The Hindu : Andhra Pradesh News : Reach out to farmers, YSR tells insurance firms

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Friday, Jan 21, 2005

Andhra Pradesh

Andhra Pradesh

Reach out to farmers, YSR tells insurance firms

By Our Staff Reporter

HYDERABAD, JAN. 20. The Chief Minister, Y.S. Rajasekhara Reddy, has exhorted insurance companies to look into the sufferings of farmers and those residing in rural areas and plan relevant schemes.

Speaking at the 9th Insurance summit - 2005, organised by the Confederation of Indian Industry (CII) here on Thursday, Dr. Reddy pointed out that the reach of insurance companies in rural areas was limited and observed that they were not coming forward to look into the hardships of the farm sector.

He called upon the companies to evolve suitable schemes to benefit the farmers. The State Government was devoting more attention to the irrigation sector and betterment of farmers, he said. The Chief Minister took the opportunity to highlight the Government's efforts to provide infrastructural facilities to attract investments.

Financial districts

Assuring the insurance companies of all help, Dr. Reddy hoped that the companies would come to Hyderabad in a big way to make it the insurance capital of the country. The Government had already prepared an action plan to create separate financial district on 160 acres. The allocation of land was almost complete, he said pointing out that the second phase would also be taken up if necessary. He promised that all the bottlenecks such as traffic congestion and other issues would be tackled.

The Insurance Regulatory and Development Authority (IRDA) Chairman, C. S. Rao, said that the Union Government, with the aim of providing level playing field to all competitors, had appointed regulatory authority with independent outlook. He said efforts should be made to popularise insurance schemes in the rural areas and underscored the need for effective information system in the insurance sector.

The Joint Secretary in Department of Economic Affairs, Union Finance Ministry, U. K. Sinha, congratulated the State Government for introducing the new pension system along with five other States. He said the new pension system would certainly help the poor and old people who would have income security.

The CII Director General, N. Srinivasan, the Insurance Committee Chairman, Analjit Singh, and the southern region chairperson, Shobana Kamineni, spoke.

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