Rikhil Shah, CFO, SBI General Insurance

“Growth of insurance sector is directly related to the development in major sectors like infra, SME, etc., contributing to India’s GDP. The Budget proposes to invest Rs 100 lakh crore in the infrastructure sector, Rs 50 crore for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans. This will give the required impetus to the infra and SME sectors which in turn will lead to growth in commercial insurance. Tax benefits on electric vehicles and home loans for affordable housing will give boost to motor and home insurance respectively. We welcome the move of proposed 100% FDI hike for insurance intermediaries. This will infuse capital and will translate in deeper penetration of insurance in India thus ensuring that the growing India stays adequately protected. Also, the proposal of hike in FDI in the insurance companies would be a welcome move for the industry.”