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Centre invites applications for IRDAI post
The Hindu
Insurance regulator without a Chairman for over eight months now
The Centre has invited applications for the post of whole-time Member (Non-Life) of the Insurance Regulatory and Development Authority of India (IRDAI).
The post is set to fall vacant in May, as per the call for applications that the Union Finance Ministry issued on Monday. “The applicant should have a minimum of two years of residual service as on the date of vacancy i.e. 6.5.2022,” it said. February 15 is the last date for receipt of applications.
The move comes even as IRDAI has been without a chairman for eight months now. Subhash C. Khuntia completed the three-year term as Chairman in May 2021. The post of Member (Finance and Investment) is also vacant.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.