Union Budget 2025 | There is need for targeted financial support for small firms and start-ups in tier-2 to tier-6 cities, says Choice International CEO Arun Poddar

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 start-up sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.

“In the upcoming Union Budget 2025, there is a strong opportunity to prioritize financial inclusion, which remains a cornerstone of sustainable economic growth.

Allocations toward initiatives like PM Jan Dhan Yojana can help improve access to financial services, particularly in rural and underserved regions.

Bridging the financial inclusion gap requires an emphasis on strengthening digital infrastructure, which holds immense potential to connect marginalized communities with essential financial tools. We also urge the government to prioritize financial literacy programs, ensuring individuals not only have access to financial services but also the knowledge to utilize them effectively.

Additionally, targeted financial support for small businesses and startups, especially in Tier 2 to Tier 6 cities, can foster economic self-reliance and unlock growth in regions that form the backbone of India’s small finance consumer base. Encouraging fintech collaboration and introducing tax incentives for digital financial services can accelerate these efforts, enabling a more inclusive and resilient economy,” said Arun Poddar, Executive Director & CEO, Choice International

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.