very Budget is important, but this year’s edition holds special significance. Next year when the finance minister rises to make the speech, India would well and truly be in the election mode. This is the Budget where the reforms since 2014 can be appraised and policymaking gears appropriately shifted.
Low health insurance penetration
Budget 2018: From the consumer’s perspective, insurance must form the foundation of the financial planning pyramid as it acts as the shock absorber while people undertake their journeys in the pursuit of wealth creation or career advancement or personal goals. Unfortunately, the penetration of retail health insurance in India remains measly—under 4%. That’s a reason why governments have to incentivise its purchase by linking it to tax sops, or like the case of motor insurance, make it mandatory. But given the low penetration levels, the industry and the government must move in lockstep to ensure that every citizen has access to high quality secondary and tertiary healthcare.
