Economic Survey 2024: FM Sitharaman praises Life Insurance Corporation while sharing these IRDAI findings

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Economic Survey 2024 Live UpdatesThe Union government tabled the Economic Survey 2023-24 in Parliament. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman's upcoming budget speech will be her seventh.“We commend the IRDAI's initiatives to prioritize the wellbeing of policyholders, from implementing cashless systems to emphasizing Ombudsman schemes, ensuring policyholders' interests are safeguarded.

However, with increasing climate change and economic development-related risks, there is a pressing need to protect against unforeseen disruptions. The upcoming Union Budget 2024 presents an opportunity to promote sustainable development goals by prioritizing risk management and protection.We recommend that the government consider the following measures:•Increase the upper limit for tax exemption on health insurance premiums to INR 75,000.•Introduce financial support or tax benefits for extensive insurance on electric vehicles (EVs).•Give tax advantages for cyber insurance, particularly for small and medium businesses, to enhance their ability to withstand cyber risks and data breaches.•Mandate health insurance to all employers for their employees to bring holistic protection to the working class.