LIC Chief: Budget Paves Way for Top 3 Economy Status

LIC CEO & MD R Doraiswamy has described the recent Union Budget as a visionary roadmap, aligning with India's aspiration to become one of the world's top three economies. He emphasized the budget's commitment to national progress and strengthening key sectors.

Doraiswamy highlighted specific priorities, including the development of seven strategic industries, bolstering Micro, Small, and Medium Enterprises (MSMEs), and enhancing rural income levels. These initiatives, he believes, are crucial for India's forward momentum.

While acknowledging the initial negative market response, particularly to the Securities Transaction Tax increase, Doraiswamy expressed confidence that market sentiment would improve. He anticipates a positive reassessment once the comprehensive development push, including infrastructure and logistics investments, is fully considered.

Sectors poised for significant benefit include infrastructure, biopharma, and education. Doraiswamy pointed to investments in road and waterway corridors, advancements in biopharmaceuticals, and a renewed focus on upskilling youth for employment as key growth drivers.

Addressing concerns about fiscal numbers and borrowing, Doraiswamy viewed these as opportunities for insurers. As major participants in the government securities market, LIC anticipates beneficial investment options within the insurance industry's scope.

Overall, Doraiswamy expressed satisfaction with the budget's long-term growth orientation. He noted its focus on rural income, the creation of a special credit guarantee fund, and technological advancements as vital components for the nation's comprehensive development.