The move to list the government-owned general insurance companies is a welcome step, as it will help the government unlock significant value and make the sector more vibrant and robust.
Several key measures such as crop irrigation and crop insurance schemes, higher FDI in food processing, among others will provide a boost for the rural economy.
The highest ever budgetary allotment to key infrastructure sectors of roads and railways and the proposal to develop a framework for resolution of disputes in infrastructure and guidelines for renegotiation of PPP agreements are important steps. This Union Budget for fiscal 2017 thus focuses on growth as well as maintaining stability of the economy.
The author is Chanda Kochhar, MD and CEO, ICICI Bank