India is now world's fifth-largest economy, with a GDP of $3.73 trillion, and this has garnered global attention including inclusion in various bond indices. Projections by S&P suggest India is on track to become the third-largest economy, reaching $7.3 trillion by 2030. This trajectory is a testament to India's resilience and strategic policy initiatives over the past decade, particularly evident in its steady growth amid challenges like the pandemic and geopolitical tensions.
In the last year alone, India has emerged as the fastest-growing economy among G20 nations, boasting growth rates of 7.3%, 7.2%, and 9.1% in consecutive fiscal years. Notable achievements across various sectors underscore India's trajectory, including pioneering space exploration, landmark technological advancements, and stellar performances in global arenas like the Asian Games. These accomplishments reflect India's promising future.
India's economic narrative post-independence was marked by significant challenges, including a decline from its erstwhile status as a prosperous nation. However, through turbulent periods, India has persisted, undergoing phases of liberalization and globalization to emerge as a resilient global player.
The transformative decade from 2014 to 2024 has been pivotal for India's growth story. Structural reforms, coupled with investments in infrastructure, education, and social welfare, have laid the foundation for sustainable development. Key initiatives targeting poverty alleviation, agricultural support, women empowerment, and youth entrepreneurship have further fueled inclusive growth.
Looking ahead, India envisions its 'Amrit Kaal,' a period leading up to its centenary of independence in 2047. Guided by principles of inclusive development and sustainability, India aims to bolster its position as a technology-driven, knowledge-based economy with robust infrastructure and a vibrant financial sector.
With a clear roadmap outlined in the recent interim budget, India's priorities include uplifting the marginalized, enhancing infrastructure, promoting green growth, and empowering the youth. Embracing sustainable practices and committing to global goals, India is poised to navigate challenges while capitalizing on its demographic dividend and technological prowess.
As India embarks on its Amrit Kaal journey, it stands ready to overcome obstacles and realize its vision of a prosperous, self-reliant nation. Through unity, innovation, and inclusive policies, India is positioned to shape a brighter future for its citizens and contribute meaningfully to the global community.
The Indian equities have grown at a CAGR of 13% pa since 2014, this growth is bound to continue as we go towards our goals as a nation. To review your personal financial goals, do get in touch with us to ensure your money starts working for you.
Information on health insurance coverage:
Medical costs in India have been increasing at a 14% CAGR which is quite substantial. Today health insurance offers various coverages, including No Claim Bonus (NCB) and Guaranteed Cumulative Bonus (GCB). These features reward policyholders for maintaining good health by increasing the sum insured at renewal without additional premium costs. NCB used to be a discount on renewal premiums, but now it can boost the sum insured by up to 500% or more, depending on the plan. GCB increases coverage regardless of claims, offering significant benefits:
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Economical Premium: NCB allows for comprehensive coverage without hefty premiums, as the bonus acts as a discount.
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Financial Protection: Increased sum insured provides better financial backup during emergencies without increasing premium costs.
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Portability: NCB is transferable to another insurer, ensuring continued benefits if policyholders switch companies.
NCB works by adding a percentage of the sum insured each claim-free year, typically up to a capped limit. GCB functions similarly but applies irrespective of claims.
To leverage NCB or GCB, policyholders can opt for add-on covers, paying a nominal extra amount along with their health insurance premium. These benefits apply to both individual plans and family floaters, with some policies even locking in premium rates until a claim is made.
In summary, NCB and GCB offer enhanced coverage without added costs, ensuring access to quality healthcare facilities.
It is advisable to get in touch with us incase you want to look at a new coverage or renew your existing policies. There are policies which offer a lock in of the premium amount for a particular period which are great tools incase you are employed and continue to use the Company health cover.
