The role of insurance industry in the growth of indian economy

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The role of insurance industry in the growth of indian economy

In the moderns economic system, banks play a very important role in economic development. Commercial banks, which is an important part of the financial system of the country, perform the following important functions: Commercial banks are encouraging people to save.

Mobilising the savings for the purpose of investments in various sectors of the economy. Through the Co-ordinating function between savings and investments, Commercial banks help the process of capital formation.

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The creation credit, if it is used for production purposes, greatly enlarge production and involvement and thus promotes economic growth.

Commercial banks are of great assistance in foreign trade. Commercial banks promote balanced regional development in the country by providing essential financial infrastructure and funds for backward regions.

By providing agricultural credit, Commercial banks also help to promote primary sectors. Commercial banks help in expanding the size of the market. Commercial banks help the government to fulfill almost every objective of planned economic development.Indian insurance sector: Building Growth, Building Value 5 From its fundamental role of providing basic protection against losses, the insurance industry in India has .

economy of any country grows the insurance industry of that The year registered premium growth of the non-life insurance at 17% to Rs billion compared to Rs billion in The growth in the life insurance business was With gradual progress in our economy the insurance sector of.

The importance of Indian insurance industry is gauged by the fact that annual amount of investible funds of LIC and GIC and its subsidiaries amounted to over Rs.

20, crore and Rs. 10, crore are invested in nation building activities, housing and other infrastructural areas. The Indian economy is one of the most for growth (see Appendix 1). India insurance market, unprecedented growth Regulatory changes in the insurance sector have also played a dominant role in shaping the industry, from both a growth and profitability perspective.

For example, Non-bank tied up. Abstract.

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Information technology (IT) is an example of a general purpose technology that has the potential to play an important role in economic growth, as well as other dimensions of economic and concludes with an overall assessment of these different facets of IT in the context of the Indian economy.

continues to be a dominating sector in the overall growth of the Indian industry. A large Indian economy was primarily a rural economy, Role of Service Sector in Indian Economy: An Analysis.


The role of insurance industry in the growth of indian economy

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