Fintech compliances have to be simplified, made user friendly: Sitharaman
Feb 28, 2024
She said that the emphasis of the government has been on system reforms to throw out unnecessary laws that may become an instrument in the hands of rent-seekers
Batting for regulatory support for the fintech sector, Union Finance Minister Nirmala Sitharaman on Wednesday said that the government does not want any apprehension among the startup and fintech sector players.
Speaking at an event organised by The Indian Express, Sitharaman said that many startups may want to have a greater level of comfort with the regulators and the government will provide that.
“The government is very much with these startups. We want to be sure that they will be given assistance because they intend to carry on with innovation. The compliances will have to be simplified and will have to be made user friendly,” Sitharaman said.
The Minister said that while there may be domestic economic issues of concern, what worries her are how things would change externally with respect to crude oil, fertiliser, natural gas prices or the Red Sea crisis.
On the importance of winning elections with 400 seats, Sitharaman said that the speed with which more and more activity can happen will be better if the numbers are better.
Talking about India’s geopolitical relations, the FM said, “If leadership has such chemistry with their counterparts, then you are able to reason out in favour of your country…That's where I think, truly our prime minister has strenuously built up relationships with each of the (world) leaders.”
Speaking about countries looking for opportunities outside China, Sitharaman said that India has the advantage of having a big captive market. “India comes with an added advantage of a large market, an efficient middle class, which has money to do necessary purchases.”
She said that the emphasis of the government has been on system reforms to throw out unnecessary laws that may become an instrument in the hands of rent seekers.
“Even during the COVID lockdown when we were announcing five mini budgets within one year, the emphasis was still on reforms,” the FM added.
On devolution to states, FM said that the central government has no role to play except for obeying the Finance Commission. She said that states should put the arguments well and convincingly with data before the Commission and work it out.
FM also said that if the government does not take action against corruption then India would be put in the Grey list of the Financial Action task Force which would affect the investments coming into India.
[The Business Standard]
