Entrepreneurs Cheer As Government Draws Plans To Back Blockchain
The Union Budget 2018-19 had a list of polices dedicated to supporting the MSMEs of the country. A special one among them was the government's support of fintech in MSMEs lending space.
Finance Minister Arun Jaitley also hinted at upcoming initiatives the could groom the digital ecosystem of India.
In his last full-fledged budget under the present government’s term, Jaitley said, “A group in the Ministry of Finance is examining the policy and institutional development measures needed for creating the right environment for Fintech companies to grow in India.”
Decoding the statement, Rohit Lohia, Co-Founder and COO, CoinTribe says the announcement is the government’s recognition of the sector's systemic.
“The sector will have a lot of expectations from the group - easing consent-based access to government or utility records of an individual or a business, increased formalization and registration of businesses, dematerialization of property records that can act as collateral, boosting of working capital financing through empowered TReDs,” he added.