Speaking on the evolution of the sector since the current government assumed office in 2014, Sitharaman said the insurance ecosystem has undergone significant transformation aimed at widening coverage and strengthening financial security across the economy. She underlined that true national progress can only be achieved when individuals, enterprises, and the agricultural sector are adequately protected against risks through comprehensive insurance mechanisms.
The finance minister noted that the reforms were designed not merely to modernize the sector but to make insurance more accessible and meaningful for the general public. According to her, enhanced coverage helps families withstand economic shocks, supports businesses in managing uncertainty, and safeguards farmers against losses, thereby creating a more resilient economic foundation.
Sitharaman further emphasized that the insurance sector’s development plays a vital role in reinforcing financial stability and promoting sustainable growth. By expanding protection and improving the reach of insurance services, the reforms contribute directly to broader economic confidence and long-term national development.
Concluding her remarks, the finance minister reiterated that strengthening insurance coverage is integral to India’s growth story, as it aligns social security with economic expansion and ensures that progress is shared across all sections of society.
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