Union Budget 2025 | Fintech firms need govt's support for R&D in cutting-edge artificial intelligence, data analytics tech, says Credgenics co-founder Rishabh Goel

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

The fintech sector have pinned high hopes on the Union Budget FY 2025-26 documents and are keeping their fingers crossed regarding their expectations from the government's most important financial document of the year.

"The Union budget is a crucial time for India’s fintech industry with immense potential to fuel innovation, enhance financial inclusion and drive economic growth.

To remain globally competitive, fintech companies need support for R&D in cutting-edge technologies such as artificial intelligence, data analytics and blockchain.

This support should be coupled with strong public-private partnerships to advance technology enhancement in the regulatory segment.

Increased investment in R&D initiatives, nurturing a skilled talent pool, and incentivizing the adoption of AI across key sectors are paramount to achieving India's ambition of becoming a global AI leader, with the market projected to reach $17 billion by 2027.

Credit growth can be further energised through measures that make loans more accessible and affordable for SMEs and MSMEs, strengthen the agricultural value chain, foster fintech-led innovation in credit risk management, and stimulate consumption at the grassroots level. Regulatory clarity on pivotal issues such as data security and digital payments is crucial for fostering trust and enabling industry scalability.

Policies that encourage the adoption of innovative solutions in areas such as debt settlement will further strengthen the ecosystem and contribute to broader economic stability.

We believe that by leveraging technology, implementing targeted policy interventions, and streamlining regulations, India can not only address sectoral challenges but also pave the way for sustainable growth and inclusive financial development," said Rishabh Goel, co-founder & CEO, Credgenics.

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.