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PremiumBudget 2024 Expectations Highlights:Budget 2024 Expectations Live Updates: As the anticipation builds for the upcoming budget announcement, Livemint will give real-time updates, expert analyses, and insightful commentary on the key expectations and potential impact across various sectors. From agriculture, infrastructure, and healthcare to education, finance, and manufacturing, each sector carries its own set of expectations for allocations and reforms. The fiscal agenda, these sectors collectively voice their aspirations for a budget that fosters growth, innovation, and societal well-being.
"The past year has been extremely exciting for the travel & tourism sector; especially with the government’s increasing focus on boosting domestic & inbound travel. India is on track to be the fastest-growing aviation market in the world in the next decade. The rising trend of domestic air travel from tier 2,3,4 cities is encouraging, and we hope to see the budget continue to allocate resources for the development of infrastructure, technology, and safety measures at existing and new airports in these cities under the UDAN scheme. Spiritual tourism is poised to be a key focus this year, and we anticipate more measures aimed at enhancing infrastructure, and accessibility, including last-mile connectivity in spiritual and cultural hubs across India. The Indian Government has been actively developing religious destinations and pilgrimage centers to encourage spiritual tourism under the Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASAD Scheme). This effort has led to a remarkable transformation in Varanasi's tourism sector, primarily driven by the revitalized Kashi Vishwanath corridor and the Central government's renewed commitment to promoting religious tourism. Since its opening in December 2021, Kashi Vishwanath Dham has attracted an unprecedented 100 million visitors. In contrast, the number of visitors had previously been a mere 8 million before the renovations.
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Similarly, it is anticipated that with the recent inauguration of the Ram Mandir in Ayodhya and the recent launch of the new Ayodhya airport, Ayodhya may attract similar footfalls of visitors. Such steps will undoubtedly improve connectivity in regions where trains or buses may be the primary mode of transportation. Furthermore, considering that aviation turbine fuel (ATF) constitutes a significant portion of operational costs for airlines, any waivers or support for the airline sector would greatly benefit the industry. Bringing the Aviation Turbine Fuel (ATF) cost down to pre-pandemic levels presents significant opportunities for India's aviation sector, serving as a crucial factor in improving air travel accessibility. In 2023, we also witnessed a surge in travellers opting for visa-free destinations, indicating a growing preference for hassle-free and convenient international travel experiences. Simplifying visa requirements to encourage visa-free entry for tourists visiting India is another action point that can significantly enhance foreign tourist arrivals. Overall, we look forward to budgetary measures that foster growth," Aloke Bajpai, Co-founder & Group CEO, ixigo.
Underlining the importance of pension planning, Sarabvir Singh, Sarbvir Singh, Joint Group CEO, PB Fintech, has called for equal tax treatment of pension products.
“Individuals tend to defer retirement planning until later which is not a financially prudent decision. To address this, it’s important to ensure an equal tax treatment for pension products which will also ensure a fair play with NPS. Pension and annuity products deserve the same tax treatment as the National Pension Scheme (NPS). This would level the playing field, making these products more attractive for long-term financial planning. The existing system imposes tax on full annuity income including both principal and interest. To promote wider adoption of pension products and ensure parity with other investment avenues, we recommend considering a tax-free status for annuity income derived from these pension products. This would serve as an incentive for individuals to secure their retirement and also align pension products with prevailing tax norms," said Sarabvir Singh.
“There’s a need to rethink taxes on the insurance category as a whole to find a fair balance. To begin with, the maximum deduction limit of ₹1,50,000 under Section 80 C gets exhausted owing to other allowable expenses like PPF, loans, etc. It’s time we declared a dedicated exemption category just for term insurance to fill this gap. This will also incentivise taxpayers to opt for a term plan with higher coverage. Also, a GST rate of 18% needs to be reconsidered. It's time to relook at the tax structure so that the pricing benefit reaches the end consumer and encourages more people to invest in life insurance," Singh added.
“India is positioning itself at the forefront globally on various frontiers, most notably the technology industry. As the IT industry eagerly awaits the 2024 Union Budget, I look forward to seeing a budgetary plan that aligns with this ever-evolving technological landscape.
With breakthroughs in digital transformation and talent at the heart of it, India is becoming a global force to be reckoned with. This year, we are eagerly looking forward to a strategic distribution of resources with digital infrastructure taking top priority and improved incentives for research, upskilling, and creation of innovation hubs. While the imminent data protection bill looms, the upcoming budget announcement will be seen as a pivotal moment to enhance the stance on securing sensitive information. I anticipate increased funds for crucial aspects such as cybersecurity, along with robust support for emerging technologies in the realm of 5G, AI, and the Internet of Things, accompanied by tax revisions aimed at stimulating IT exports. Alongside, monetary advancements in research, development, and AI will accelerate growth overall for the country and be a steady move towards strengthening our position in the global arena," said Mohan Subrahmanya, Country Leader, Insight Enterprise.
“India is taking the lead in the global economic resurgence, with MSMEs and startups playing an increasingly vital role in sustaining and propelling this growth. Past initiatives connected to Startup India and MSME development are yielding positive initial results. However, the scaling process and obstacles related to institutional funding continue to impede rapid progress. The tax environment, particularly burdensome for younger firms, is often perceived more as tax terrorism than a convenience. To foster the growth of startups and MSMEs, steps should include establishing uniform state-level programs aligned with central government objectives, avoiding duplication of paperwork and certifications between central and state levels. Providing clear preference and reservation for startups in government contracts and tenders up to 20 crores can significantly boost the local ecosystem. Additionally, offering a total GST waiver for companies with sales up to ₹2 crores and increasing spending to develop an ecosystem rewarding institutions investing or buying services from startups with up to 20 crores in sales is crucial," said Amit Vasistha, Founder and CEO, GALF, a wellness-tech platform for corporates.
“As India sets sight on becoming a US$ 5 trillion economy by 2025, the upcoming Interim Budget offers a timely opportunity to formulate policies that further unlock the potential of fintechs in enabling financial inclusion and powering their growth. I am hopeful that the government will announce measures to increase capital availability for fintechs operating in underserved domains like rural credit, digital payments, and digital lending. Regulations around digital banking, data governance and emerging technologies have fueled the building of sustainable fintech businesses over the last year or so, and I am hoping that the budget will introduce additional measures that can aid credit growth, financial inclusion and digital enablement of financial services.
It would also be good to see tax benefits and favourable initiatives for research, product innovation and skill development being introduced, so as to encourage indigenization that can help India emerge as the global innovation hub. Additionally, in order to nurture the blooming startup ecosystem, the Government should further broaden the eligibility criteria and look at providing tax reliefs to employees in start-ups around Employee Stock Ownership (ESOPs). I am optimistic that this budget will set the stage for enhanced collaboration between fintech innovators and policy makers to nurture an ecosystem that can equitably power India's digital economic aspirations," said Nalin Negi, Chief Financial Officer & Interim CEO, BharatPe.
“Agriculture is the backbone of our country, and it continues to be major driver of India’s economic growth. Players across the agri-tech and agrochemical spectrum are boosting this industry by prioritizing technological advancements. As we approach the 2024 budget, we are anticipating a positive impact on the agriculture industry. We expect that there will be valuable allocation of the budget towards ramping up technology adoption, increasing productivity and enhancing storage infrastructure in this sector, and in the process deliver significant benefits for farmers, agriculture machine owners and OEMs alike," said Managing Director of Crystal Crop, Ankur Aggarwal.
“The growth of India’s fintech industry are driven by strong financial inclusion and consumer demand, a young demography, and improving trade balances. With this interim budget, the focus should continue towards accentuating financial inclusion across the country, policy reforms, PLI schemes, government subsidies for small businesses, emphasis and stronger traction on digitalization efforts as they play a massive role in this regard. Financial inclusion clubbed with the digital inclusion will drive exponential access to credit on the back of higher convenience and shorter TAT. We are hopeful that the focussed approach will ensure sustained growth of the sector and overall Indian economy," said Mr. Rakesh Kaul, CEO, Clix Capital.
"Over successive budgets, India has increased allocation to the technology sector (last budget saw 40% increase and stood at Rs. 16,549 Crs) which has helped drive significant progress in India’s position in the global electronics value chains. What will be essential for this budget is to provide special budgetary allocation and schemes to help drive growth of the Component Ecosystems with special focus on PCBs, Sensors and Electro-mechanical components. Such allocations should support not just capex but also development of high-skilled manpower, availability of natural resources in special component hubs (often required for component manufacturing). We are confident that with combined coverage across Fab, OSAT, EMS and Components, India will further increase our share in the global value chains," said Rajiv Gupta, Managing Director and Senior Partner, BCG
On Union Budget 2024-25 expectations, Gaurang Bhagat, President, Maskati Cloth Market Association in Ahmedabad said, "The government should get a new textile policy. Our demand is that the government should explain the new MSME payment rule to textile associations."
Deduction u/s 80-D: The limit of ₹25,000 (for other than senior citizens) and ₹50,000 (Senior Citizens) were fixed long ago. The Insurance premiums have gone up significantly and with Medical expenses also going up substantially , there is enough reasons to increase the deduction of Medical Insurance Premium U/S 80-D to ₹50,000 and ₹75,000 respectively, said A Ganesan, Group vice Chairman- Neuberg Diagnostics.
Talking about high Medical expenditure deduction under section 80-D, A Ganesan said, “Those who do not have a Health Insurance cover , is entitled to claim up to ₹50,000 towards medical expenditure incurred . There are number of persons, who do not have Health cover, particularly, those above 60 years. The pandemic has again dealt a body blow to this section of people. In view of the above, this limit has to be increased substantially or at least up to ₹1, 00,000."
“GST has to be reduced significantly across all products and services, to spur consumer spending and the petroleum products have to be brought under GST. Healthcare services have to be brought under GST regime with 1% levy so that they are able to avail the input credit , which go as waste now , resulting in higher cost of services . If this is done , the overall cost of Healthcare services will actually come down benefitting larger section of the people," he added.
Highlighting on the extremely poor funding of India's healthcare sector, IMA President Dr RV Asokan called for the need of enhancing the core health budget, excluding the budget for drinking, water and sanitation.
"Our health investment has stagnated at 1.1% of the GDP for many years. This underfunding is a reason for poor infrastructure and lack of human resources. So we feel without including the budget for drinking water, and sanitation, which we call health determinants, the core health budget should be at least 2.5% from all the governments. One-third of the money comes from the central government. That means it's around 68 or 70 crores of money, which is too little to provide health care across the country over so many health burdens, and disease burdens. So the government sector, we would want that the public sector should be strengthened. Public hospitals and public human resources should be increased," Asokan told ANI.
"India's per capita health spend, despite its economic strength, ranks among the lowest jeopardizing its demographic dividend. As India's population ages, the rise in preventable eyesight disorders, including cataracts, refractive errors, glaucoma, and diabetic retinopathy, poses a significant burden. Early detection frameworks are crucial, particularly in remote regions where these issues often go unnoticed.
The budget should prioritize healthcare infrastructure across city tiers and heavily invest in skill development for a trained talent supply and service standardization. Paramedical training is crucial for robust support to clinical teams and patients.
Further, to integrate eye care into universal health coverage and address vision loss's impact on sustainable development, we anticipate the Budget to allocate funds for large-scale eye screening and addressing the backlog in surgeries with dedicated initiatives and government suppor," said Sudheer VS, CEO, Maxivision Super Specialty Eye Hospitals.
“In anticipation of the forthcoming Union Budget, the education sector anticipates increased budgetary allocation and substantial support for enhancing digital infrastructure, transforming education while emphasizing more skill-based courses, and fostering teacher development through various training programs.
As we have witnessed a steady increase in budget allocation for the education sector over the last three years, we expect that this year's budget will allocate a good proportion of funds for controlling the quality of academic delivery to sustain the changes suggested in the NEP. We are also anticipating a significant push towards Skilling youth in the Future Skills and also an increased allocation for the various Apprenticeship programs.
As India has diverse educational requirements, we are also expecting that the upcoming budget will help enhance some of the critical government-funded schemes for marginalized communities, which in turn will generate employment opportunities.
It also remains crucial for Union Budget 2024 to maintain a strong emphasis on skill development and youth education. Heightened investment in vocational training institutes, technical and IT skills, and analytical capabilities would not only solve the existing challenges in the education sector but also facilitate improved employment prospects," said Siddharth Chaturvedi, Executive VP, AISECT Group, Chancellor– SGSU.
"Over the past few years, entrepreneurship has become a viable career option. However, the visionary entrepreneurs also need to be able to attract good quality talent and for that ESOPs play a big role. However, ESOPs are taxed twice. If the tax laws can be rationalised to have ESOPs taxed only at sale, the ability of startups to attract good quality talent at reasonable cost goes up.
There is a need to activate blended finance structures in India by encouraging domestic philanthropic capital to move into blended finance transactions. Blended finance transactions are necessary to solve critical problems like climate impact and access to essential services for low income households. The mandate of CSR and private philanthropic capital can be extended to allow such blending," said Avishek Gupta, MD & CEO, Caspian Debt.
"As the budget approaches, our expectations for rural development are focused on crucial areas such as infrastructural improvements, livelihood enhancement, export potential, compliance, and cultural representation. We foresee improvements in rural roads, energy, and agricultural supply chains, as well as an emphasis on improving off-farm rural livelihoods. A focused emphasis is also expected to promote Indian crafts, notably of handmade crafts through govt initiated programmes such as ODOP and ONDC, exports and funding to promote India's cultural legacy at international trade shows. For startups and MSMEs, simplify compliance without compromising governance. This budget should serve as a catalyst for inclusive and long-term rural and economic development, meeting rural communities' different needs and ambitions," said Vinayak Kamath, Co-founder of Hearth Ventures.
“I eagerly anticipate the upcoming budget with optimism and a fervent hope for increased support towards the electric mobility sector. The extension and enhancement of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme would be instrumental in propelling India towards a sustainable and eco-friendly future. Substantial subsidies for electric vehicles and related infrastructure would not only incentivize consumers but also bolster the growth of our industry. These measures will not only promote cleaner transportation but also stimulate innovation and job creation. I look forward to a budget that recognizes the pivotal role electric mobility plays in achieving environmental goals and economic development, and I trust that the government will continue to foster a conducive ecosystem for the electric vehicle industry to thrive," said Hyder Khan, CEO, Godawari Electric Motors.
"The impending Budget 2024, and the insurance sector eagerly supports the prospect of an increased tax benefits limit to boost insurance penetration in India. Tax relief has historically catalyzed insurance adoption, aligning with IRDAI's vision of insuring India by 2047.
Key expectations from this year's Budget include a reconsideration of taxes on the entire insurance category to achieve a fair balance. Proposals include establishing a dedicated exemption category for term insurance, addressing the current exhaustion of the Section 80C deduction limit of ₹1,50,000 due to other allowable expenses. Additionally, a reevaluation of the 18% GST rate aims to ensure pricing benefits reach end consumers, fostering increased life insurance investments.
Recognizing the tendency to defer retirement planning, equal tax treatment for pension products is emphasized, aligning them with the National Pension Scheme (NPS). Proposals advocate a tax-free status for annuity income derived from pension products to encourage wider adoption and enhance parity with other investment avenues.
In the post-pandemic era, the significance of health insurance is underscored, prompting calls for innovative tax structuring. Suggestions include increasing the maximum deduction limit for self, spouse, and dependent children to ₹50,000, and for senior citizen parents to ₹1 lakh. Additionally, extending tax exemptions to Health Savings Accounts is proposed to empower individuals in planning for escalating healthcare expenses," said Santosh Agarwal, Chief Business Officer, Life Insurance, Policybazaar.com.
“The anticipation for startups entering the upcoming fiscal year revolves around a budget that aligns with the values of growth and innovation and is particularly high for businesses engaged in food manufacturing. The dynamic landscape of the Indian market has seen a significant shift towards supporting domestic manufacturing and production. According to data from Startup India, India has emerged as the world's third-largest startup ecosystem, with over 1,16,679 DPIIT-recognized companies across the country. We expect a budget that recognizes the important role that startups have played in reshaping India's economy, and local manufacturers, especially in the food sector. Approximately 80–90% of consumers now prefer to purchase from local manufacturers rather than importers, which is an amazing shift in consumer behavior. A notable program that has improved the status of domestic manufacturing is the Production-Linked Incentive Scheme (PLIS)," Madhuri Ganadinni, co-founder, The Tea Planet, said.
“We expect a significant rise in the allocation of funds towards healthcare. More funds need to be provided to boost manufacturing of medical equipment and there need to be regulations to reduce the influx of imports. The PLI schemes for IT hardware, mobile phones, drugs, and medical devices attracted investments of over US$30 billion. Introducing more health-related product categories into the PLI scheme can make India self-reliant and shield us from shocks in the global supply chain," Deepak Sahni, Founder, Healthians, said.
“PPP models should be encouraged for better healthcare, service, delivery, and infrastructure development, particularly for critical and non-communicable diseases," Sahni, said.
“Health insurance needs to be made more comprehensive and affordable, and diagnostics should be brought into its purview. We also need more tax benefits and incentives for the healthcare industry and for individuals investing in their health, wellness, and preventive check-ups. Indirect taxation and lack of input credit for providers pose a significant challenge for the healthcare industry," While most healthcare services are exempt from GST, procurement taxes (whether for inputs, input services, or capital goods) form a significant part of the operational costs. A ‘zero rating’ of GST on healthcare services will keep the credit chain intact and reduce costs," Sahni added.
“Anticipations for the upcoming budget are high, particularly in light of recent media coverage surrounding travel and tourism. Our outlook is that the imminent budget will place a significant emphasis on unveiling novel destinations, establishing additional tourist hubs, and elevating their prominence on the global map. There is a collective expectation for a strategic redistribution of tourism across diverse geographies, fostering inclusivity and exploration beyond traditional hotspots. In addition to fostering an environment conducive for new entrepreneurs and SMEs to flourish in the tourism sector, we also hope to witness a concerted effort towards bolstering indirect support mechanisms. This includes investments in transportation, connectivity, basic infrastructure, and enhancing remote accessibility, all aimed at catalysing tourism growth in upcoming, offbeat locations," Deep Banka, COO, Zostel, said.
“We believe that the upcoming budget presents a pivotal opportunity for India to pave the way for inclusive and sustainable financial growth. As businesses eagerly anticipate the fiscal roadmap, SwitchMyLoan emphasizes the need for a comprehensive approach to address the evolving landscape of the financial sector," Saurabh Birari - CFO - Switch My Loan, said.
“Firstly, we advocate for a thorough examination of initiatives geared towards expanding access to credit and banking services, particularly for marginalized or unbanked populations. Underserved Markets, often hampered by infrastructure gaps, merit special attention in budgetary considerations. The budget must encourage and incentivize financial institutions to extend their services into these areas, thus contributing to the overall development," Birari, said.
“In this era of rapid technological advancements, the budget's stance on digital transformation in lending is of paramount importance. Embracing and promoting technological innovations in the lending space will not only enhance efficiency but also empower businesses to better serve their customers in an increasingly digital world," Birari added.
“Overall allocation towards education has been around 2.8% to 2.9% of the GDP since 2015. The Indian Department of Higher Education funds central universities, IITs, NITs, IISERs, IIMs, and Schools of Planning and Architecture and others. The higher education regulators like UGC and AICTE are also funded by the department. Research and innovation in higher education, and scholarships for higher education also come under the purview of the Higher Education Department. However, in 2022, the Standing Committee on by Education, Women, Children, Youth and Sports observed that student financial aid schemes were not sufficient to cover the cost of higher education. This is because most expenditure from the scholarship is towards course fees. (Report No. 337, Standing Committee on Education, Women, Children, Youth and Sports, on “Demands for Grants 2022-23 of the Department of Higher Education", Rajya Sabha, March 16, 2022). Government should earmark specific funds for self-funded autonomous institutions approved by AICTE and offering the PGDM degree as these institutions have to depend totally on student fees," Madhumita Chatterji, Director, ABBS School of Management, opined.
“With the upcoming 2024 central election, expectations are high for a well-balanced budget that combines growth-focused measures with populist initiatives. The government's commitment to growth strategies, evident in improved road connectivity, enhanced rail infrastructure, and initiatives such as localizing imports and developing value chains for electronics or electric vehicles, is anticipated to persist in the upcoming budget. This continuity will reflect the government's clear vision and approach towards fostering economic development. To continue momentum for the residential sector, a cut in tax rates is crucial as it will provide an impetus to homebuyers’ purchasing ability," Lucy Roychoudhury, Head of Sales, Marketing, and CRM of Runwal Group, said.
“The government has consistently demonstrated its commitment to fortifying the startup ecosystem by introducing rewarding schemes, tax provisions, and dedicated funds, as evidenced in budget announcements over the past few years. There is also a notable emphasis on tech transition across sectors, which in many cases, is a proactive initiative by the public sector. With the burgeoning applications of emerging technologies like AI and Blockchain at the enterprise level, we anticipate initiatives that promote awareness, education, and ease of implementation. Moreover, sectors such as Real-Money Gaming currently exist in a regulatory gray area. Despite the introduction of the relevant rules recently, there are ongoing deliberations creating uncertainty. We anticipate a definitive stance on this segment, providing clarity on its prospects in India," Shwetank Verma, Co-Founder & Managing Partner, Leo Capital, opined.
“India's manufacturing moment is now; and we need to seize it with a 25-year vision. We stand at a pivotal juncture for Indian manufacturing. With unprecedented tailwinds and favorable policy support received from the Government of India, the time is ripe to chart a bold 25-year vision. We must go beyond 'Make in India' and forge a self-reliant ecosystem through R&D investment, cutting-edge clean technologies, and robust skilling programs," Amrit Acharya, CEO & Co founder at Zetwerk, said.
"The Financial Budget 2024 is the credo guiding and incentivizing every sector of the nation’s economy. We believe that the Budget should echo the rightful expectations of the real estate sector demanding industry status recognition. It will streamline the sector’s aspirations of being at the receiving end of benefits such as getting interest subsidies and relaxations from stamp duties and other forms of tax exactions. It will help the sector bounce back and regain its momentum, boosting demand as well as sales," Saransh Trehan, Managing Director, Trehan Group, said.
“Additionally, the government should ratify a single window clearance system to end the proverbial chain of project delays, which has become a drag in the path of attracting new home buyers and leveling up demand. The real estate sector is also wishful of the government upshifting the home loan tax rebates with an aim to provide immunity to home buyers, which will ultimately lead to an uptick in sales and real estate demand. Special incentives and timelines should be introduced to promulgate, pace up, and speed up Infrastructural projects in Tier 2 and 3 cities to embolden buyers to invest in the thriving real estate markets brimming with superlative property options and types," Trehan, said.
“The Union Budget 2024 should concretize the long-standing demand for conferring an industry status to the real estate sector. Granting an industry status will make the sector eligible to procure capital and interest subsidies and get exemptions and remissions from stamp duty, tariffs, and other duties. There is also a dire need to institute single window/fast track clearance processes and mechanisms in the light of many projects facing protracted delays and home buyers suffering the brunt of delays, as a consequence," Vikas Garg, Joint Managing Director, Ganga Realty, said.
“The government should also cogitate on increasing the home loan tax rebate and lowering repo rates which will provide a level-playing field to the sector and help to attract home buyers and stave off the continuous cycle of home price inflation. Furthermore, under the climate of a bevy of projects getting incessantly delayed, the government should also consider coming up with some other newer channels of project investment sourcing to help the sector regain demand and pace," Garg added.
“AI-based technology has been a major driver in recent months and the trend will only accelerate. A call for heavy investments, a progressive policy framework, and increased R&D expenditure is clearly needed for India to catch up with the world in these areas. The government's role is pivotal in fostering an ecosystem that fuels AI innovation, bringing academia, industry, NGOs, and government departments together. As we envision a future powered by AI, India's investment must not only be monetary but also strategic, facilitating collaborative synergies for a thriving ecosystem," P J Narayanan, Director, IIIT Hyderabad, said.
“While the nation is working to improve the ecosystem, but given the current state of global politics and technology, the Government needs to be cognizant of these roadblocks and quicken the pace. The wealthiest internet-rich firms have invested billions of dollars in the most successful AI startups, like ChatGPT, Gemini, LLaMA, and others. Regretfully, there isn't an Indian business with a comparable scale or emphasis to support our ecosystem. In India, the government's involvement and framing of relevant policies are therefore becoming increasingly crucial in Make AI in India. To make it happen, the government should invest heavily, establish enabling mechanisms for rapid growth, and step aside to bring in the required agility to the process," he added.
“In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfill Prime Minister Modi’s dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration multiplies the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries," Ankit Agrawal, CEO and Co-Founder InsuranceDekho, opined.
