By Ashish Malhotra

“The Union Budget 2019 takes a pragmatic approach to spur sustainable growth by maintaining focus on areas like education, start-ups, women empowerment, employment, ease of tax, Swachh Bharat Mission, rural digitization, amongst others. As stated by the hon’ble Finance Minister, the Indian economy will become a three trillion-dollar economy in 2019 and we are on the ambitious path to become a five-trillion-dollar economy by 2024-25.

Further, to encourage foreign direct investment (FDI), the government has proposed a 100 per cent FDI for insurance intermediaries in the Union Budget, from the current 49 per cent. This move is expected to help in an infusion of required capital into the intermediaries segment. Increasing FDI limits in sectors like aviation and insurance is a  positive step since these sectors are highly capital-intensive. The implication of the decision is to be seen when the government announces the cap on the investment.   

The new government’s first Union Budget has balanced all the essential parameters of our economic dynamics, including infrastructure enhancement, skill development, job creation, and technological advancement. The vision of the decade shared by the Government that lays emphasis on building a Digital India and Healthy Nation through schemes like Ayushman Bharat is critical to further fuel the growth of the economy.”

The author is MD & CEO, Max Bupa Health insurance.