New Delhi: All eyes are now fixed on the upcoming budget. The 2026 financial year is expected to be crucial. Union Finance Minister Nirmala Sitharaman is expected to present it on January 1, 2026. Although the official date for the budget has not yet been announced, it is traditionally expected to be presented on February 1.
The insurance sector has high expectations from this budget. A large portion of the population remains outside the coverage of insurance. The government can take significant steps to bring more people into insurance coverage. Insurance can be considered a form of social manufacturing. The government can also implement several insurance reforms to achieve this.
A special protection scheme will be developed.
MSMEs are considered a major contributor to India’s economy. According to the Ministry of MSME and NITI Aayog, MSMEs contribute 29-30 per cent of the country’s GDP, 36 per cent of manufacturing output, and 4 per cent of exports. The MSME sector employs over 120 million people.
They face significant climate-related risks. To mitigate this risk, the government could launch a National MSME Protection Scheme. The 38 million MSMEs registered on the Udyam portal will benefit.
Employee Healthcare Rights
Employees must have the right to health care. To achieve this, an employer-employee health insurance framework could be made mandatory for the organised sector. Efforts could be made to include full-time workers, contractual workers, and gig workers. This would significantly assist workers’ families in the event of a medical emergency. This would facilitate the government’s vision of universal insurance by 2047.
Important Points Regarding Accident Claims
According to a report by the Ministry of Road Transport, 4.81 lakh accidents occurred in India in 2023. These accidents claimed the lives of 1.73 lakh people. Two-thirds of these were between the ages of 18 and 45. Furthermore, there are significant delays in settling claims at Motor Accident Claims Tribunals. The government could establish an appellate fast-track motor third-party claims settlement framework.