Tech & Fintech Companies Welcomes Union Budget 2022

The  IT industry has taken the Union Budget as a booster for digital education as the announcement of setting up digital universities is a very positive step in the right direction.

Adding to this Virender Jeet, CEO, Newgen Software Technologies Limited commented, "The union budget 2022 is progressive and has come with encouraging announcements related to capital investments and infrastructure for long term growth. There is a clear focus on accelerating the digital economy. The introduction of the central bank’s digital rupee using blockchain technology decision to establish 75 digital banks in 75 districts by scheduled commercial banks to encourage digital payments is another encouraging step towards building a digital economy."

Fintech Reactions

Ankur Gupta, Founder & CEO of Ruptok Fintech Pvt Ltd stated, “Continued incentives for startups will help them curb the impact of COVID. We are glad to see a digital-economy-focused budget. The proposal to set up 75 digital banking units is an incredible push for the lending sector in India. Digital adoption and payments will also expedite the growth of fintech startups in the country. This move will help India to become a digital-first country."

Pratyush Chandramadhur, Chief Business Officer, Fintelle said, "Setting up 75 digital banking units (DBUs) in 75 districts across India through scheduled commercial banks is a welcome move. The introduction of a digital rupee will also lead to wider digital adoption and enable a digital-first economy. The announcement of the use of emerging technologies like blockchain in RBI will keep the momentum going towards modernizing the technology infrastructure. This will give a push to not only the government sector but also emerging fintech companies and digital ecosystem enablers. Together, these policy changes will take India forward in the direction of financial inclusion and digital transformation at scale. Fintelle is the financial intelligence brand of AuthBridge.