Highlighting the importance of digital lending sector for the growth of small industries, Sameer Vakil, Co-founder & Chief Executive Officer, GlobalLinker said that in the Budget 2019 the government should continue recognising and supporting the digital lending sector as SMEs are becoming increasingly digitally adaptive.

In his list of expectations from the interim budget 2019, the GlobalLinker CEO said, “The government has gone the extra mile in introducing a series of initiatives to help the very important SME segment, particularly in creating greater employment opportunities; in growing India's exports; in being able to borrow more conveniently; and in their direct and indirect taxation rates."

He added, “Long may this continue and I hope that the budget follows the same thread and offers greater relief to the sector.”

The recent announcement of loans up-to Rs 1 crore being approved online in 59 minutes is a step in the right direction and the sector will benefit from similar initiatives, Vakil said.

He said, “I am expecting the Finance Minister to announce tax sops that include reduced tax rates and easing working capital blockages.”

GST in particular needs to be addressed and whilst the wheels have already been set in motion, Vakil feel optimistic that a formal announcement will be made during the budget about simplifying the compliance requirements by SMEs.

He also believes that the sector will benefit tremendously with the introduction of incentives and subsidies.

GlobalLinker is an India-based business networking solution that focuses on connecting SMEs to each other so they may enjoy unhindered networking powered by an algorithm based 'match-making'; unparalleled economies of scale through the collective purchasing power; superior access to business knowledge and skills and enjoy complementary business components -- free e-commerce store creator; soon to be launched B2B e-commerce marketplace and group buy etc.

GlobalLinker is offered as a co-branded solution by Governments, Trade Bodies and Corporations to their SME clients and members.

Article source: https://knnindia.co.in/news/newsdetails/sectors//budget-2019-govt-should-continue-to-recognize-digital-lending-sector-to-support-smes-global-linker