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The COVID-19 pandemic had adverse effects on India's economy. But the 2021 Union Budget announced by Finance Minister Nirmala Sitharaman brought a ray of hope for all Indians. To understand how the Budget 2021 may impact India's economic growth & Indian businesses, Republic Media Network and Maruti Suzuki presented, 'Nation Wants to Grow.' A pre-budget series that showcases the many benefits of the Union Budget 2021 & how it will help revive India's economic position globally.
In the first episode of the series, Yashish Dahiya, Group CEO & Co-Founder of Policybazaar.com, India's foremost insurance aggregator & a leading financial technology company globally, shared his views on the challenges for businesses in India and how can those be addressed.
Dahiya opined that apart from meeting the demands of the customers, there is a need to create a friction-free experience for them so that the industry is benefited. “The customer wants more convenience and what that means is building backward from hospitals to car garages, claims experience aspect and giving the customer an auto-adjudicated experience. The next 3-4 years will be how people like us in the industry come together to create a friction-free experience for the consumer,” said Dahiya.
EXPANDING INTO FURTHER MARKETS
He also said that Indian companies should look at expanding into further markets so as to generate employment. “We as a company are growing and are part of a large insurance ecosystem but it’s also time to start looking at how we can use India as a launch-pad and go into further markets, specifically the Middle-East and South-East Asian markets. Indian companies can clearly dominate in these areas and do very well. I think that would bring a lot of intellectual property in India,” added Dahiya.
“The moment we see businesses as national champions, as not just people who generate employment but people who generate foreign direct investment, higher intellectual property & generate influence across the world. I think we can see businesses as doing good for the country & we can have a lot of trusts there." said, Yashish Dahiya, Group CEO & Founder of Policybazaar.com.
"And the moment we have that with a broad backing of a very flexible regulatory regime, we can certainly expand into the market. I think there is no doubt of talent in India. We already see Indian leading global companies. So, there is no reason why we can not house them in India & go out. We can build Indian companies that go & establish themselves," he added.
Ministry of Electronics and IT has set a five-year goal of increasing the digital economy contribution to the GDP from 8% to 20%. Commenting on how India can achieve this goal, Dahiya said that the digital economy is about data and consumers being able to freely access their own information and being able to transact on that basis. “Using data privacy, we should allow the customers to access their own information from any place whatsoever. Secondly, almost all the regulations need to be rethought from a digital perspective. Every architecture requires that rethink every 4-5 years.
"It is an overall reset of all laws we need. Consumers always want an experience which Amazon, Alibaba, or Google can provide but many times those our own laws that hold us back from being able to provide that experience,” he added.
START EARLY TO BECOME AN ENTREPRENEUR
According to Dahiya, if you are in a job, you should follow a leader that you believe you are going to learn something from. “Keep the focus in a job on the learning, not on the earning. If you focus on earning, the same job will become handcuffs for you,” he added.
“As I talk to people in their 20s, this is a time to make mistakes. As long as you know your domain, becoming an entrepreneur early is fantastic unless you find a job in which you are learning very fast. As an entrepreneur, you learn at a speed which is roughly 10 times the speed of an average job,” said Dahiya.
18 Apr, 2022
It’s time for the West to be amazed by India’s homegrown entrepreneurial spirit: Yashish Dahiya
Improving Claims Experience For The Consumers Should Be The Key Focus Of The Industry: Yashish Dahiya