July 21, 2024

Budget reaction quote | Ravi Kumar, Co-Founder & CEO, Upstox

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“We are thrilled to see this budget’s well-balanced and forward looking approach. From basic infrastructure to environment, from fintech to education and upskilling, the budget covers it all and accelerates efforts to achieve inclusive and sustainable development.

In line with the government’s vision to strengthen financial inclusion, the establishment of the National Financial Information Registry is a welcome move. PAN as a common identifier will simplify the KYC process and also enhance ease of doing business. For individuals, the increase in the income tax rebate from ₹ 5 lakh to ₹ 7 lakh under the new tax regime will leave more disposable income in the hands of individuals, and thus higher investment potential.

To encourage more retail investing and insurance adoption, we wish that the honourable FM would increase tax savings for investments and reconsider the proposal to discontinue the tax SOPs on mutual funds and insurance.

Initiatives for start-ups, technology, upskilling and financial literacy, will undoubtedly catalyse India’s growth. This is India’s moment on the global stage and our government is doing a fantastic job seizing this opportunity and realising our country’s potential.”