As india gears up for the Union Budget 2025, a growing consensus among industry leaders and grassroots operators is calling for a more inclusive and empowering financial framework, especially for rural communities. dilip Modi, Founder & CEO of Spice Money, articulated a key demand for the upcoming budget: a reduction or waiver of Goods and services Tax (GST) on financial services provided at banking Agent outlets.
This call for change highlights the significant financial burden on rural banking operators, who play a pivotal role in bridging the gap between formal financial services and underserved rural populations. By removing or reducing GST on these essential services, it is expected that more grassroots operators will be encouraged to participate in the financial ecosystem, thus promoting wider financial inclusion across India’s hinterlands.
However, Modi’s vision extends beyond just inclusion. The Union Budget 2025 must aim to equip rural communities not only with access to banking but also with the tools needed for financial empowerment. This includes facilitating savings, investments, and opportunities for financial growth. Such efforts can lay the foundation for a self-reliant Bharat, where rural areas can thrive on their own, reducing the dependency on urban-centric models of financial activity.
Furthermore, Modi stressed the importance of aligning the country’s financial policies with the aspirations of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital India. The focus is not only on making financial services accessible but also on ensuring that they are easily manageable through wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital platforms. The integration of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking Units (DBUs) and Technology-Based banking Centers (TBCs) into a unified framework could mark a significant leap forward in realizing this vision. By enhancing the role of technology in banking, the aim is to create an environment where rural india can seamlessly participate in the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy.
As the budget discussions unfold, it is clear that the demand for robust, innovative, and inclusive financial policies is gaining momentum. industry leaders are hopeful that the upcoming budget will reflect the transformative potential of these policies, setting the stage for a financially empowered rural india that is in sync with the broader goals of a wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital India.
The success of this vision hinges on the government’s ability to listen to the voices of grassroots operators and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking advocates, and to implement policies that can truly uplift rural communities. The budget has the potential to unlock new opportunities for financial growth and inclusion, shaping the future of India’s rural economy in the years to come.
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