It was heartening to see our Finance Minister recognizing India’s MSME enterprises as a major element for growth and the fastest growing sector post demonetization and GST. The FM in the 2018 budget has reduced the tax for MSME’s by 5%. The deduction of tax has come down to 25% from 30%. This gives MSME’s and other traders an opportunity to expand their services globally and venture their businesses into various global marketplaces.
Another major highlight of the budget is, government encouraging fintech companies on the usage of blockchain technology in India which has the potential to positively impact the payment sector, leading towards a more digital India. Adoption of these newer technologies can help to improve real-time data analytics, and have a positive impact on risk identification and fraud analysis, which can be an important tool in securing India’s dream of becoming a digital economy.