Sector- General Insurance industry
Spokesperson – Mr. Swaraj Krishnan, MD & CEO, Magma MHDI
“We would like the government to include tax incentives for personal line insurance including waiver of service tax for the personal insurance like health and accident. There should be a budgetary boost to ensure growth infrastructure investments like road and power to give a kick start to the economy and bring in large-scale investments. Budget should include provisions to rationalise tax laws with insurance regulations as there are enough instances of dichotomy which leads to unnecessary litigation. It is high time the government should make some pronouncements on FDI in insurance”
Sector-Gold Finance industry
Spokesperson – Mr. Vikas Mittal, Business Head, Magma Gold Finance
“Financial inclusion is a key cornerstone for ensuring financial upliftment and Gold loans have proven to be an excellent purveyor of this policy. Even the KUB Rao committee report, which was set up by the RBI, acknowledges the role played by gold loan providers in this direction. It is important to understand that there is no other product that offers the convenience or the flexibility as is offered by the Gold loans. If people of India have to be truly financially included, the Gold Loan companies should be further encouraged and empowered. Recognising Gold Loans as a priority sector lending, more flexibility in LTVs and increase in the limit of cash disbursement would be some of the key policy initiatives which should be included as a part of the budget. The fact that gold loan is a 100% secured product should strengthen the ability of the government to do so.” CCI Newswire
