Page 56 - Banking Finance August 2024
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BUDGET QUOTE
Deepanker Mahajan, Co-Founder and CEO CoverYou
"As the CEO of CoverYou, Indias Largest Insurance Broker dedicated to serving the healthcare heroes
of our nation, I am optimistic about the potential reforms in the 2024 budget. The common man ea-
gerly awaits measures to make life and health insurance more affordable, aligning with the IRDAI's
ambitious goal of 'Insurance for All by 2047.'
To truly drive this vision, we must address the unchanged deduction limit on health insurance premi-
ums under Section 80D, which has not been revised for nine years despite soaring healthcare costs.
Deepanker Given that India surpasses its South Asian peers with a medical inflation rate of 14%, linking the deduc-
Mahajan tion limit to inflation and revising it periodically will offer necessary financial relief and promote wider
adoption of health insurance.
Moreover, extending these benefits to the New Tax regime and reducing the 18% GST on health insurance could signifi-
cantly enhance its accessibility. These steps are not just recommendations but vital actions that can boost the insurance
industry and provide robust coverage for our doctors and the broader population. We hope the budget reflects these
critical needs and paves the way for a more insured and healthier India."
Manish Shara, Co-founder & CEO, Zet Fintech
"The budget has touched all the key sectors of our economy and will drive growth and ease of doing
business. The focus on skilling, lending for MSME, abolition of ANGEL Tax and inclusive economic de-
velopment is in line with the government's aim of Viksit Bharat. The governments decision to simplify
the new tax regime is also a welcome move that will provide relief to 40 millions salaried profession-
als and pensioners. Raising the limit of standard deduction to Rs.75,000 and increasing the deduction
of family pensions from Rs.15,000 to Rs.25,000 is aimed at encouraging investment and promoting Manish Shara
sustainable economic growth. However, giving relief to the salaried class in the old regime would have been a welcome
move. The reduction of TDS applicable (under section 94H) on agent earnings from earlier 5% to 2% is also a positive
move to boost agents' earnings."
Uma Shankar Patro, Senior VP - Finance, InfoVision
"InfoVision applauds the governments commitment to advancing innovation and digital transforma-
tion with the allocation of 5% of the Universal Services Obligation Fund towards telecommunications
technology R&D. The renaming of this fund to Digital Bharat Nidhi highlights the critical role of a
digital-first strategy in driving economic growth.We are particularly encouraged by the introduction of
the Jan Vishwas Bill 2.0 and the incentives for states to adopt Business Reforms Action Plans and
embrace digitalization. These initiatives are set to significantly enhance the ease of doing business and
will have a profound positive impact on the IT sector, further strengthening India's digital economy.
Uma Shankar Patro
InfoVision fully supports these progressive measures and remains dedicated to contributing to and
benefiting from these transformative efforts", said Mr. Uma Shankar Patro, Senior VP - Finance, at InfoVision.
50 | 2024 | AUGUST | BANKING FINANCE
