Page 41 - Banking Finance February 2018

BUDGET

Mr. Anshuman Panwar, Co-Founder, Creditas Solutions Pvt Limited.
"The budget focuses on inclusive growth with significant thrust on empowering women, poor and
farmers. I believe this will contribute to the holistic growth of India. Doubling the allocation for digi-
tal investments is a good move too and will help the country's vision to be a digital-first economy.
The reduction in corporate tax for midsize companies will boost investments. Furthermore, the
recapitalisation of Public Sector Banks to provide credit availability is also significant but its success
will depend on the execution and implementation of the policy.

Mr. Anshuman Quite significantly, the Finance Minister has acknowledged the role of Fintech companies in shoring
Panwar up the credit market in India and his unequivocal support is a great news for all Fintech companies."

Mr. Pankaj Razdan, MD & CEO, Aditya Birla Sun Life Insurance and Dy. CE, Aditya Birla Capital.
"The Finance Minister has done well to present a prudent budget by focusing on generation of em-
ployment and inclusive growth through increased expenditure on rural economy, infrastructure, MSME
and healthcare. Along with maintaining fiscal prudence, the government is clearly working towards
creating a healthier India through Increased spend on the healthcare sector which will further lead
to the next round of transformation forming the backbone of the economy. This budget is to offer
double benefit of sustainable growth leading to improved standard of living and support long term
growth prospects of the nation. A tax neutral budget for the life insurance industry also offers more
credit play for the insurance companies. Additionally, ULIP emerges as a beneficial long term invest- Mr. Pankaj Razdan
ment option under the new tax regime. Finance Minister's move to merge and consolidate all the smaller insurance
companies augurs well for the insurance industry. An overall economic growth and more people joining the formal
economy will definitely give impetus to the growth of the life insurance sector"

Mahavir Chopra, Director - Health, Life and Strategic Initiatives, Coverfox.com
"The Finance Minister's reinforced thrust on Digital India through measures like Wi-Fi Hotspots in
rural areas will significantly increase internet penetration making India the largest internet enabled
population in the world. Access to internet will create skilled jobs in rural areas, avoid migration, and
increase reach of rural population to services (like insurance) available only in cities beyond reach.
Given the lack of enough public healthcare infrastructure, the proposal to launch a social security
program with regards to public healthcare - the National Healthcare protection scheme that will
support 50 Crore underprivileged with health financing is a welcome initiative that was long awaited.
Mr. Mahavir
Chopra While the increase in the health insurance deduction is a great step, given the recent hike in health
insurance premiums for senior citizens, from an Insurance industry's standpoint, the budget has not been encouraging.
We were expecting waiver of GST for senior citizen health insurance, tax sops for insurance products like home and term
life insurance (extremely low on penetration) that provide super-essential and currently absent financial security to the
middle-class population at large."

Mr. Manav Jeet, Managing Director and CEO of Rubique
"Today's budget announcements are certainly creating a headway for India to become the largest
digital economies in the world. Right from ploughing the seed of digital in education, creating the
infrastructure to connect villages to encouraging establishment of advanced technologies like Artifi-
cial Intelligence including research and development through Niti Ayog's national programme will
certainly help the existing market move towards digital.
Providing Infrastructural Support to MSMEs: MSMEs have been the focus even for Rubique. It's the
most important sector yet underserved segment when it comes to access to finance. Allotment of Rs Mr. Manav Jeet

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