'Union Budget 2020 should focus on consumer spending'

Union Budget 2020 should focus on consumer spending: EarlySalary

Representative image (iStock photo)

By Akshay Mehrotra

"I expect the Union Budget 2020 to focus on consumer spending. The need of the hour is to stimulate demand in our economy that is gradually slowing down, and an immediate trigger in this regard is can be the increased cash flow in the economy. I wish the government will give serious thought to proposals suggesting a change in the existing tax slabs, to reduce the tax burden on the middle-income people group. It is likely to pump in a lot of cash that will, in turn, ripple through various sectors of the economy.

In the FinTech domain, the existing zero merchant discount rate (MDR) policy is impacting many companies. We expect the government to provide more clarification on the zero-MDR regime. We need to explore ways and means to promote Non-Banking Financial Companies (NBFCs) and FinTechs in India because they have the potential to boost consumption in the economy and create easy access to capital for people. and The next leg  phase of growth will strongly rely on NBFCs and FinTechs.”

Akshay Mehrotra, CEO and Co-Founder of EarlySalary