Industry Welcomes Nirmala’s Budget
Much needed booster
BY ROOPAM ASTHANA – CEO & Whole-time Director, Liberty General Insurance.
Increase in the FDI limits in the insurance sector from 49% to 74 % is a welcome step by the Finance Minister, and has been announced at a time when it is needed the most.
This move will help make the insurance companies stronger and enable them to further expand their businesses, supplement their growing business needs, and deepen the market with new products and technology.
Moreover, it would foster the growth of the insurance industry and take it to the next level by bringing in global products, practices, and sales strategies to India’s insurance market. Insurance is a very efficient form of protection for general public and it is essential that it reaches everyone in India from big cities to small villages, and this move will facilitate the inflow of capital that would be required to accomplish this.
Will help spread footprint
BY SHANAI GHOSH – Executive Director & CEO, Edelweiss General Insurance.
The announcement by the FM to increase FDI in Insurance, is a positive news and a welcome move for this capital-intensive sector. It will help increase avenues to bring in capital inflows in order to realise the full potential of Insurance in the country. This move will help strengthen the sector and also help further penetration of insurance in the country, which still is far behind the world average.
