Post Budget 2019 Reaction by Jaya Vaidyanathan, President, Bahwan CyberTek
Overall it is a positive budget both from growth and regulatory points of view. I am glad that our Finance Minister started with “India Inc. understands Make in India”. As a Fintech company that is made in India, we strongly welcome that sentiment, and we are hopeful that there will be more SOPs for FinTech’s in India. This combined with the Regulatory sandbox that came up recently will bring a lot of innovation into the FinTech industry in India. The next best aspect of the budget is the focus on NBFC, and we truly appreciate that the Govt will provide a one-time 6-months partial credit guarantee for public sector banks, for the purchase of pooled assets of financially sound NBFCs. We look forward to a continued focus on the sector. On the regulations front, we think the proposal of the housing finance sector returning to RBI is welcome if it effectively materializes. A couple of more highlights, one is the exemption of IT scrutiny for funds raised by start-ups. I believe this will encourage entrepreneurship and innovation across the country. Second is the FDI support for the aviation industry as it is going through lots of changes with limited operators.
