1 फरवरी को पेश होने वाले बजट 2025(Budget 2025) से आम जनता और निवेशकों को कई सारी उम्मीदें हैं। इस सेक्टर से जुड़ी इंश्योरेंस कंपनियां भी आशा कर रही हैं कि सरकार उन्हें रियायत मिलेगी और बजट 2025 से कई तरीके के फायदे मिलेंगे। ये भी संभावना है कि सरकार इस सेक्टर को और मजबूत करने के लिए कुछ अहम ऐलान कर सकती है, गुडरिटर्न्स की बजट स्पेशल सीरीज FUTURE FOCUS: BUDGET 2025 के नए एपिसोड में एडिटर श्रुति सरकार ने Policybazaar के President राजीव कुमार गुप्ता से बातचीत की। इसमें बीमा प्रीमियम पर टैक्स कटौती और इंश्योरेंस सेक्टर में स्किल डेवलोपमेंट पर फोकस करने पर भी चर्चा हुई ।
#budget2025 #unionbudget2025 #Budget2025Expectations #Budget2025ExpectationsUpdates #budgetanalysis, #financialmarkets, #budgetexpectations, #budgetpredictions #insurancesector #budget2025insurance #insurance #healthcareinsurance #incometax #incometaxslab
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#budget2025 #unionbudget2025 #Budget2025Expectations #Budget2025ExpectationsUpdates #budgetanalysis, #financialmarkets, #budgetexpectations, #budgetpredictions #insurancesector #budget2025insurance #insurance #healthcareinsurance #incometax #incometaxslab
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NewsTranscript
00:00The most awaited event of the year, Budget 2025, is on Feb 1st. On that day, our Finance
00:10Minister Nirmala Sitharaman will present the Budget in the Parliament. From CapEx to spending,
00:17investors are waiting very anxiously for some kind of good news. Hello and welcome. My name
00:22is Shruti Sarkar and you're watching Good Returns. And in this episode of Future Focus
00:27Budget 2025, we are joined by Rajiv Gupta, President, Policy Bazaar Pintex. Hello, Rajiv.
00:35Hello.
00:37Rajiv, there are a lot of speculations, a lot of expectations. But my first question to you is,
00:43what is the overall understanding, what is the overall expectations from the budget?
00:49Shruti, I think, first of all, most industries, industry players from various fields have clearly
01:00put forth their demands to raise income tax limits because that's been long due and it
01:05was raised from 1.5 lakhs to 2 lakhs. I think having more money in the hands of people
01:11is a very generic expectation across industry players. I think that's something which we are
01:17all expecting, not only BFSI, but across industries because they want more people,
01:23more money in the hands of people. So I think that's one area which certainly we're expecting
01:31to happen soon. Particularly keeping in mind our sector, one of the key changes Budget 2025
01:38may bring is the introduction of 100% FDI in the insurance sector along with
01:45from the current 74%. And that's the reason we believe it was supposed to be announced earlier
01:50in the winter session, but hoping that this gets announced in the budget session at least.
01:56The focus on infrastructure spending is going to continue because that's one area which is
02:03going to help us achieve our dream of Vixit Bharat. So I believe that infrastructure spending
02:08will continue to remain a big focus area. In fact, I wouldn't be surprised if the percentage
02:14allocation increases there. And that's an area we want to see focus going. Last year in the budget,
02:22the finance minister announced about skill development and internships. I think that's
02:28a focus area which will again continue because one of the big challenges the industry is facing today
02:35given the size of our economy, 150 crore people, is availability of skilled manpower.
02:41Particularly from tier 2, tier 3 cities, this has been a big challenge. So adopting some skill
02:49development programs, co-curriculum programs along with the corporate world will certainly
02:55help produce better talent from tier 2, tier 3 cities. Particularly if most of us want to
03:02make inroads in the deeper pockets of the country. That's an area which I think the
03:08focus should continue. In my view, cyber security is one of the biggest concerns
03:17which across industries we are all facing today. And I believe that a lot of focus on this side
03:25should also happen. So some announcement on cyber security is likely to take place because
03:32I believe that this is really hitting all of us very hard. And these cyber security
03:40software professionals are probably far ahead of us. And I think somewhere some focus is likely to
03:47be seen in this space where government is willing to invest more money to protect consumers and
03:53corporates from such cyber security issues. The other area I think as far as banking is
04:01concerned, I think home loans, the limit was not increased. The tax deduction limit, I think more
04:10than a decade. It was earlier increased from 1.5 lakhs to 2 lakhs. And I am hoping that some work
04:18will be done in that space because buying a home, owning a home, home for all has been the vision
04:26for the government. So hoping that to support the middle income group, which has always had
04:32big expectations of the budget and probably they have not got any direct benefit over these years.
04:38So I think this budget should try and focus on the middle income group more. Which is why I said
04:43the income tax, lab rates are likely to undergo a change. Home loan interest undergoing a change.
04:50And if I look at my sector, I think hopefully if we want insurance for all, then the GST,
04:58long pending GST reduction or waiver should also happen.
05:06You know, Rajiv couldn't agree more on the GST part on the infra or cyber security that you spoke
05:12about. You also mentioned Vixit Bharat, Rajiv. Let me, let's just talk about that. When do you
05:21think India will reach, will India will become 5 trillion dollar economy? And do you think that
05:27we can well achieve, will be developed country by 2047 as PM Narendra Modi says that, you know,
05:36his aspiration is that India will become Vixit Bharat by 2047. What's your take on that?
05:42I certainly believe that this is a dream come true. And in my view, whatever the PM is saying
05:52is very much possible to be achieved. You know, it is just that each sector will have to break
05:57down the goal. You know, we have 20 years from now, leaving aside two years, you know, as a
06:04question for all of us to plan, you know, with the government on what we need to do in our
06:08respective sectors to make India Vixit Bharat, you know. So I personally believe the 5 trillion
06:14economy is not very far away. I am expecting 27 or maybe latest by 28. But 2027, we should
06:21certainly see a 5 trillion economy, you know, happening in the country. Now, coming back to
06:26the original question, if I look at my sector, forget my sector, I think, today, India prides
06:34in itself in terms of the younger population we have, right. But 10% of our population,
06:40even today, is senior citizens. And 2045, this number will scale to 30 to 35%,
06:48which means we're talking about 70 crore senior citizens in this country.
06:52And as per today's statistics, 65% of these people don't have any income,
06:59no insurance plan, no income. Now imagine in a country where there is no social security scheme,
07:06and where there are pensions are eroding, joint family system is going away. Look at the social
07:12impact this problem is going to create. So the real missing middle are today's 40 year olds.
07:17So somewhere, I think, the government and the sector will have to focus in reaching out to this
07:24set of people across tier one, tier two, tier three cities, if we want to avoid this big social
07:30impact, which is going to be happening soon. I mean, if there is no focus on this sector.
07:36Right, right. Right, you said that. Moving on, let's talk about a little bit about markets,
07:44about sectors, probably, what are the top sectors to look at, probably right before the budget,
07:51that you would, you know, in your view?
07:55I think MSME will continue to get focus. Clearly, manufacturing sector is one area where
08:02India has to do much better, you know, service has been focused. So I think MSME will continue to
08:09get a lot of support in this budget, you know, BFSI has been waiting, you know, with a long
08:18laundry list. So hoping that fintech, you know, comes under some kind of regulations, some support
08:24to ensure the fintechs continue to do well, because there is still that trust deficit when
08:29it comes to fintech, you know. So I think some regulations around fintech to strengthen,
08:35because if we have to build financial literacy in this country, if we want
08:41to go beyond Zandan bank accounts and have everybody to understand how to borrow,
08:46why buying an insurance is important, you know, it is important that this area is focused,
08:53you know, if we don't, then I think it is not going to be possible. So till we literate people,
08:59you know, it's not possible for us to achieve this dream.
09:04Right, right. Rajeev, before I let you go, I have one final question to ask you about the
09:11insurance sector. Now, 10-20 years, you know, before, you know, people like us never thought
09:19about insurance. But now, like you said that, you know, we don't really have a social security
09:25scheme like in the US. What are the benefits or what are the things that you expect that the
09:32government should focus on about this sector? Because this sector is now highly watched not
09:39only by corporates, but it's important for the senior citizens, it's important for students,
09:44it's important for a homemaker. So, please, please, let us know about your views on this.
09:52Yeah, so I think for the insurance sector, there has been a long pending demand, you know,
09:56as I mentioned to you earlier, insurance penetration in this country is still continues
10:02to be a single digit number. Surprisingly, after 20 years, the penetration levels have come down.
10:09You know, so something serious will have to be done collectively by the government by the sector.
10:16I mean, 100% FDI will certainly attract more players to come into this country.
10:22For a size of our country, I think less than 200 or 300 insurers is not justified. You know,
10:30even a country like Dubai has 100 insurance companies, and we have 53. Now imagine if I
10:37have to cover all pockets of this country, you need all kinds of players who are willing to make
10:41capital investment in this country, focus more on deep rooted states, tier two, tier three cities.
10:47So clearly, I think, inviting or easing, you know, 100% FDI will make a lot of sense,
10:54you know, for the sector to invite more people. The other part is today insurance premiums,
11:00the deduction continues to fall under the overall Section 80C limit,
11:05which is continues to be 1,50,000 rupees. Now imagine that 1,50,000 takes care of PPF, home
11:13loan, you know, everything. Now, this is not going to help the sector. The sector needs a dedicated
11:20deduction when it comes to health insurance. So we are recommending strongly, you know,
11:25that the current amount for senior citizens may be doubled. Because that's an area which
11:31needs focus. Because senior citizens will continue to face spiraling health costs
11:38in this country, you know, and if health cost is going to improve, sorry, increase,
11:43then certainly you need, you know, more budget incentives for people to kind of plan for that
11:50expenditure. You know, if somebody has to buy a health insurance, this is a key attraction,
11:55right? Similarly, the overall limit, you know, under Section 80C, or create a separate limit
12:03for those people who buy a term loan insurance plan, because you need to protect your family,
12:07in case something happens to you. So I believe that that is also crucial overall,
12:13either increase the Section 80C limit, or create a separate limit, you know, for the sector,
12:19you know. Similarly, pensions, you know, are treated differently when it comes from
12:25the insurance industry, you know, the pension proceeds are taxable, whereas
12:32the pension is not taxable when it's when it goes through the PFRDA, you know. So I think
12:39it's important that a level playing field here is created. As I mentioned to you, one of the
12:45key challenges is to have an income when you're not earning. And pension certainly is one of the
12:53areas which can help you support achieve that dream. So I believe that that's an area which
12:58certainly we expecting some change to happen. So Section 80D limit, we are hoping from 50,000,
13:06it is improved to 1 lakh, you know, that's, so I think that's something which is certainly
13:12needed at this point of time, particularly to achieve the mission of insurance for all,
13:18you know. I think mostly we have covered, I also think that
13:29to create more institutes which produce insurance talent. So for example, we have an NIA,
13:36we have an Insurance Institute of India, you know. Now, these are very, very few in number,
13:43given the size of this country. And when it comes to first choice of employment, you know,
13:49insurance is not something which people straightaway consider to move because they think
13:56traditionally insurance selling is, is perceived as low profile job. But whereas the sector,
14:02you will look at the AUM and look at the contribution to the economy,
14:06I think this sector certainly warrants, you know, more skilled professionals coming out.
14:11So in fact, I was there in the NIA meeting the other day, and I requested that NIA should have
14:17more centers across all regions. National Insurance Academy, which is currently based in Pune,
14:23should have all the regions covered. So somewhere, you know, the focus on
14:28building talent for the sector, you know, while the skill development and internship
14:34program is very good idea, but somewhere government initiated, you know, insurance
14:40institutes will certainly help. Perfect. I think skill development is something that
14:45every sector is looking at awareness about things we can do. Great insight to the questions,
14:53Rajeev. Thank you so much for joining us today, viewers. That was Rajeev Gupta,
14:58President PB FinTech. Thank you viewers for watching us. Thank you.