Union Budget 2025-26: Strengthening the middle class through enhanced tax exemptions..!
Union
Budget 2025-26 by Managing Director and
CEO, Mr. Tapan Singhel, at Bajaj Allianz General Insurance.
Generic
Quote:
The Union
Budget 2025-26 is a forward-looking blueprint for growth, resilience, and
inclusive development. The focus on strengthening the middle class through
enhanced tax exemptions will put more money in people’s hands, boosting
consumption, savings, and overall economic momentum. Investments in
infrastructure, financial sector reforms, and digital transformation will
further strengthen India’s position as one of the fastest-growing economies in
the world.
A key
highlight is the opening up of 100% FDI in insurance, which will foster greater
competition, bring in global expertise, and drive deeper penetration across the
country. With India’s vast and diverse population, the need for more insurers
is clear—just as developed nations have thousands of players catering to varied
needs. Increased competition will enhance customer choice, service quality, and
awareness, making insurance more accessible and effective for all.
This
Budget reflects a commitment to long-term growth while ensuring financial
security, innovation, and economic empowerment for individuals and businesses
alike. It is a step towards a more resilient and prosperous India.
FDI
Quote:
"India,
with its vast and diverse population, has immense untapped potential in the
insurance sector. In many developed economies, thousands of insurance companies
operate to serve the varied needs of their citizens. For a country like ours,
achieving deeper insurance penetration requires a significant expansion in the
number of players in the industry.
With the
move to allow 100% FDI in insurance, we could see India moving towards a future
with 1,000 insurers in the next decade. A larger number of players will bring
greater competition, leading to enhanced innovation, customer-centric products,
and improved service delivery. More insurers mean better awareness, wider
choices for consumers, and a stronger push for financial protection across all
segments of society.
This
reform is not just about increasing capital inflows—it is about reshaping the
insurance landscape to ensure that every individual and business has access to
risk protection. As competition intensifies, we will see more transparency,
faster claims processing, and stronger trust in the industry. Ultimately, this
will drive economic growth, build financial resilience, and create a more
inclusive insurance ecosystem for India."
