'This will be our first large-size bank partner, and hence, the partnership will be a game-changer for us.'
The FDI in insurance and defence and the plethora of schemes for improving the rural economy with all round focus on development programmes, are a key thrust.
Encourage domestic savings by providing tax incentives for investment in insurance and pension schemes.
This law will further promote inclusive economic growth targeting a larger population and enabling deeper insurance penetration.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Commercial papers, certificates of deposit also dry up
But much depends on govt action & global economy; Sensex gains in 2070 the biggest in five years
The RBI cited lower-than-expected inflation, weak crude prices and weak demand, as well as the government's commitment to sticking to a fiscal deficit target as reasons.
The industry's reactions to the Budget have been mixed.
Experts hail Budget 2015 as a progressive, growth oriented one.
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