Jan 26, 2019, will be India’s 70th Republic Day. A lot has changed since Jan 26, 1950, the day when India’s Constitution came into power and India became a Secular Republic state.
Today, the country is striding confidently in a positive direction in both
At OneInsure, we have decided to take a short break from the usual fare of articles that show how you can save tax while getting rich, how to create a comfy retirement corpus, how to get fit and stay healthy, and even articles on generic financial wisdom.
Today, we shall delve deep into the progress our great country has made and how these benefits are steadily making their way to the grassroots level. Here’s a brief overview of macro indicators that are doing well in India:
- Reduction in crude oil prices (at close to 1-year low)
Declinein 10-year Government of India Securities rate (an indicator of other macro factors in strict control)
- Appreciation of the Rupee versus the USD
- Dipping inflation
Here’s a look at some micro factors that are doing well:
- In the last 48 months, digital transactions via UPI alone clocked in at more than 4 billion
- Every village in India has been electrified
- More than 2 lakh kilometers of roads constructed in the last 2 years alone, bringing far-flung villages into the mainstream
- Similar connectivity achieved by railways
In addition to these factors on an upswing, India has the best youth demographic in the world. An amazing 65% of India’s population is below 35, giving the country an edge when compared to other emerging economies. India’s demographic situation is so favorable right now that the progress and stability that the current generation can bring is capable of launching the country into an
Furthermore, to make you a part of this progressive journey, the country’s infrastructure is taking bold steps like never before. It is this new impetus that we wanted to throw light on for our Republic Day piece.
Needless to mention, with so much progress and
The Economic Survey of India 2018, presented by the Government during the Budget, mentioned that the insurance penetration in the country has risen to 3.49% in 2016-17 from 2.71% in 2001. While this is good, it is nowhere close to the average global insurance penetration rates of 6.28%. Some of the emerging economies of Asia, such as Malaysia (4.77%), Thailand (5.42%) and China (4.77%) have higher insurance penetration than India.
The Insurance Regulatory and Development Authority of India, better known as IRDAI, which is responsible for all Insurance-related activity in the country, has recently devised a unique way to ensure every citizen of India has the opportunity to be under the Insurance umbrella through the
PoSPhas the authority to issue insurance policies on the spot (no underwriting necessary) PoSPagents sell simple, transparent insurance plans that provide complete protection and tax benefits
- Many more options for customers to choose from; one
PoSPcan provide the variety of several normal insurance agents PoSPagents have been equipped with digital technology, which makes their lives form-free and therefore their customers’ insurance experience richer
Happy Republic Day!