UNION BUDGET 2022:23: SESSION #UNIONBUDGET #BUDGET2022-23
Mr. Rakesh Jain, CEO, Reliance General Insurance Co. Ltd.
“The General Insurance Industry has played a stellar role in the country’s upliftment and its constituents over the years, particularly during the Covid Pandemic or during a dozen-odd Cyclones/floods that have been hitting our country almost on an annual basis. The industry has provided financial stability to millions of people and establishments, settling claims over Rs. 1.50 Lac Crores each year and growing. The status of the GI Industry is no less than the infrastructure industry as it leads to building many stabilizing foundations in sectors like Healthcare, Automotive, SME, Agriculture apart from risk transfers for Corporate and Individuals. As the Indian economy emerges stronger in years to come, the role of the GI Industry in taking care of unforeseen risks is almost imperative to ensure that disruptions are handled in an organized manner. The abysmal penetration of Insurance vis-à-vis global levels is a clear risk in this journey.
The Budget for the year 2022-23 has laid clear emphasis on the capital outlay, with the capital expenditure proposed to be enhanced to Rs.7.5 lakh crores at 2.9% of the GDP; over 35% increase than the last year. This is likely to result in the generation of capital assets across the country, with a focus on the infrastructure space. Such assets need to be insured, and the General Insurance industry in India is fully geared up to meet the country’s rising needs. Further, such creation of assets has cascading effects on employment, income and consumption. It improves an individual’s lifestyle and helps develop both the knowledge and the need to protect the assets and health of the family members through Insurance. This leads to a virtuous cycle for a secular growth of the General Insurance industry. There is also a move to use Surety Bonds, which the Insurance companies may issue under the framework of IRDA, as a substitute for Bank Guarantee in Government procurements and Gold imports. The move recognizes the ability of the Insurance industry to provide alternative products to the Banking sector, thus paving the way to reduce the cost and diversity risk.”
Quote from Mr Tushar Choudhary, Founder, Motovolt Mobility Pvt Ltd
“The framing of the battery swapping policy suggested in the budget 2022 will help take electric mobility a step further. This will help more people adopt e-mobility as a means of commuting. With the Government’s encouragement for this sector EV market will surely see a huge growth”.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
For India to become a digital economy, all villages should have the same access to digital resources as urban areas. To augment this, the setting up of 75 digital banking units in 75 districts of the country is a commitment to taking high-end tech to the bottom of the pyramid. This step will ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner. The objective of citizen empowerment with digital growth and supporting fintech will directionally encourage delivering of digitization to India in its 100th year well ahead of time.
We are happy that over the past few years we were able to focus on Aspirational Districts and deliver on one aspect of financial inclusion and the score of 95% is encouraging. Going forward, we will focus to align with the Vibrant Villages Program and will continue focusing on the financial inclusion of farmers and senior citizens at the last mile. However, we wish the GST waiver for Banking Correspondents for financial inclusion services could have been taken into consideration. During Amrit Kaal, while our government aims to achieve the vision for India@100, we pledge to make India a digitally and financially inclusive nation. Zidd Aage Badhne Ki.”
Dilip Modi, Founder, Spice Money
Additionally, Finance Minister Nirmala Sitharaman’s announcement on the allotment of funds through NABARD to finance start-ups for agriculture & rural enterprises along with the plans to launch delivery of hi-tech services for farmers including the use of Kisan Drones is a great move towards the development of the agri sector as well as for supporting nanopreneurs.
We are hopeful that the government’s strong support and initiatives including the introduction of digital rupee by RBI will help in accelerating the growth for the fintech sector and will create multiple avenues for the underserved parts of the country.”
“The Finance Minister has unveiled a Budget that aims to bridge the economic gap between India and Bharat. The proposed policies are an inspiring start in what will hopefully provide stimuli for continued growth, leading us closer towards our goal of achieving sustained acceleration!
I welcome the focus on digital aspects of education and creating greater access for students with structured, high-quality content. The announcement of Digital University is most welcome and in line with the trend of online schools across the country. But, it misses the opportunity to leapfrog with more significant innovation and investment for improved access, equity and affordability. The structural flaws of the education sector and problems on the ground could have been addressed. Exciting times are ahead for Digital Education.”