Budget 2024: Fintech sector hoping to receive government backing for green initiatives

Budget 2024: Fintech sector hoping to receive government backing for green initiatives

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Union Finance Minister Nirmala Sitharaman will present the Union Budget on July 23. The expectations are running high, with various businesses and sectors hoping to receive significant budgetary allocations this year.

Sameer Aggarwal, Founder and CEO of Revfin Services, said, “India’s electric vehicle (EV) sector beckons a strategic shift towards holistic growth aligned with the net-zero aspirations of Bharat. We anticipate government backing for green initiatives, particularly in the EV sector. With significant investments required for financing EV purchases, fintech companies like ours can play a vital role in facilitating access to funds, thereby promoting sustainable mobility solutions.”

“Additionally, as the fintech market in India is projected to reach $1 trillion by 2030,  we look forward to the government introducing clearer regulations and supportive policies in the budget to drive innovation, focusing on streamlined regulatory processes, increased funding opportunities, and enhancements in digital lending, SME financing, and cross-border trade facilitation,” he added.

India’s fintech sector is one of the three top ecosystems in the world, alongside the US and the UK. However, it has seen some challenges in the recent past. 

According to a report by data intelligence platform Tracxn, the sector saw a substantial decline in funding activities in 2024. It saw a 59 percent decline in funding in the first half of 2024. This decline is being attributed to the uncertainties arising from geopolitical challenges such as the Russia-Ukraine war and the Israel-Hamas conflict. 

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