Let the benefits percolate to grassroots

The Union budget for 2018-19 must announce measures to accelerate the pace of India’s migration to digital platforms. People in urban and rural areas should be able to easily access financial services like loans and investment products on their smartphones. The benefits of digital services value chain must percolate to the un-banked and under-banked population as the country transforms into a knowledge-driven economy.

1.The Union budget for 2018-19 must reduce corporate tax for start-ups and companies promoting digital payments ecosystem. At the moment, it is flat at 35 per cent.

2.There should also be reduction in income tax for individuals and companies promoting secure digital payments. The budget should announce sops for fin-tech companies providing data protection.

3.The government should announce measures to expand broadband connectivity rapidly and accelerate the pace of migration to digital platforms. People in urban and rural areas should be able to easily access financial services like loans and investment products on their smartphones.

4.The benefits of digital services value chain must percolate to the un-banked and under-banked population as the country transforms into a knowledge-driven economy. This will encourage more merchants and consumers to transact on non-cash, online platforms.

5. We need to improve digital literacy and connect cities, towns and villages with high-speed internet networks so that every citizen is empowered with access to a mobile broadband connection. This will move a large portion of cash transactions to formal economy.

Bipin Preet Singh

(Founder & CEO, MobiKwik)