Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
Considering the challenging year faced by the Indian economy, the Ministry of Finance has put up a fine balancing act. While initiatives to support digital payments are few, the budget showcases a strong intent to continue driving a less-cash ecosystem. On one hand, the Union Budget 2021 has various encouraging initiatives that will propel aspiring entrepreneurs and boost small businesses. On the other hand, it renders a lot of focus on uplifting the lower stratum of the society which includes the migrants, gig workers and farmers among others. The pandemic-induced economy has played an important role in dispelling the long-held scepticism regarding the gig workforce’s efficiency and dependability.
The proposal to extend social benefits to gig economy workers and farmers along with a portal to register their details will pave the way to formalise the sector and create employment avenues amid a robust ecosystem to fulfil the government’s Aatmanirbhar vision. Furthermore, initiatives such as the development of a world-class fintech hub at GIFT, investor charter and a dedicated fund of Rs 1,500 crores for digital payments are extremely encouraging as they will augment innovation within the fintech industry and accelerate the pace of a financially inclusive, cashless economy. we are eager to explore the new and exciting opportunities that will emerge.
Qaisar
