Sandeep Garg, Co-Founder & CEO of Blostem, a pioneering fintech enterprise specializing in fixed deposit solutions for B2C platforms, has welcomed the recent budget announcements, foreseeing significant benefits for the startup and MSME sectors.
“The 2024 Budget’s abolition of the Angel Tax is set to create a more supportive environment for angel investments, significantly benefiting the entire startup ecosystem,” remarked Mr. Garg. He emphasized that this reform will facilitate easier fundraising for startups, enabling them to scale operations and stimulate job creation.
Furthermore, Mr. Garg praised the government’s decision to adopt new assessment models for MSME lending, leveraging digital footprints over traditional credit appraisal methods. This innovation, he believes, will spur fintech and banking advancements in MSME credit accessibility, addressing longstanding finance challenges for small enterprises.
In addition to these reforms, Mr. Garg highlighted the government’s commitment to digital public infrastructure across sectors such as e-commerce, health, law, logistics, and lending. He asserted that these initiatives will accelerate the digitization of the Indian economy, presenting ample opportunities for startups to innovate and thrive in a digitally-enabled environment.
Under Mr. Garg’s leadership, Blostem continues to lead the charge in fintech innovation, aiming to enhance financial inclusion and efficiency across B2C platforms.
