New Delhi, Dec. 18 -- union Finance Minister Nirmala Sitharaman today noted that competition is the best way to ensure affordable rates for consumers.
"Monopoly does not give us the advantage; more competition leads to better rates and more innovative products," she said while replying to the discussion in the Rajya Sabha on the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025.
Ms Sitharaman delivered a staunch defence of market competition as the primary tool for consumer benefit, arguing that dismantling monopolies is essential for driving down costs and fostering innovation in the insurance sector.
The Finance Minister emphasized that the primary goal of the amendments is to democratize insurance, shifting it from a lu...