Post Budget Reaction on startup, youth and technology, microfinance | Fibe, Shardeum & Stain Creditcare Network Ltd
By Akshay Mehrotra, Cofounder & CEO, Fibe (on youth aspirations, entrepreneurship and financial services)
“We applaud the Finance Minister’s emphasis on the country’s youth by recognizing their aspirations and providing support in terms of policies and schemes for their welfare and prosperity. The Budget’s focus on ‘youth and entrepreneurs’ will help in realizing the Government’s vision of a developed India by 2047 as they are the key drivers of growth. As one of India’s leading digital lending companies, Fibe’s vision of empowering and upskilling the youth to fulfil their aspirations are aligned well with the initiatives laid down in the Union Budget 2024. We welcome the announcement of creating a corpus of one lakh crore with five-year interest free loan and providing long term financing and refinancing with low or nil interest rates. It will not only harness the potential of this vibrant, tech-savvy generation but also foster innovation and contribute to technological advancements and economic progress. We applaud the success of the ‘Skill India Mission’ that has been able to train 1.4 crore youth, while upskilling 54 lakh youth.
Further, Honorable Finance Minister also acknowledged the positive impact of strengthening the financial sector in making savings, credit, and investments more efficient. This is well aligned with Fibe’s commitment of making financial services and credit accessible to every individual in the country thereby fostering financial inclusion.”
By Ashish Goyal, Cofounder & CFO, Fibe (on overall economy)
“I commend the Indian Government for its steadfast governance and visionary initiatives during the past decade that has paved the way for India to be on a sustainable growth path. This is reflected in the Government’s commitment to reducing the fiscal deficit below 4.5 per cent by 2025-26, creating employment opportunities for the youth, boosting entrepreneurship ecosystem and promoting innovation. In the Budget speech today, the Honourable Finance Minister outlined structural reforms and the strategic pro-people programs undertaken to successfully navigate the geo-political challenges. This showcases the Government’s resilience and reaffirms its commitment to strengthen India’s position on the global stage. Through progressive policies, right governance and people-centric approach, I am optimistic that our nation is on a high growth path and the economy will continue to outperform its global counterparts.”
By Nischal Shetty, Cofounder, Shardeum (on youth and technology)
“In this transformative era, where the confluence of youth and technology holds boundless potential, the Hon’ble Finance Minister’s establishment of a Rs. 1 Lakh crore corpus with 50-year interest free loan is a welcome move. India’s youth have a keen knack for exploring new-age and innovative technologies such as Web 3 and blockchain and this announcement by the government will be pivotal in facilitating more research and development on such innovative technologies. It will fuel growth of more Web3 professionals in the country thereby redefining India’s growth trajectory on the global stage. Harnessing the youth’s energy and embracing technological advancements, will pave the way for a future where creativity, entrepreneurship, and digital prowess converge to shape a thriving and resilient nation. The interim budget has truly unlocked the potential of web3 and blockchain industry that will further drive economic growth and ensure a ‘golden era’ for the tech savvy youth.”
By HP Singh, CMD at Satin Creditcare Network Ltd. (on women entrepreneurship and rural housing aspirations)
“The government’s pivotal focus on women empowerment throughout the past ten years have enabled ‘Nari Shakti’ to be a true force by defying erstwhile entrepreneurial impediments, making them realise their calibre and emphasising their capability to contribute significantly towards the country’s growth and GDP. The Lakhpati Didi Scheme empowering nearly 1 crore women, 30 crore MUDRA Yojana loans for women entrepreneurship and ease of living and dignity underscores a dedicated effort towards women’s empowerment in the last decade. Emphasising the need of SHGs (Self Help Groups) through the already 83 lakh SHGs with 9 crore women transforming the rural socio-economic landscape until now, will aid women to become more resilient and contribute efficiently to the workforce in the country.
Undertaking additional 2 crore projects over the next five years under the PM Awas Yojana Gramin is a significant stride to help lower-income groups realize their housing aspirations, contributing to the resolution of the housing crisis prevalent in rural India. By combining efforts to empower women economically and addressing essential living conditions, these measures set a trajectory for India’s economic growth, aiming to reach the milestone of the set target of 5 trillion-dollar economy in the coming years.”
