Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance
Credit: LinkedIn/Tarun Chugh
Finance Minister Nirmala Sitharaman tabled the much anticipated Union Budget for FY 2025-26 on February 1, which also marked a record 8th Budget presentation for the 65-year-old.
Among the things announced, Sitharaman said that FDI in the insurance sector would be increased to 100 per cent, which experts have already said will bolster competition.
Reacting to this, Tarun Chugh, MD & CEO, of Bajaj Allianz Life Insurance said, "The Union Budget has clearly focussed on driving consumption-led growth and foster inclusive development. A key highlight is the increase in the FDI limit in the insurance sector from 74 per cent to 100 per cent, a move set to bring in fresh capital and bolster the industry's financial strength."
He added, "The decision reflects the government’s continued commitment to making India a prime investment hub for stable, long-term capital.
"Greater foreign participation, will accelerate the adoption of global best practices, introduce innovative products, and elevate customer service standards. Additionally, the mandate to invest premiums within India ensures that these funds contribute to domestic economic growth and infrastructure development," he also said.
Chugh observed "The next five years present a significant and an exciting opportunity to propel the industry forward onto greater heights."
Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.