Post Budget Quote by Mr Krupal Parchure Head Fintech & Payment Solutions, MYn
I believe the budget 2022 is an amazing take by the government. They have covered most of the key focus areas and have announced some very calculated measures and policies. Like, for MYn, an app that works in the social media space, E-registrations for content developers was one big highlight of Budget 2022. This will give a proper definition and recognition to the content creation professionals. Another landmark achievement would be the introduction of digital currency. It decreases the dependency on cash, transactional & settlement costs. It opens up regulated & legal tender-based payments as well.
Government has also given easy access to credit for MSME sector, which is in line with RBI’s decision to have an Account Aggregator framework. This will narrow the credit gap that exists for the MSMEs and will democratise credit.
However, there are many areas that are not aligned well.
For example, Budget 2022 promotes gaming platforms, drones for crop digitization & land records, e-passports and open platforms for health services which leads the path for Digital India. But it arises the question- will a citizen’s health records be exposed to big tech? The fact is these initiatives need a very strong data privacy setup and Indian data privacy laws need clarity. So, Is India ready to take data privacy seriously now?
Another achievement in this year’s budget is taxation of crypto currency and NFT, as digital currency has always been in the grey area. However, there are no operational guidelines, nor regulation around crypto and NFT. So how is the government talking about taxation first, without a clear policy on operating it?
Overall, the Budget 2022 fuels the digital growth of the nation and we hope the government will take proper measures in the wake of the new initiatives.
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