Life Insurance In India: Opportunities, Challenges and by Hira Sadhak

By Hira Sadhak

Lifestyles assurance in India: possibilities, demanding situations and Strategic viewpoint is the 1st ebook on existence assurance within the present context of globalization and fiscal reforms and strains the interdependence of existence coverage and macro financial elements. It specializes in structural switch, industry strength and rising demanding situations for the Indian existence assurance and in addition covers the worldwide lifestyles assurance undefined, regulatory regime, and marketplace pleasant practices overseas. hence it presents a robust perception into rising developments within the lifestyles assurance as an entire.

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The second set plans to alter the production structure by increasing the role of markets in the economy, directly through privatization or by way of reduction in state investment and interventions and directly through domestic deregulation and trade liberalization. To achieve these objectives—India has taken a number of steps, for example, improve revenue collection, tax/GDP ratio and to reduce public expenditure through fiscal consolidation. Abolition of import licensing on most products, rationalization of customs duty, etc.

Construction III. Services 5. Trade, hotels, transport and communications 6. Financial services 7. Community, social and personal services IV. 9 Source Central Statistical Organization (CSO). Note A: Advance estimates; Q: Quick estimates; P: Provisional estimates. Reforms and Emerging Economic and Financial Environment in India 33 Sectoral Contribution to GDP The significance of service sector in the Indian economy can be seen further in terms of its contribution to GDP, which has been steadily increasing over the years.

Extent of Globalization in India The reforms introduced since 1991 have brought some fundamental change in the Indian economy. A desired and decided move from post-independence Nehruvian socialism based on the concept of self-sufficiency and import–substitute industrialization to export directed industrial base economy. The other noticeable change is with respect to global integration through a more competitive market. Economic reforms have resulted into more closer economic and market integration of the Indian economy with global market, which can be seen from the following: GDP Impact of reforms have been noted in the growth rate of GDP.

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