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Interview of Venkatesh Mysore,
Managing Director,
MetLife India Insurance Company
On Budget 2004-05
What is your opinion about Budget 2004-05?
The hike in the FDI Cap is a step in the right direction
and we are elated about it. This implies foreign investors
can invest more, which will bring in – more capital, faster
expansion and growth, more product innovations and better
services, which will finally benefit customers. We are going
to be one of the first to announce the increase and prove
our commitment to our customers. We also have the fullest
support to this from our Indian shareholders.
What implications will the increase in service tax
have on insurance?
As for the hike in service tax, there is lack of clarity
on this issue at this stage – whether it is on risk premium
or not. This might mean an increase in customer premium
and the cost of administrative charges will have to be factored
in the pricing. There is some ambiguity on this issue.
MetLife’s view on pension regulation is that
it should come under IRDA. We believe that Insurance companies
should have a vital role to play in the pension arena.
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