the Union Budget 2020.
''We expect the Union Budget 2020 to introduce measures to ease working capital blockages, the introduction of better products and higher penetration of credit to reach a wider ecosystem in 2020,” Ankush Aggarwal said.
Aggarwal also stated that he was looking forward to reforms that bring in more transparency, advanced tools, and technologies with an aim to optimize processes to provide the end-user with a superior experience with greater convenience, engagement and enhanced security, in the Union Budget.
Talking about his expectations from the Union Budget, he said, ''Fintech industry is playing an important role in the penetration of financial services with digitalization being the priority agenda for the government to enable financial empowerment across the country. Fintech startups are hoping the government to maintain the already lowered corporate tax rate which will help in terms of scaling up operations procedure and improving the forecasting of economic, financial and climatic phenomena by analyzing large data sets.''
''We are also looking forward to reforms that bring in more transparency, advanced tools, and technologies with an aim to optimize processes to provide the end-user with a superior experience with greater convenience, engagement and enhanced security. The Reserve Bank of India’s recent announcement of video-based Know Your Customer (KYC) is a major relief to fintech startups and NBFCs by slashing down the costs significantly for companies targeting rural customers and millennials with the use of face-matching software and AI. We expect the Union Budget 2020 to introduce measures to ease working capital blockages, the introduction of better products and higher penetration of credit to reach a wider ecosystem in 2020,” he added
Avail Finance is a Financial Wellness Platform dedicated to the blue-collared workforce of India. Avail Finance currently caters to approx 1 million Indians across the country including the driving partners of Ola, Swiggy, Zomato, and others.
Union Finance Minister Nirmala Sitharaman will present the Budget on February 1.
