The insurance sector, while reacting to the Budget announcements made
last week by finance minister Pranab Mukherjee, iterated its demand of
increasing the FDI limit and asked for a major initiative to promote
long-term savings through a separate format.
The industry players, however, welcomed some of the FM's moves,
including income tax relief, setting up of apex-level financial
stability council, legislative reform panel and pan-India annual check
ups.
Future Generali India Life Insurance Co CEO & MD Deepak Sood said -
The FM has addressed the two most crucial issues of economic growth &
fiscal consolidation. With the relief in income tax to individuals,
the middle class will have more disposable income. We believe this
will result in higher savings and boost the insurance industry.
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