#OutlookEvents | At IDFC FIRST Bank presents Outlook Money 40 After 40, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, highlights a crucial financial lesson - while we focus on wealth creation, we often overlook the need to protect what we already have. Just like a nation’s economy can suffer from a "leaking bucket," individual finances can also erode without proper risk management and insurance.
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00:00We also should be worried about how to defend wealth that we already have.
00:05And that is exactly where we miss out.
00:07I think I wrote a paper to the government of India also.
00:10If you look at our growth story of the Indian economy,
00:13we are very happy with our 6% to 7% growth.
00:16And we say we're the fastest growing in the world.
00:19But in reality, we are growing at over 10%.
00:21The 6% to 7% is because of the leaking bucket that comes down to 6% to 7%.
00:27And I'll talk about this, how this works out,
00:30why we are growing at over 10% as a country.
00:33But what you see is a 6% to 7% growth.
00:35And what you feel happy about is a leaking bucket of what you can't defend
00:39in terms of what you miss.
00:41And that pulls down the growth story of the economy.
00:44If it can pull down the growth story of a country like India,
00:47an economic perspective, it can also pull down your growth story
00:51if you're not adequately covered for the leaking bucket in your life.