Increasing the FDI limit from 49% to 74% is a positive move for the insurance industry. The suggestions from various stakeholders to further open up FDI in the insurance sector has been considered.
The insurance sector invariably needs a huge amount of capital investment which can be done effectively through an increase in FDI and it will also enhance the overall performance of the sector.
Additionally, by announcing Rs 64,180 crore spending plan for healthcare over the next six years will provide a much-needed boost for penetration of health insurance and allow beneficiaries to access quality medical treatment.
I firmly believe that this Union Budget indeed as assured by the Finance Minister will lead to an aspirational India and the economic development of our country.
(The author is the Managing director and Chief Executive Officer of Raheja QBE General Insurance)
(Published 01 February 2021, 11:49 IST)
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