essay on role of lic in indian economy

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LIC- Life Insurance Corporation of India

LIC Full Form and Definition

LIC stands for Life Insurance Corporation of India. It started its operations as a corporate firm in September 1956 after the Life Insurance of India Act was passed by India’s Parliament in June 1956. The LIC Act came into effect from July 1956. It helped in the nationalization of the private insurance industry in India. LIC of India was formed by merging 154 life insurance companies, 16 foreign companies and 75 provident companies. It is one of the largest financial institutions in India. It has an asset value of over 2,529,390 crores. The headquarters of LIC is in Mumbai, Maharashtra.

The main slogan of LIC is- “Yogakshemam Vahamyaham” meaning “Your welfare is our responsibility”. It is in Sanskrit and is obtained from the 22nd verse of the Bhagavad Gita’s 9th chapter. The chairman of Life Insurance of India is Mr M.R Kumar.

Role of LIC in Indian Economy

LIC is known as India's largest government-owned life insurance and investment corporation. The main role of LIC is to invest in global financial markets and different government securities after gathering funds from people through their various life insurance policies. At least 75% of these gathered funds are to be invested in Central and State Government securities, as stated by one of the LIC rules.

Functions of LIC

The major functions of LIC are as follows:-

Collect people’s savings in exchange for an insurance policy and promote savings in the country.

Protect the capital of the people by investing funds into government securities.

Issue insurance policies at affordable rates

Provide various loans like direct loans to industries, housing loans, loans to various national projects at reasonable interest rates.

Objectives of LIC

LIC aims to spread awareness about the importance of life insurance among people living in rural areas and people who are a part of socially and economically backward classes.

It aims to meet several life insurance needs of the community people who are subjected to change with the changing social and economic environment.

It aims to conduct business economically while taking into consideration that the money belongs to the policyholders.

It aims to maximize the mobility of people’s savings through attractive insurance-linked savings.

It aims in providing utmost job satisfaction to all the agents and employees of the corporation and promotes building a co-operative work environment to deliver efficient service with courtesy to its insured public.

It aims to deploy the funds to the best advantage of the investors and the community as well.

Types of LIC Life Insurance Plans

LIC provides numerous schemes to its policyholders. It offers different schemes for different categories and segments of the Indian economy. It is the largest insurance policy company in terms of the number of policies it has issued to date. Some of the policies are as follows:-

LIC’s Jeevan Pragati

LIC’s Jeevan Labh

LIC’s Single Premium Endowment Plan

LIC’S Jeevan Lakshya

LIC’s Jeevan Tarun

What are the Basic Policies of the Life Insurance Corporation of India?

The basic policies in Life Insurance Corporation of India (LIC) are term insurance, cash value insurance, straight life insurance, and limited payment life insurance. The details of each of these policies are given below:

Term insurance: This insurance is like an insurance protection contract, similar to auto insurance, home insurance, or health insurance. Therefore, it ensures the individual against any risk of financial loss in case of death and does not include any savings plan. In this insurance policy, the owner buys a fixed amount of coverage and pays an annual premium based on their age. The policy is for a fixed period of time and thus the coverage stops if it is not renewed. These policies are available for five years, ten years or fifteen years where the amount of premium to be paid remains constant. The life insurance can also be purchased with a condition of 65 years of age, that is, the insured does not become 65 years of age and in this case, the amount of premium to be paid increases annually. There is decreasing term life insurance also available wherein the coverage of the insurance decreases with time so that the annual premium to be paid remains constant. Term insurances provide maximum coverage to the premium spent.

Cash value insurance: In this kind of policy, the amount of actual insurance decreases over time and the savings component of the policy increases over time. This type of insurance is funded by the premium payments done by the insured along with the earnings of the saving element in the policy. These insurance policies are of two types: straight life policy and a limited payment policy that provides coverage to the insured throughout life.

Straight life insurance: the insurance is throughout life. In this type of insurance, the amount of protection decreases as the savings amount increases, though the total coverage of the policy that includes the protection and savings elements remains the same. The premium in these policies is higher than the term insurance which is based on the age of the individual when he or she buys insurance. The premium for this policy remains constant. The face value of insurance refers to the amount which is paid when the insured person dies.

Limited payment life insurance: in this type of policy the insured person pays the total amount of policy in a limited number of years, that is, usually 20 to 30 years or by the age of 65. After the completion of the term, the policy remains active for the whole life of the insured if he or she has not withdrawn the amount at any point in time. The amount of premium to be paid every year in this policy is obviously higher than the straight life policy.

Did You Know?

The first company in India that provided insurance coverage was The Oriental Life Insurance Company, established in 1818, in Kolkata. Surendranath Tagore founded the Hindustan Insurance Society which later became Life Insurance Company.

Solved Examples

LIC was Established in Which Year?

September 1956

October 1956

Ans: (b) September 1956

2. Where is LIC Headquartered in?

Kolkata

Chennai

Ans: (c) Mumbai

FAQs on LIC- Life Insurance Corporation of India

1. What are the Benefits of Buying from Life Insurance Corporation?

The benefits of buying from Life Insurance Corporation of India are:-

The policyholder will get the most advanced and efficient service as they are associated with an industry leader which has a technologically advanced network throughout the industry.

Maximum benefits are ensured to the policyholder and their family by designing innovative plans.

LIC provides an effortless and simple claim procedure for the policyholder when needed.

It has an excellent customer support service that provides 100% grievance settlement facilities.

It also provides online customer service to make the lives of policyholders easier. One can get the entire details of their policy via SMS.

2. What are the Processes of Maturity Claim and Death Claim of Life Insurance Company of India?

The maturity claim process of LIC of India is:-

A letter is sent by the branch office that serves the policyholder two months before the maturity date.

The policyholder is required to respond with a duly filled ‘Discharge form’ along with the original copy of the policy document.

The branch office upon receiving of these two documents sends a post-dated cheque via post to the policyholder.

Suppose the insured person dies before the date of maturity. In that case, the branch office asks for the claimant’s statement including details of the claimant and the deceased, original copy of policy document, death certificate of the deceased, documentary proof of age.

3. What protection can I get from Life Insurance?

Life insurance is an essentiality in today’s time. Since, for the survival of life, one needs money for all day-to-day activities, thus life insurance protects one from any financial disaster that destroys the complete income of a family. In other words, life insurance provides one with security that if a certain part of family income or the complete income of the family is cut off because of death, then life insurance would provide funds that can look after the family needs and also replaces the services that otherwise the family member would have provided like child care and more.

4. What should one consider while buying life insurance?

It is very important for a family to consider their financial needs when buying life insurance. These considerations include expenses related to the death of a family member like funeral expenses, medical expenses which are not covered by health insurance, expenses for estate settlement, and readjustment expenses like relocation of the family, and more. The family should also consider their day-to-day expenses like clothing and food. Families should also consider if they have any payments or debts like car loans or farm debt along with special needs of the family like loans, educational expenses, and gifts to family, friends or organizations. The person getting his or her life insurance should also take into account the retirement income for the surviving spouse.

5. How can I assess my needs while getting life insurance?

It is very important for an individual to assess his needs carefully while getting life insurance. While a person getting his or her life insurance should consider their total financial needs and other available resources. The needs of a family depend upon the number of dependents in his family and their ages. The standard of living of a family is another factor that will help him assess his needs and he should also consider other financial resources like savings, social security, investments, earning capacity of the dependants available in a family.

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Descriptive English मतलब Bank Whizz

LIC, GIC, UII Essay on Role of Insurance Sector in Economic Development

Dear Aspirant,

Good score in Descriptive English Paper in Insurance Exams plays a crucial role in final selection as this paper creates difference. Hence, do attempt to write essays in an effective manner and what you have written should be duly evaluated by some expert for improvement. The following is an essay on ‘The role of Insurance Sector in Economic Development of India’ (500 words).

Introduction

India is the 5 th largest life insurance market in the emerging insurance economies in the world. It is growing at a healthy rate of 32-34% annually. But, it had only 1.92% share in global insurance during financial year 2018-19 and it could penetrate only about 3.71% market in India so far. In this way, it provides tremendous growth potential in India for domestic and foreign investors. This is the reason why the government has allowed 74% FDIs in this sector in the financial year 2021-22, which will prove to be a fillip in its further growth. Much employment generation is thus most likely in this sector.

In India, there are 57 insurance companies out of which 24 are there in the life insurance business whereas 33 in non-life insurance. The overall market size was expected to US$ 280 billion 2020. The government’s policy of the uninsured has gradually pushed insurance penetration………

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Lic's dominance in india makes it a global behemoth.

Purely in terms of AUM, LIC s also the largest asset manager in India as of September 30, 2021, with an AUM of ₹39 lakh crore which includes, policyholders' investment, shareholders' investment and assets held to cover linked liabilities.

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Essay on the Life Insurance Corporation in India (LIC)!

The LIC was established in 1956 by nationalising all the life insurance companies operating in India. Since then in the field of life insurance the LIC has near-monopoly, as the amount of life insurance business through postal insurance and state insurance is relatively much smaller. Life insurance is a very important form of long-term contractual savings. It both promotes savings and results in their institutionalisation or mobilisation.

The income-tax concession provides further incentive to higher-income persons to save through life insurance policies. The total volume of insurance business has also been growing in the country with the spread of insurance consciousness in the country.

It can grow at a faster speed, if the organizational and operational efficiency of the LIC can be improved (and there is a lot of scope for it), new kinds of insurance covers introduced, its services extended to smaller places, the message of life insurance made more popular, and the general price level is kept stable, so that the insuring public does not get cheated of a large chunk of the real value of its long-term savings through inflation.

The importance of the LIC as a capital-market or term-financing institution is very high. The annual net accrual o investible funds from life business (after meeting all kinds of payments liabilities to policyholders) and net income from its vast investment are quite large. Equally, its size of the investment portfolio outstanding is also very large. At the end of March 1995 this was about Rs. 53,500 crore.

The LIC is a heavy investor of funds in government’s dated market securities. In 1994-95, it had invested more than Rs. 44,000 crore in them. Besides it had sanctioned and disbursed financial assistance to the corporate sector amounting to Rs. 1,790 crore and 1,340 crore, respectively. Like banks, the LIC also is a captive investor in government bonds. Under the law, the Lie is required to invest at least 50% of its accruals in the form of premium income in government and other approved securities, subject to a minimum of 25% in central government securities.

Besides, it has to invest in debentures of co-operative land development banks, and give loans to approved authorities (like state governments and electricity boards) for such social schemes as housing, water supply, electricity, etc. These investments and loans should add up to at least 87.5% of the premium income. Only the remaining 12.5 per cent can be made available directly to the private sector.

The loans for housing and investments in the share capital and bonds of other financial institutions, especially land development banks go, in the main, to the private sector. Therefore, the contribution of life funds to the private sector is much more than what is indicated by the figures of its direct assistance to the sector.

The LIC funds are made available directly to the private sector through investment in shares and debentures and loans. The largest amount is invested in equity shares, followed by preference shares and then debentures. The LIC has played a leading role (along with the ICICI) in developing the underwriting (of new issues) business.

Now other financial institutions led by the IDBI have also become very important. Underwriting of new issues by the LIC is usually done with the objective of purchasing the issue for its own portfolio and not for le to the public.

The bulk of the LIC’s purchases of industrial securities are, however, made in the second-hand market, and not the new issues market for the simple reason that there are not enough new issues forthcoming in the market to meet the demand for issues from the financial institutions and the investing public.

The LIC is a very powerful factor in the securities market in large and medium-sized non-financial companies and is significant in size. In a great many individual companies its equity shareholding is sizeable, going up to 30 per cent. Thus, the ownership interests of the Lie alone in industrial equity show the hold the public sector financial institutions have come to acquire in the private corporate sector. Add to this the share-holding of other public financial institutions and their convertibility rights.

The total would make the public financial institutions the single largest group of owners of a large number of private-sector companies. However, these ownership rights (actual and potential) have been exercised to a very limited extent so far. As would be expected, the LIC’s investments in large companies are large. This is because the shares of such companies are normally more profitable to hold commercially and are relatively easier to acquire, too. The floating market supply of shares of good small companies is generally small.

The LIC acts as a kind of downward stabiliser for the share market, as the continuous inflow” of fresh funds with it enables it to buy even when the market is weak. Since it is a long-term investor rather than a speculator, it is happy to buy good scrips when their prices are low and therefore benefit from their price appreciation when the market improves. But, for the same reason, it does not usually sell shares from its holdings even when the market has overshot. This is partly due to the continuous pressure for investing new funds and partly due to the disincentive of the capital gains tax.

The result is that on the upward movement the stock market is not mellowed by the presence or the investment policy of the LIC. In this context it should also be noted that this kind of investment policy of the LIC (as also of the UTI and the GIC and its subsidiaries) does not facilitate or promote wider participation by the public in equity investment by acting as ‘seasoning’ houses for shares, releasing them for the general public when it is willing to hold them and buying back a part of them on the market downturn at lower prices.

These way price fluctuations on the stock market will be smaller, the public confidence and participation in the stock market will improve, and the public financial institutions will gain, if they do not count out the tax they pay the government on the capital gains they make in the process.

General Insurance Companies in India
Life Insurance Corporation of India (LIC): Management, Objectives and Activities

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The most important part of the General Awareness section is the Indian Economy for many government exams like LIC, SSC, Banking, Railways, and many others. In this section, many questions are coming from the Insurance sector. We will discuss one of the important topics of the Indian Economy i.e., “Importance of LIC in India”.

Life Insurance Corporation of India :

LIC is a Government Insurance and Investment Company incorporated under the Indian Life Insurance Act.
It’s a statutory body.
It was founded in 1956.
Its headquarters is in Mumbai
It aims to provide its citizens, through its services and products, with greater economic security than most other investment players in the market, thereby building an exceptional quality of life and enabling economic development.
LIC is 100% owned by the government.
Motto of LIC is ‘Yogakshemam Vahamyaham’, which means ‘Your welfare is our responsibility.
The Chairman of Indian Life Insurance is M. R. Kumar.
LIC is known as India’s largest national life insurance and investment company. LIC’s main mission is to raise funds from people through various life insurance policies and then invest in the global financial markets and various government securities. At least 75% of these proceeds must be invested in central and state government securities under one of the LIC regulations.
To make investments in the finances of the Corporation in such way because the Corporation might imagine in shape and to take all such steps as can be important or expedient for the safety or realization of any funding; along with the taking up of and administering any belongings supplied as protection for the funding till an appropriate possibility arises for its disposal.
To acquire, preserve and put off any belongings for the motive of its commercial enterprise.
To switch the entire or any a part of the lifestyles coverage commercial enterprise carried on out of doors India to every other individual or persons, if withinside the hobby of the Corporation it’s far expedient so that you could do.
To increase or lend cash upon the safety of any movable or immovable belongings or otherwise.
To keep on both through itself or via any subsidiary every other commercial enterprise anyhow in which such different commercial enterprise changed into being carried on through a subsidiary of an insurer whose managed commercial enterprise has been transferred to and vested withinside the Corporation through this act.
To keep on every other commercial enterprise which can also additionally appear to the Corporation to be able to be simply carried on about its commercial enterprise and calculated at once or in a roundabout way to render worthwhile the commercial enterprise of the Corporation.
To do all things can be incidental or conducive to the right workout of any of the powers of the Corporation. In the release of any of its features, the Corporation shall act up to now as can be on commercial enterprise principles.
LIC aims to promote the importance of life insurance to people living in rural areas and those who are socially and economically disadvantaged.
It aims to meet the diverse life insurance needs of residents who face changes in the social and economic environment.
It aims to operate economically while considering that the money belongs to the policyholder.
It aims to maximize the liquidity of people’s savings through attractive insurance-linked savings.
Its purpose is to provide the highest level of job satisfaction to all company representatives and employees and to promote the establishment of a supportive working environment to provide courteous and efficient service to the insured. That’s it. Its purpose is to use funds in the best interest of investors and the community.

Types of Life Insurances :

LIC offers several programs to its policyholders. Here is the list of some of the Insurance plans offered by LIC

1. LIC’s Bima Jyoti 2. LIC’s Bima Ratna 3. LIC’s Dhan Sanchay 4. LIC’s New Endowment Plan 5. LIC’s New Jeevan Anand 6. LIC’s Single Premium Endowment Plan 7. LIC’s Jeevan Lakshya 8. LIC’s Jeevan Labh 9. LIC’s Aadhaar Stambh 10. LIC’s Aadhaar Shila 11. LICs Jeevan Umang 12. LIC’s Jeevan Tarun 13. LIC’s Jeevan Shiromani 14. LIC’s Bima Shree 15. LIC’s Jeevan Amar 16. LIC Saral Jeevan Bima

Recent Development :

Recently, the Union Cabinet passed an amendment to the FDI policy allowing up to 20% foreign direct investment (FDI) through the “automatic route” of the Life Insurance Corporation (LIC) ahead of its planned initial public offering (IPO).
Currently, the FDI Policy does not impose any specific provisions regarding foreign investment in the LIC.
It allows FDI to insurance companies and insurance industry intermediaries or insurance intermediaries.
The FDI cap for public sector banks is 20% and is in the process of getting government approval.
The government last year raised the FDI cap in the insurance sector from 49% to 74%, but not the LIC, which is subject to a special law. The government allows up to 20% foreign investment in LIC and other entities as LIC does not fall into any of these categories and no restrictions are imposed on foreign investment in LIC under LIC law.
Reforms in FDI policy will facilitate foreign investment in his LIC and other entities that the government may require for divestment purposes.
Amendments to LIC’s FDI policy will ensure that foreign investors do not face obstacles in participating in public offerings.
This reform will also facilitate operations and lead to increased FDI inflows while ensuring consistency with the overall intent or objectives of the FDI policy.
Increased FDI inflows will complement domestic capital, technology transfer, and skills development for accelerated economic growth and cross-industry development to support the implementation of Atmanirbhar Bharat. Allowing foreign direct investment allows foreign portfolio investors to purchase shares on the secondary market. It also sends a positive signal to investors.

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Essay on Indian Economy for Students in 100, 200 and 500 Words

Updated on
Jan 12, 2024

Essay on Indian Economy: The Indian economy is a mixed economy, which is primarily driven by the agriculture and services sectors. The agriculture sector contributes to nearly 20% of India’s GDP. Whereas, the services sector accounts for nearly 50% of the country’s GDP. Furthermore, the manufacturing sector contributes to around 28% of India’s GDP. Globally, India is ranked 142nd and 125th in terms of per capita income and nominal GDP, as per the International Monetary Fund (IMF).

Since independence, India has transformed from an agricultural country to a mixed economy due to liberalization in 1991. To read more about the Indian economy, keep reading the blog on sample essays about the same.

Table of Contents

1 100 words Essay on Indian Economy
2 200 words Essay on Indian Economy
3 500 words Essay on Indian Economy

100 words Essay on Indian Economy

The Indian economy is dynamic and rapidly growing. Currently, the economy is characterised by various sectors. The key contributors to the country’s economic growth are the agriculture, services, and manufacturing sectors. However, this was not always the case. India was an agricultural economy when the British left India in 1947 after plundering the sub-continent from 1600 to 1947.

After independence, India became a part of the global economy in 1991, when the central government adopted the Liberalisation, Privatisation, and Globalisation (LPG) policy. Since then, the Indian economy has expanded in the service and manufacturing sectors significantly. At present, the economy is driven by government initiatives like Make in India and Digital India. However, we have a long way to go.

Also Read: Find Economics PYQ UPSC Mains Question Bank: 2021-2018

200 words Essay on Indian Economy

Agriculture is the backbone of the Indian economy and of rural livelihoods. It not only employs a majority of the Indian population but also provides raw materials to different industries. In recent years, advancements and innovations in the industrial sector through schemes like the National Manufacturing Policy (NMP), the Technology Upgradation Fund Scheme (TUFS), and Make in India have contributed to the growth of the Indian economy.

Despite progress and innovations in farming practices and the industrial sector both these industries are facing losses. This is due to limitations in government policies and a lack of awareness among the people of India. Even today, the agricultural sector is affected by outdated farming methods, dependency on weather, and a lack of skilled workers. All these issues need to be addressed by government policies that help promote an environment-friendly agriculture system that is profitable in nature. This will help the Indian economy grow.

Also, investment in business, easy bureaucratic processes, skilled development programmes, and research and development initiatives, will help in creating favourable conditions for the growth of the Indian economy.

Thus, to uplift the Indian economy, it is necessary to maintain a mutually beneficial partnership between the government and the agriculture and manufacturing sectors. The agriculture sector can grow by overcoming the challenges in farming practices. Whereas, the industrial sector will expand due to strategic investments and progressive policies.

Also Read: Indian Students Adding to the UK Economy

500 words Essay on Indian Economy

Policies for the growth of the Indian economy aim at overcoming poverty, reducing wealth gaps, and optimising productivity. The main purpose of bridging the wealth gap between different sections of society is to improve the overall well-being of its population for sustainable economic development.

1. Overcome of Poverty

As per the Niti Aayog report of July 17, 2023, there is a decrease in the population of people vulnerable to poverty. The percentage of decline is from 24.8 percent to 14.9 percent for four consecutive years, from 2015-2016 to 2019-2021. However, the government is implementing various policies such as the National Education Policy, 2020 (NEP), the National Health Policy, the National Employment Policy (NEP) and many more important programs and policies to decrease the numbers of percentage so that there can be boosted in education, healthcare, and employment opportunities can be raised.

More educated people with good health will better contribute to the Indian economy. Moreover, creating jobs and small businesses will also lead to increased income levels help reduce poverty and encourage economic growth.

2. Reduction of Wealth Gaps

The second important factor in the rise of the Indian economy is reducing the gap between the poor and the rich. To address the wealth gap, various programmes and schemes, such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Pradhan Mantri Jan Dhan Yojna (PMJDY), are implemented. Furthermore, to support business innovators from minority communities, small-scale financing is provided through MUDRA Bank.

For social security, initiatives such as Pradhan Mantri Jeevan Jyoti Yojana and Pradhan Mantri Jeevan Jyoti Yojana are given to encourage social security. These initiatives contribute not only to narrowing the wealth gap through the even distribution of resources but also to establishing a pathway for economic growth in the Indian economy.

3. Fewer Labour Inputs and More Productivity

To encourage both domestic and international companies to invest in the Indian economy, particularly in manufacturing, and innovation, and more importantly, to achieve higher productivity with less input initiatives such as Make in India are encouraged, which not only helps for advancement in technology but also aid in mastering the skills.

The aim of the government of India’s Make in India scheme is to increase productivity and efficiency and reduce dependence on manpower across the different sectors of the Indian economy.

4. Abundance of Goods and Services

The rise in the production of goods and services for a certain period as compared to a previous period helps in the contribution of increased consumption by promoting market competitiveness and driving the innovation of an Indian economy.

Providing consumers with a good number of goods and services not only helps in catering choices but also creates opportunities for boosting business. An Indian economy with a steadfast supply of goods and services leads to stability of prices and improvement in the standard of living of the people.

In conclusion, addressing poverty, reducing the wealth gaps, increasing productivity with fewer labour inputs, and ensuring an abundant supply of goods and services helps in developing the Indian economy. The Indian government is actively implementing policies and technological advancements to encourage these factors and continually revising them to create a broad and steady Indian economy.

Deepika Joshi

Deepika Joshi is an experienced content writer with expertise in creating educational and informative content. She has a year of experience writing content for speeches, essays, NCERT, study abroad and EdTech SaaS. Her strengths lie in conducting thorough research and ananlysis to provide accurate and up-to-date information to readers. She enjoys staying updated on new skills and knowledge, particulary in education domain. In her free time, she loves to read articles, and blogs with related to her field to further expand her expertise. In personal life, she loves creative writing and aspire to connect with innovative people who have fresh ideas to offer.

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Essay on Indian Economy

India’s economy is described as huge, complex and growing. It is one of the most exciting and emerging markets in the world. Since 1951, India has grown as a planned economy. The first few plans focused on growth with the strengthening of the manufacturing sector, emphasising heavy industries to form the backbone of the economy. Other principal areas of planning were agriculture and social development. During the post-independence period and the period of the “Five-year plans”, efforts were focused on identifying the needs of the economy. Further, the economic reforms in the early 90s opened a new chapter in India’s economic history. It gave India an opportunity to shake off the shackles of its past and emerge on the world stage as a progressive nation. This essay on the Indian Economy will help students know about the Indian economy in detail.

Students can go through the list of CBSE Essays on different topics. It will help them to improve their writing skills and also increase their scores on the English exam. Moreover, they can participate in different essay writing competitions which are conducted at the school level.

500+ Words Essay on the Indian Economy

India is on the high road to economic growth. Since 2020, the world economy has declined due to the COVID-19 pandemic. Repeated waves of infection, supply-chain disruptions and inflation have created challenging times. Faced with these challenges, the Government of India has taken immediate action so that it has the least impact on the Indian economy.

The Indian economy has been staging a sustained recovery since the second half of 2020-21. However, the second wave of the pandemic in April-June 2021 was more severe from a health perspective. The national lockdown has affected small businesses, common people and everyone in India. Due to this, the Indian economy has gone down. But now, it is slowly rising up and taking its form.

Role of Agriculture in the Indian Economy

Agriculture is one of the most important sectors of the Indian economy. It supplies food and raw materials in the country. At the time of independence, more than 70% of India’s population depended on agriculture to earn a livelihood. Accordingly, the share of agriculture in the national product/income was as high as 56.6% in 1950-51. However, with the development of industries and the service sector, the percentage of the population depending on agriculture, as well as the share of agriculture in the national product, has come down. Agriculture is the source of food supply. Agriculture is also a major source of foreign exchange earnings through export. The share of agriculture in India’s export in the year 2011-12 was 12.3%. The major items of export include tea, sugar, tobacco, spices, cotton, rice, fruits and vegetables, etc.

Role of Industry in India’s Economy

Industry is the secondary sector of the economy and is another important area of economic activity. After independence, the Government of India emphasised the role of industrialisation in the country’s economic development in the long run. Initially, the public sector contributed the maximum to economic growth. In the early 1990s, it was found that the public sector undertakings were not performing up to expectations. So, in 1991, the Indian Government decided to encourage the role of the private sector in industrial development. This step was taken to strengthen the process of industrialisation in India.

The progress of the Indian economy after independence was impressive indeed. India became self-sufficient in food production due to the green revolution, and industries became far more diversified. However, we still have to go a long way to become a 5 trillion economy by 2025. But, with government effort and the right policymakers, it can be achieved.

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Essay on The Indian Economy

The Indian economy has experienced a transformation from being a mixed-planned economy to an emergent middle-income social market economy with strong state intervention in key industries. It ranks third in terms of purchasing power parity and fifth overall in terms of nominal GDP (PPP). India is ranked 125th and 142nd in terms of nominal GDP and per capita income, respectively, by the International Monetary Fund (IMF) (PPP). Below are a few sample essays on the Indian economy.

100 Words Essay On The Indian Economy

The Indian subcontinent was the largest economy in the world throughout the bulk of recorded history, up to the beginnings of colonisation in the early 19th century. India's Gross Domestic Product (GDP) makes up 7.5% of the world economy, according to purchasing power parity (PPP). Due to its young population, low dependence ratio, high rates of savings and investments, rising globalisation in India, and interaction with the global economy, the long-term outlook for the Indian economy is still good. The shocks of "demonetisation" in 2016 and the implementation of the Goods and Services Tax in 2017 caused the economy to slow down. India's GDP is powered by domestic private spending to a degree of over 70%. The nation continues to be the sixth-largest consumer market in the globe.

200 Words Essay On the Indian Economy

Before the Covid-19 Pandemic struck in 2020 and had a detrimental effect on trade, India's economy was the world's 14th-largest importer and 21st-largest exporter. India has been a member of the World Trade Organisation since January 1, 1995. It ranks 63 on the Ease of Doing Business Index and 68 on the Global Competitiveness Report. India's nominal GDP swings significantly, which is also a result of the significant fluctuations in the rupee/dollar exchange rate. India has the second-largest labour force in the world, with 50 crores (500 million) workers. India is one of the nations with the highest proportion of billionaires and the widest wealth gaps. Due to several exceptions, just 2% of Indians pay income taxes.

Crisis In 2008 | The GDP somewhat decreased as a result of the global financial crisis in 2008. India started fiscal and monetary stimulus programmes to increase demand and strengthen the economy. Later on, economic growth picked up.

Steps For Sustainable Growth | Indian priorities for achieving sustainable economic growth, according to the World Bank, should be infrastructure development, agricultural and rural development, the abolition of land and labour regulations, financial inclusion, fostering private investment and exports, education, and public health.

500 Words Essay On the Indian economy

For a continuous period of more than 1700 years, starting in the year 1 AD, India was the greatest economy in the world, contributing 35 to 40% of the global GDP . Following the collapse of the British Empire, a combination of protectionist, import-substitution, Fabian socialism, and social democratic policies were used to rule India for a spell. Due to its sluggish growth, extensive regulation, protectionist policies, and government ownership, the economy during the period was referred to as "Drigism." The country has moved closer to a market-based economy since 1991 because of increasing economic liberalisation. Statistics show that by 2008, India's economy was among the fastest-growing in the world.

Ancient and Mediaeval Eras

Let us learn a little about how Indian economy was during the ancient and medieval era.

Indus Valley Civilisation

The Indus Valley civilisation, a stable society, emerged between 2800 and 1800 BC. Its residents engaged in agriculture, domesticated animals, used established weights and measures, made tools and weapons, and conducted trade with neighbouring settlements.

From the beginning of time until about the fourteenth century AD, there was a great deal of maritime trade between South India and Southeast and West Asia. Beginning in the first century BC, both the Malabar and Coromandel Coasts served as the locations of significant commercial hubs that served as transit points between the Mediterranean area and Southeast Asia as well as centres of import and export. As time went on, traders formed organisations with official support.

During the 14th and 18th centuries, there may have been active trade from India to West Asia and Eastern Europe. Surakhani, an area of larger Baku, Azerbaijan, became home to Indian traders at this time.

The Gangetic plains and the Indus valley both included a large number of centres of river-borne commerce, while the Saurashtra and Bengal coasts significantly influenced marine trade farther north. The Khyber Pass, which links the Punjab area with Afghanistan, the Middle East, and Central Asia, was the primary route used for overland commerce.

How Covid-19 Impacted The Economy

The center's income collection suffered significantly as a result of the disruption in economic activity caused by the spread of the Covid-19 outbreak. Financial resources were under tremendous strain at the same time due to greater spending to lessen the pandemic's effects on society's most vulnerable groups.

Impact | The Covid-19 pandemic invalidated every calculation. According to data from the Controller General of Accounts, the fiscal deficit for the Center will reach 145.5% of the BE for the full year by December 2020.

The Target | By bringing the budget deficit down to 4% of GDP by 2025–2026, the 15th Finance Commission proposed a course for the government to follow to consolidate its finances.

The Numbers | 6.8% of GDP was projected by the government to be the budget deficit year 2021–22. In contrast to the budget forecast of 3.5%, India's government budget deficit for 2020–21 was larger at 9.40% of GDP. This was mostly brought on by increased spending and decreased income collection as a result of Covid-19.

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Data Administrator

Database professionals use software to store and organise data such as financial information, and customer shipping records. Individuals who opt for a career as data administrators ensure that data is available for users and secured from unauthorised sales. DB administrators may work in various types of industries. It may involve computer systems design, service firms, insurance companies, banks and hospitals.

Bio Medical Engineer

The field of biomedical engineering opens up a universe of expert chances. An Individual in the biomedical engineering career path work in the field of engineering as well as medicine, in order to find out solutions to common problems of the two fields. The biomedical engineering job opportunities are to collaborate with doctors and researchers to develop medical systems, equipment, or devices that can solve clinical problems. Here we will be discussing jobs after biomedical engineering, how to get a job in biomedical engineering, biomedical engineering scope, and salary.

Ethical Hacker

A career as ethical hacker involves various challenges and provides lucrative opportunities in the digital era where every giant business and startup owns its cyberspace on the world wide web. Individuals in the ethical hacker career path try to find the vulnerabilities in the cyber system to get its authority. If he or she succeeds in it then he or she gets its illegal authority. Individuals in the ethical hacker career path then steal information or delete the file that could affect the business, functioning, or services of the organization.

GIS officer work on various GIS software to conduct a study and gather spatial and non-spatial information. GIS experts update the GIS data and maintain it. The databases include aerial or satellite imagery, latitudinal and longitudinal coordinates, and manually digitized images of maps. In a career as GIS expert, one is responsible for creating online and mobile maps.

Data Analyst

The invention of the database has given fresh breath to the people involved in the data analytics career path. Analysis refers to splitting up a whole into its individual components for individual analysis. Data analysis is a method through which raw data are processed and transformed into information that would be beneficial for user strategic thinking.

Data are collected and examined to respond to questions, evaluate hypotheses or contradict theories. It is a tool for analyzing, transforming, modeling, and arranging data with useful knowledge, to assist in decision-making and methods, encompassing various strategies, and is used in different fields of business, research, and social science.

Geothermal Engineer

Individuals who opt for a career as geothermal engineers are the professionals involved in the processing of geothermal energy. The responsibilities of geothermal engineers may vary depending on the workplace location. Those who work in fields design facilities to process and distribute geothermal energy. They oversee the functioning of machinery used in the field.

Database Architect

If you are intrigued by the programming world and are interested in developing communications networks then a career as database architect may be a good option for you. Data architect roles and responsibilities include building design models for data communication networks. Wide Area Networks (WANs), local area networks (LANs), and intranets are included in the database networks. It is expected that database architects will have in-depth knowledge of a company's business to develop a network to fulfil the requirements of the organisation. Stay tuned as we look at the larger picture and give you more information on what is db architecture, why you should pursue database architecture, what to expect from such a degree and what your job opportunities will be after graduation. Here, we will be discussing how to become a data architect. Students can visit NIT Trichy , IIT Kharagpur , JMI New Delhi .

Remote Sensing Technician

Individuals who opt for a career as a remote sensing technician possess unique personalities. Remote sensing analysts seem to be rational human beings, they are strong, independent, persistent, sincere, realistic and resourceful. Some of them are analytical as well, which means they are intelligent, introspective and inquisitive.

Remote sensing scientists use remote sensing technology to support scientists in fields such as community planning, flight planning or the management of natural resources. Analysing data collected from aircraft, satellites or ground-based platforms using statistical analysis software, image analysis software or Geographic Information Systems (GIS) is a significant part of their work. Do you want to learn how to become remote sensing technician? There's no need to be concerned; we've devised a simple remote sensing technician career path for you. Scroll through the pages and read.

Budget Analyst

Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field. Knowledge of Financial Management is of prime importance in this career.

Underwriter

An underwriter is a person who assesses and evaluates the risk of insurance in his or her field like mortgage, loan, health policy, investment, and so on and so forth. The underwriter career path does involve risks as analysing the risks means finding out if there is a way for the insurance underwriter jobs to recover the money from its clients. If the risk turns out to be too much for the company then in the future it is an underwriter who will be held accountable for it. Therefore, one must carry out his or her job with a lot of attention and diligence.

Finance Executive

Product manager.

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.

Operations Manager

Individuals in the operations manager jobs are responsible for ensuring the efficiency of each department to acquire its optimal goal. They plan the use of resources and distribution of materials. The operations manager's job description includes managing budgets, negotiating contracts, and performing administrative tasks.

Stock Analyst

Individuals who opt for a career as a stock analyst examine the company's investments makes decisions and keep track of financial securities. The nature of such investments will differ from one business to the next. Individuals in the stock analyst career use data mining to forecast a company's profits and revenues, advise clients on whether to buy or sell, participate in seminars, and discussing financial matters with executives and evaluate annual reports.

A Researcher is a professional who is responsible for collecting data and information by reviewing the literature and conducting experiments and surveys. He or she uses various methodological processes to provide accurate data and information that is utilised by academicians and other industry professionals. Here, we will discuss what is a researcher, the researcher's salary, types of researchers.

Welding Engineer

Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues.

Transportation Planner

A career as Transportation Planner requires technical application of science and technology in engineering, particularly the concepts, equipment and technologies involved in the production of products and services. In fields like land use, infrastructure review, ecological standards and street design, he or she considers issues of health, environment and performance. A Transportation Planner assigns resources for implementing and designing programmes. He or she is responsible for assessing needs, preparing plans and forecasts and compliance with regulations.

Environmental Engineer

Individuals who opt for a career as an environmental engineer are construction professionals who utilise the skills and knowledge of biology, soil science, chemistry and the concept of engineering to design and develop projects that serve as solutions to various environmental problems.

Safety Manager

A Safety Manager is a professional responsible for employee’s safety at work. He or she plans, implements and oversees the company’s employee safety. A Safety Manager ensures compliance and adherence to Occupational Health and Safety (OHS) guidelines.

Conservation Architect

A Conservation Architect is a professional responsible for conserving and restoring buildings or monuments having a historic value. He or she applies techniques to document and stabilise the object’s state without any further damage. A Conservation Architect restores the monuments and heritage buildings to bring them back to their original state.

Structural Engineer

A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software.

Highway Engineer

Highway Engineer Job Description: A Highway Engineer is a civil engineer who specialises in planning and building thousands of miles of roads that support connectivity and allow transportation across the country. He or she ensures that traffic management schemes are effectively planned concerning economic sustainability and successful implementation.

Field Surveyor

Are you searching for a Field Surveyor Job Description? A Field Surveyor is a professional responsible for conducting field surveys for various places or geographical conditions. He or she collects the required data and information as per the instructions given by senior officials.

Orthotist and Prosthetist

Orthotists and Prosthetists are professionals who provide aid to patients with disabilities. They fix them to artificial limbs (prosthetics) and help them to regain stability. There are times when people lose their limbs in an accident. In some other occasions, they are born without a limb or orthopaedic impairment. Orthotists and prosthetists play a crucial role in their lives with fixing them to assistive devices and provide mobility.

Pathologist

A career in pathology in India is filled with several responsibilities as it is a medical branch and affects human lives. The demand for pathologists has been increasing over the past few years as people are getting more aware of different diseases. Not only that, but an increase in population and lifestyle changes have also contributed to the increase in a pathologist’s demand. The pathology careers provide an extremely huge number of opportunities and if you want to be a part of the medical field you can consider being a pathologist. If you want to know more about a career in pathology in India then continue reading this article.

Veterinary Doctor

Speech therapist, gynaecologist.

Gynaecology can be defined as the study of the female body. The job outlook for gynaecology is excellent since there is evergreen demand for one because of their responsibility of dealing with not only women’s health but also fertility and pregnancy issues. Although most women prefer to have a women obstetrician gynaecologist as their doctor, men also explore a career as a gynaecologist and there are ample amounts of male doctors in the field who are gynaecologists and aid women during delivery and childbirth.

Audiologist

The audiologist career involves audiology professionals who are responsible to treat hearing loss and proactively preventing the relevant damage. Individuals who opt for a career as an audiologist use various testing strategies with the aim to determine if someone has a normal sensitivity to sounds or not. After the identification of hearing loss, a hearing doctor is required to determine which sections of the hearing are affected, to what extent they are affected, and where the wound causing the hearing loss is found. As soon as the hearing loss is identified, the patients are provided with recommendations for interventions and rehabilitation such as hearing aids, cochlear implants, and appropriate medical referrals. While audiology is a branch of science that studies and researches hearing, balance, and related disorders.

An oncologist is a specialised doctor responsible for providing medical care to patients diagnosed with cancer. He or she uses several therapies to control the cancer and its effect on the human body such as chemotherapy, immunotherapy, radiation therapy and biopsy. An oncologist designs a treatment plan based on a pathology report after diagnosing the type of cancer and where it is spreading inside the body.

Are you searching for an ‘Anatomist job description’? An Anatomist is a research professional who applies the laws of biological science to determine the ability of bodies of various living organisms including animals and humans to regenerate the damaged or destroyed organs. If you want to know what does an anatomist do, then read the entire article, where we will answer all your questions.

For an individual who opts for a career as an actor, the primary responsibility is to completely speak to the character he or she is playing and to persuade the crowd that the character is genuine by connecting with them and bringing them into the story. This applies to significant roles and littler parts, as all roles join to make an effective creation. Here in this article, we will discuss how to become an actor in India, actor exams, actor salary in India, and actor jobs.

Individuals who opt for a career as acrobats create and direct original routines for themselves, in addition to developing interpretations of existing routines. The work of circus acrobats can be seen in a variety of performance settings, including circus, reality shows, sports events like the Olympics, movies and commercials. Individuals who opt for a career as acrobats must be prepared to face rejections and intermittent periods of work. The creativity of acrobats may extend to other aspects of the performance. For example, acrobats in the circus may work with gym trainers, celebrities or collaborate with other professionals to enhance such performance elements as costume and or maybe at the teaching end of the career.

Video Game Designer

Career as a video game designer is filled with excitement as well as responsibilities. A video game designer is someone who is involved in the process of creating a game from day one. He or she is responsible for fulfilling duties like designing the character of the game, the several levels involved, plot, art and similar other elements. Individuals who opt for a career as a video game designer may also write the codes for the game using different programming languages.

Depending on the video game designer job description and experience they may also have to lead a team and do the early testing of the game in order to suggest changes and find loopholes.

Radio Jockey

Radio Jockey is an exciting, promising career and a great challenge for music lovers. If you are really interested in a career as radio jockey, then it is very important for an RJ to have an automatic, fun, and friendly personality. If you want to get a job done in this field, a strong command of the language and a good voice are always good things. Apart from this, in order to be a good radio jockey, you will also listen to good radio jockeys so that you can understand their style and later make your own by practicing.

A career as radio jockey has a lot to offer to deserving candidates. If you want to know more about a career as radio jockey, and how to become a radio jockey then continue reading the article.

Choreographer

The word “choreography" actually comes from Greek words that mean “dance writing." Individuals who opt for a career as a choreographer create and direct original dances, in addition to developing interpretations of existing dances. A Choreographer dances and utilises his or her creativity in other aspects of dance performance. For example, he or she may work with the music director to select music or collaborate with other famous choreographers to enhance such performance elements as lighting, costume and set design.

Social Media Manager

A career as social media manager involves implementing the company’s or brand’s marketing plan across all social media channels. Social media managers help in building or improving a brand’s or a company’s website traffic, build brand awareness, create and implement marketing and brand strategy. Social media managers are key to important social communication as well.

Photographer

Photography is considered both a science and an art, an artistic means of expression in which the camera replaces the pen. In a career as a photographer, an individual is hired to capture the moments of public and private events, such as press conferences or weddings, or may also work inside a studio, where people go to get their picture clicked. Photography is divided into many streams each generating numerous career opportunities in photography. With the boom in advertising, media, and the fashion industry, photography has emerged as a lucrative and thrilling career option for many Indian youths.

An individual who is pursuing a career as a producer is responsible for managing the business aspects of production. They are involved in each aspect of production from its inception to deception. Famous movie producers review the script, recommend changes and visualise the story.

They are responsible for overseeing the finance involved in the project and distributing the film for broadcasting on various platforms. A career as a producer is quite fulfilling as well as exhaustive in terms of playing different roles in order for a production to be successful. Famous movie producers are responsible for hiring creative and technical personnel on contract basis.

Copy Writer

In a career as a copywriter, one has to consult with the client and understand the brief well. A career as a copywriter has a lot to offer to deserving candidates. Several new mediums of advertising are opening therefore making it a lucrative career choice. Students can pursue various copywriter courses such as Journalism , Advertising , Marketing Management . Here, we have discussed how to become a freelance copywriter, copywriter career path, how to become a copywriter in India, and copywriting career outlook.

In a career as a vlogger, one generally works for himself or herself. However, once an individual has gained viewership there are several brands and companies that approach them for paid collaboration. It is one of those fields where an individual can earn well while following his or her passion.

Ever since internet costs got reduced the viewership for these types of content has increased on a large scale. Therefore, a career as a vlogger has a lot to offer. If you want to know more about the Vlogger eligibility, roles and responsibilities then continue reading the article.

For publishing books, newspapers, magazines and digital material, editorial and commercial strategies are set by publishers. Individuals in publishing career paths make choices about the markets their businesses will reach and the type of content that their audience will be served. Individuals in book publisher careers collaborate with editorial staff, designers, authors, and freelance contributors who develop and manage the creation of content.

Careers in journalism are filled with excitement as well as responsibilities. One cannot afford to miss out on the details. As it is the small details that provide insights into a story. Depending on those insights a journalist goes about writing a news article. A journalism career can be stressful at times but if you are someone who is passionate about it then it is the right choice for you. If you want to know more about the media field and journalist career then continue reading this article.

Individuals in the editor career path is an unsung hero of the news industry who polishes the language of the news stories provided by stringers, reporters, copywriters and content writers and also news agencies. Individuals who opt for a career as an editor make it more persuasive, concise and clear for readers. In this article, we will discuss the details of the editor's career path such as how to become an editor in India, editor salary in India and editor skills and qualities.

Individuals who opt for a career as a reporter may often be at work on national holidays and festivities. He or she pitches various story ideas and covers news stories in risky situations. Students can pursue a BMC (Bachelor of Mass Communication) , B.M.M. (Bachelor of Mass Media) , or MAJMC (MA in Journalism and Mass Communication) to become a reporter. While we sit at home reporters travel to locations to collect information that carries a news value.

Corporate Executive

Are you searching for a Corporate Executive job description? A Corporate Executive role comes with administrative duties. He or she provides support to the leadership of the organisation. A Corporate Executive fulfils the business purpose and ensures its financial stability. In this article, we are going to discuss how to become corporate executive.

Multimedia Specialist

A multimedia specialist is a media professional who creates, audio, videos, graphic image files, computer animations for multimedia applications. He or she is responsible for planning, producing, and maintaining websites and applications.

Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product.

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

Production Manager

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans.

Process Development Engineer

The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.

AWS Solution Architect

An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party.

Azure Administrator

An Azure Administrator is a professional responsible for implementing, monitoring, and maintaining Azure Solutions. He or she manages cloud infrastructure service instances and various cloud servers as well as sets up public and private cloud systems.

Computer Programmer

Careers in computer programming primarily refer to the systematic act of writing code and moreover include wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech enthusiasts. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word-processing applications and browsers.

Information Security Manager

Individuals in the information security manager career path involves in overseeing and controlling all aspects of computer security. The IT security manager job description includes planning and carrying out security measures to protect the business data and information from corruption, theft, unauthorised access, and deliberate attack

ITSM Manager

Automation test engineer.

An Automation Test Engineer job involves executing automated test scripts. He or she identifies the project’s problems and troubleshoots them. The role involves documenting the defect using management tools. He or she works with the application team in order to resolve any issues arising during the testing process.

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LIC- Life Insurance Corporation of India
It is in Sanskrit and is obtained from the 22nd verse of the Bhagavad Gita's 9th chapter. The chairman of Life Insurance of India is Mr M.R Kumar. Role of LIC in Indian Economy. LIC is known as India's largest government-owned life insurance and investment corporation.
PDF Role of Insurance Sector in Indian Economy: a Study
Life insurance makes a substantial contribution to growth and transformation of Indian Economy. The Indian economic development got a boost through its Economic reforms in1991 and again through its renewal in the 2000. The economy of India is the eleventh largest in the world by nominal GDP and the fourth largest by
Role of Life Insurance in Economic Development of India
Almost all major global insurance companies have a presence in India through Joint Ventures {JV} (as government regulations only allow 26% holding). Suggested Citation: Suggested Citation Kanungo, Dr Archana, Role of Life Insurance in Economic Development of India (March 8, 2022).
LIC, GIC, UII Essay on Role of Insurance Sector in Economic Development
The following is an essay on 'The role of Insurance Sector in Economic Development of India' (500 words). Introduction. India is the 5 th largest life insurance market in the emerging insurance economies in the world. It is growing at a healthy rate of 32-34% annually. But, it had only 1.92% share in global insurance during financial year ...
LIC's dominance in India makes it a global behemoth
Mumbai: The size and dominance of the Life Insurance Corp of India are reflected in the numbers released by the company in its draft red herring prospectus (). The domination of the 65-year-old insurance behemoth in the domestic market is well known, but it is also a global giant - being the fifth largest by life insurance and ranked 10th in terms of total assets, the company said quoting a ...
Role of Lic in Nation Building-a Review
this process, LIC has amply met the changing pattern of consumers' demand and withstood the competition successfully. It is very important to note that LIC accounts for about 75 per cent of the life insurance industry's first year premium. The durable contribution of LIC in the economic development of India is substantial.
PDF Impact Of LIC In Socio-Economic Development Of India
The Indian economic development got a boost through its Economic reforms in 1991 and again through its renewal in the 2000. Insurance serves a number of valuable economic functions that are largely distinct from other types of financial intermediaries. Insurance contribution materially to economic growth by
PDF Role of Life Insurance Corporation in Inclusive Development: a Case Study
The Life Insurance Corporation of India represents a turning point on the road to moderating ... inclusive growth is discussed in this essay. This essay focuses on how LIC affects GDP, women's empowerment, the development of infrastructure, and employment creation. As per Annual Report 2020- ... • To study the role of LIC in economic development
PDF Role of Life Insurance in Economic Development of India
target customers. It's also an attempt to understand strategic position of life insurance companies in the Indian life insurance sector and identify challenges faced by life insurance companies and how to overcome with those challenges. References: Ali Sajid, Mohhamad Riyaz, Ahmed Mansharique (2007). Insurance in India. New Delhi: Regal ...
Life Insurance Corporation in India (LIC)
The LIC is a heavy investor of funds in government's dated market securities. In 1994-95, it had invested more than Rs. 44,000 crore in them. Besides it had sanctioned and disbursed financial assistance to the corporate sector amounting to Rs. 1,790 crore and 1,340 crore, respectively. Like banks, the LIC also is a captive investor in ...
PDF An Overview of Life Insurance in India
which were selected for review and to bring out the importance of life insurance in the country. There are many life insurance companies in India, but LIC plays a major role in this field. So, the researchers have chosen to study the overview of Life Insurance Industry and its trends. The paper is based on secondary data which is
PDF India's insurance sector: challenges and opportunities
The relevance of the insurance sector in the macroeconomic development of an economy is well acknowledged. The role of insurance activities in macroeconomic development finds one ... life insurers currently operating in the Indian market, the Life Insurance Corporation (LIC) is the sole public sector company. Motor, health, and crop insurance ...
(PDF) ROLE OF LIC IN LIFE INSURANCE INDUSTRY
There are many life insurance companies in India, but LIC plays a major role in this field. So, the researchers have chosen this topic to study the growth pattern and to observe the role of LIC in ...
An Empirical Analysis of Life Insurance Industry in India
The study reveals that there is a tremendous growth in the performance of Indian Life Insurance industry and LIC due to the policy of LPG. Insurance industry also improved a lot due to the emergence of Private sector and opening up for foreign players. Further there is also a huge change in the investment pattern of LIC.
Importance of LIC in India
The Chairman of Indian Life Insurance is M. R. Kumar. Role : LIC is known as India's largest national life insurance and investment company. LIC's main mission is to raise funds from people through various life insurance policies and then invest in the global financial markets and various government securities.
(PDF) Performance of Life insurance Corporation of India: A Post
In this paper an attempt is made to study the financial performance and investment performance of Life Insurance Corporation of India Ltd. (LIC) during the period 2001-02 to 2015-16. To examine ...
PDF The role of insurance in development of economy in India
life insurance business accounted for 78.5% of total gross premiums collected in the year, against 21.5 for non-life insurance business. Figure 1: The Indian Insurance Industry . Another measure of insurance development is per capita spending on insurance, i.e insuranaveraged 1.7% ce over the past ten years. Figure.2.The Indian Insurance Industry
PDF A STUDY ON PERFORMANCE AND CHALLENGES OF LIC AGENTS
Rama Murthy (2014), "Agents Perception Towards life Insurance corporation of India". She explains that life insurance corporation of India provides the most important financial instruments to customers aimed at protection as well as long term savings. Success and overall growth potential of the insurance
Notes on LIC and its Managing
Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna are among the eight Zonal Offices of the Life Insurance Corporation of India (LIC). Life Insurance Corporation of India (LIC) has appointed BC Patnaik as its Managing Director. By the Government of India announcement dated July 5, 2021, he was appointed as Managing Director.
Essay on Indian Economy for Students in 100, 200 and 500 Words
500 words Essay on Indian Economy. Policies for the growth of the Indian economy aim at overcoming poverty, reducing wealth gaps, and optimising productivity. The main purpose of bridging the wealth gap between different sections of society is to improve the overall well-being of its population for sustainable economic development. 1.
Essay on Indian Economy for Students in English
Further, the economic reforms in the early 90s opened a new chapter in India's economic history. It gave India an opportunity to shake off the shackles of its past and emerge on the world stage as a progressive nation. This essay on the Indian Economy will help students know about the Indian economy in detail.
GIC, LIC, UIIC Essay on Role of insurance sector in economic
India is the 5th largest life insurance market in the emerging insurance economies in the world. It is growing at a healthy rate of 32-34% annually. But, it ...
Essay on The Indian Economy
200 Words Essay On the Indian Economy. Before the Covid-19 Pandemic struck in 2020 and had a detrimental effect on trade, India's economy was the world's 14th-largest importer and 21st-largest exporter. India has been a member of the World Trade Organisation since January 1, 1995. It ranks 63 on the Ease of Doing Business Index and 68 on the ...