In agriculture, support for post-harvest investments, dairy farmers, disease control, and crop insurance highlights a commitment to the sector’s growth. Healthcare accessibility is set to improve with the extension of Ayushman Bharat and the plan to establish hospitals in all districts. The budget also prioritizes social security and social inclusion through initiatives that empower women, youth skill development, and renewable energy
Mumbai/New Delhi:
Though, the Indian insurance industry had a great deal of wish-list for the interim Budget -2024-25,which has not been fulfilled by finance minister Nirmala Sitharaman, still industry leaders have welcomed it and are of the opinion that it will have positive impacts on the economy and the industry.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance:–
The Union Budget 2024 showcases a balanced approach by the government. The extension of tax breaks for startups until March 2025 and the focus on improving taxpayer services demonstrate the commitment to simplifying taxation. The allocation of interest-free loans to promote tourism and develop tourism in Lakshadweep is a positive step for the industry.
The expansion of air connectivity through the successful Udan Scheme, along with fiscal announcements emphasizing infrastructure development, demonstrates the government’s dedication to modernizing transportation and infrastructure.
In agriculture, support for post-harvest investments, dairy farmers, disease control, and crop insurance highlights a commitment to the sector’s growth. Healthcare accessibility is set to improve with the extension of Ayushman Bharat and the plan to establish hospitals in all districts. The budget also prioritizes social security and social inclusion through initiatives that empower women, youth skill development, and renewable energy.
Furthermore, the emphasis on social inclusion ensures that marginalized populations are not left behind, reflecting the government’s dedication to reform, perform, and transform for inclusive growth and development. It addresses various sectors and challenges while emphasizing the welfare of all citizens and the country’s overall progress.
Sachin Bajaj,Head-Investments, Max Life Insurance:
The interim budget promises continuation of the government’s policies and priorities of reforms and overall development. The government has managed to maintain a healthy balance between providing resources for growth while adhering to the path of fiscal consolidation.
The fiscal deficit is pegged at 5.1 per cent against 5.8 per cent for FY24RE and is expected to further consolidate to the government’s long-term target of 4.5% by FY26. The focus of the budget remains on infrastructure/capex growth and innovation while remaining prudent on the fiscal front.
Tarun Chugh, Bajaj Allianz Life Insurance:
The interim budget for FY25 demonstrates a clear commitment to stimulating economic growth through strategic investment in infrastructure, coupled with proactive measures to manage inflation. The notable 11 per cent increase in capex outlay promises significant expansion for infrastructure development, given the strong base of last two years.
Amrit kal will indeed mark a golden era for our youth, as the budget’s visionary approach underscores the government’s commitment to their empowerment and the nation’s prosperity.
Moreover, the heightened emphasis on affordable housing is poised to drive rural demand, while the provision of long-term financing at low/nil interest rates strategically benefits Research and Innovation in technology. This forward-looking strategy sets the stage for sustained growth and opportunity, reinforcing the government’s dedication to nurturing a flourishing future for all.
Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance :
“The Interim Budget 2024 reflects a growth-oriented approach, particularly emphasizing the healthcare sector. The extension of health coverage under the Ayushman Bharat scheme to ASHA, Anganwadi workers, and helpers is commendable, especially for enhancing insurance penetration among women and to propel India towards ‘Insurance for All’ by 2047. Consolidating existing schemes for maternal and child healthcare into one comprehensive program promises smoother implementation.
Additionally, the government’s initiative to encourage vaccination against cervical cancer among girls aged 9-14 demonstrates a proactive stance toward preventive healthcare.
These measures collectively signify a significant step toward safeguarding public health and promoting overall well-being. It sets a prudent foundation for India’s robust future.
Hemant Kanawala, senior executive vice president & head equity, Kotak Mahindra Life Insurance company:
The Budget is well grounded prioritising fiscal prudence and capital expenditure over consumption. Power sector including new energy, railways, defence and affordable housing are major areas of focus for capital expenditure.The focus on capital expenditure over consumption remains with 11 per cent capital spending growth on high base of FY24.
Fiscal consolidation remains top priority, targeting fiscal deficit of 5.1 per cent for FY25 against 5.8 per cent in FY24, which should augur well for Bonds. Lower interest rates should support current valuation of the market while earnings will be the main driver of market returns.