The upcoming Union Budget for 2024-25, set for July 23rd, is drawing keen attention from all corners of India’s economy. As an insurance executive, it’s important to understand the central hopes and forecasts of industry leaders across various sectors for Budget 2024-25, drawing insights from pre-budget discussions, industry reports, and expert evaluations.

Here’s a step-by-step guide on how to prepare for the Union Budget 2024-25:

Step 1: Understand the Expectations of Industry Leaders

Industries spanning infrastructure, IT, telecom, agriculture, healthcare, human resources, and education are on high alert, anticipating how the government’s fiscal strategy will shape their futures. As an insurance executive, it’s important to understand the expectations of industry leaders in these sectors. For example, Arundhati Bhattacharya, Chairperson & CEO of Salesforce India, expects the budget to recognize the role of the IT sector in creating well-paying jobs while increasing efficiency and productivity. She also emphasizes the need to deepen the play with proper skilling initiatives and increasing ease of doing business while exploring ways in which IT can be used for further job creation.

Step 2: Identify the Key Priorities for the Country

In the coming years, driving sustained growth and generating employment are key priorities for the country. As an insurance executive, it’s important to identify these priorities and understand how they will impact the insurance industry. For example, the government’s focus on driving sustained growth and generating employment could lead to an increase in demand for insurance products.

Step 3: Evaluate the Impact on the Insurance Industry

Once you have identified the key priorities for the country, it’s important to evaluate the impact on the insurance industry. For example, if the government focuses on infrastructure development, there could be an increase in demand for property insurance. Similarly, if the government focuses on healthcare, there could be an increase in demand for health insurance.

Step 4: Consider the Role of Technology

As Arundhati Bhattacharya points out, technology can be the biggest enabler to achieve the country’s goals of driving sustained growth and generating employment. As an insurance executive, it’s important to consider the role of technology in the insurance industry. For example, parametric insurance, which uses real-time data and dynamic risk modeling, can help insurers build and operate insurance products at scale.

Step 5: Get in Touch with Riskwolf

With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. As an insurance executive, it’s important to get in touch with Riskwolf to develop parametric insurance for the given case.

In conclusion, preparing for the Union Budget 2024-25 requires understanding the expectations of industry leaders, identifying the key priorities for the country, evaluating the impact on the insurance industry, considering the role of technology, and getting in touch with Riskwolf. With these steps, insurance executives can prepare for the Union Budget 2024-25 and ensure that their companies are well-positioned to take advantage of the opportunities that arise.

Read the original article by Supervity.ai for more insights on the expectations of industry leaders for Budget 2024-25.