00:00Sir, there is a very important sector, the insurance sector, which has been talked a lot about in recent days.
00:12So, what initiatives should be taken in this budget to support the insurance sector?
00:18See, the insurance sector is also a fact that all the countries that have become developed countries from the emerging economy,
00:27the manufacturing led economy has always been there, but insurance has played a big role.
00:33So, whether it is health insurance, life insurance or general insurance, we have to encourage this too.
00:42For example, in health insurance, I feel that GST is a very strong case to reduce because it is not a luxury, it is a necessity.
00:54We want that the maximum percentage of the population, whether it is through Ayushman Bharat or through general health insurance,
01:03we want that the maximum number of countries should be covered there.
01:07So, in health insurance, life insurance, we will have to reduce GST tax rates,
01:14we will have to give incentives to our middle class through, let's say, tax deductions and tax benefits on their spend on health insurance and on life insurance.
01:28Apart from that, the big insurance companies all over the world, we will have to encourage them and bring them further in India,
01:43either through joint ventures or on a standalone basis.
01:46So that our insurance sector, whether it is health or it is life or it is general insurance,
01:53everywhere there should be a parallel growth because insurance has to play a very big part if we want to go towards a developed India.
02:02And all types of insurance will be there.
02:05In that, somewhere GST benefits, somewhere tax benefits, and I would say rationalization, simplification,
02:16some incentives for global insurance companies.
02:20We should also bring the reinsurance business in India.
02:26Right now, all the insurance companies in India have to go abroad for reinsurance.
02:33So, I think all these types of efforts should be made because if we want to move towards a developed India,
02:39along with manufacturing, health, education and insurance are very important components if we want to become a developed economy from an emerging economy.
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