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Narayan Ramamoorthy Comments on Union Budget 2021

Narayan Ramamoorthy, CRO, Global PayEX outlines his views on this year’s budget.

He said, “The budget is focused on growth. ” 

“From lending perspective, the setup of the ARC and the AMC, as re-construction and asset management companies for stressed assets will unleash capital for SMEs and MSMEs. GST collection are at an all time high and it is great to know that this is being made possible by application of artificial intelligence and machine learning, in order to go through the big data and ensure tax adherence and limit avoidance of tax.

The budget also has an excellent focus on digital, fintech and startups, for example the Rs.1500 crore allocation to enhance digital payments, extend capital gains tax exemptions for startups by more than one year, the creation of NDEAR (National Digital Educational Architecture) to create a ‘digital first’ mindset are all steps in the right direction. ” added Mr. Ramamoorthy.

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