Life Insurance Corporation (LIC) Chairperson Siddhartha Mohanty has outlined a collective mission for 'Insurance for All' by the year 2047. While speaking at the 10th SBI Banking & Economics Conclave, on Thursday, December 28, Mohanty highlighted the regulator's shift from rule-based to principal-based regulation.
"Post-COVID, our nation experienced firsthand the adept management by government and regulators," stated Mohanty, crediting their efforts for steering the economy to its current mature stage.
Emphasising the need for collaborative frameworks, he urged stakeholders to actively participate in shaping policies and facilitating crucial discussions on pertinent issues.
Addressing CNBC-TV18, Mohanty also shed light on LIC's response to the proposed increase in surrender value by IRDAI.
He underscored that the impact on LIC would be relatively modest compared to
private insurers.On the other hand, Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister (EAC-PM), reflected on India's economic transformation.
"Four years ago, envisioning our ascent as the world's 5th largest economy seemed improbable. We aren't just rebuilding our economy; we are revitalizing our civilisation," Sanyal said at the conclave, adding historical context by referencing India's ancient global significance.
"Last time it was Mahmud Gaznavi; this time, it can be our misallocation," he said, hinting at the need to address contemporary issues akin to the challenges faced in historical eras.
(Edited by : Amrita)
First Published: Dec 28, 2023 12:05 PM IST
