The meeting between the finance minister and insurance industry was more of a pre-Budget consultation.
The meeting between the finance minister Arun Jaitely, and public and private sector insurers has concluded and the insurers have pushed for a hike in the FDI cap.
It was a rounded consultation on their Budget expectations, and FDI in the insurance sector was a hot issue that came up for discussion. However, it was not just about the insurance bill but other issues of tax incentives and other options to raise capital were also discussed.
It was more of a pre-Budget consultation which was represented by the life insurance, general insurance, as well as the health insurance sector.
Also read: Here are top 10 expectations from Union Budget 2014
The views were taken on various issues. Particularly, the issue of FDI in insurance sector and here the industry did not have just one voice. A large part of them voiced concern on the fact that if at all there is any hike in the FDI cap in the insurance sector, it should not be conditional to capping the voting rights at 26 percent.
However, later on, Nirmala Sitharaman clearly stated that these were just consultations and no view has been taken yet. Answering a query about the issue of cap in the voting rights, she said that it was too early to take a stand on the issue, and no view as such was taken, no decision was taken, and that probably these were things that would have to wait until the Budget announcement.
Therefore, the meeting was more of a consultative interaction, more of an interaction between the finance minister, Arun Jaitley listening to the views of the industry and industry putting in it views.
In fact even in the earlier meetings when the insurance sector had met up with the minister, the issue of tax break had come up. However, this is a time when industry will try its level best to demand its pound of flesh.
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