The insurance sector welcomed Finance Minister Arun Jaitley's third Union Budget which seeks to support the small tax-payer and the small investor.
Commenting on the budget on Monday Mihir Vora, Chief Investment Officer, Max Life Insurance said, "the Budget does a good job of balancing many economic, social and political priorities that the FM has had to juggle in these trying times."
“Against a backdrop of global uncertainty, distress in the rural economy and sluggish investments climate locally, the Budget has stuck to the path of fiscal consolidation and sends a positive signal to local and global investors about India's economic strength, prudence and sustainability of growt,” he said.
“The Budget is also overall positive for housing and real estate - there's increase in the tax incentives for affordable housing and simplifying the tax structure for REITs.”
Vora praised giving statutory backing for AADHAR.
However, “disappointment in the Budget was the outlay for Public Sector Bank recapitalization which was only Rs. 25,000 cr. - the size of the problem is significantly larger and demands much more to be done as soon as possible,” the banker said.
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