Post the budget announcement Mr. Deepak Sood, CEO & MD, Future Generali India life insurance Co Ltd said "The Finance Minister has addressed the two most crucial issues of economic growth & fiscal consolidation. To support economic growth, he has significantly enhanced allocation for infrastructure, road, transport, power, education, agriculture & rural development."
"Similarly the budget lays down a well-defined road map for bringing down fiscal deficit from 6.9% in the current fiscal to 4.1% in FY 2012-13. The additional tax exemption of Rs 20, 000 for investment in infrastructure bonds will attract long term savings for infrastructure funding."
Further he added, "The Indian middle class will have more disposable income because of lower personal tax. We believe this will result in higher savings and boost the growth of insurance companies in India. The budget did not mention the hike in FDI limit for the insurance sector, which we hope, will be addressed separately. More clarity regarding GST & Direct Tax Code will be welcomed. The proposal to set up apex level financial stability council and legislative reform panel is a step in the right direction. Overall the budget is growth oriented and has a progressive outlook."
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