Indian economy growing faster, how to protect our income and life

The Indian Economy

The Indian economy is growing at a fast pace. It is officially the world’s second fastest growing economy. The Indian economy is likely to change a lot in the developing country.
Since the beginning of the economic reform in India in early 1990s, the country has gone through a lot of drastic changes. There have been lots of job creation in the country after the economic reforms. Young people are getting job opportunities like never before. New industries like information technology (IT) and business process outsourcing (BPO) have also offered more jobs for the educated youth. In fact now a days anyone with workable knowledge of computer and English speaking can find a job in India. All industries are growing at a fast pace. The auto industry has seen record growth in recent times. Even the manufacturing industry has posted a great rate of growth.
In coming years India is expected to go through some more drastic changes economy wise. The growth of the economy at double digit rate will make the country a developed nation in a couple of decades.
However, the path of economic progress is not easy. There are some problems in the country than can make the whole progress go for vein. Population explosion is one such problem. The fast growing population of the country ensures that majority of the work done for improving the life standard of the common people are going to the naught. The country has limited resources and it can sustain only a limited number of people living in the country. The basic need for supporting the additional population is urgent, which is bound to take more resources. The government of India is yet to come up with some policy to curb the growing population.
Another threat to the Indian economic growth story is terrorism. The threat of terror can derail the whole positive sentiments generated by the economic growth. As economic activities happen mostly in an environment of security, any act of terrorism in any major economic hub can be a major blue to foreign investment in the country, affecting the overall economic growth of the country. For example, bomb blasts in Mumbai had a negative impact on the economic scenario of the city.
Religious intolerance is growing in India. As some politicians can always play politics to garner votes in elections, they may divide people and cause communal riots. As seen in the case of Gujarat, some politicians are likely to exploit religious sentiments when pushed to the brink. Any major incident of religious riot can derail economic activities of a particular region. For example, after the communal violence in Gujarat, many industries of the state, especially of Ahmadabad, were affected.
Any other internal threat can also put a spanner in the economic growth story any time. As social unrest in the country is existing, it can be a bad omen for the overall economy. The rich-poor divide is also bad for the economic growth of the country. Keeping abreast with business news is good for keeping tabs on happenings in the economy.

How to protect , create wealth and fight with uncertainity and UPs and Down in Life.

Why do I need this insurance?

There are many reasons for buying life insurance. If you’re the primary wage earner in the family, life insurance is a good way to help provide your family with a stable financial future. If you aren’t the primary wage earner in your family, it’s important to have insurance to help cover the financial burden of childcare, funeral expenses, and other unforeseen costs.

While it’s difficult to face our own mortality, planning for it can ease the burden our loved ones will face later. Purchasing life insurance can help make a difficult situation easier by providing death benefits for:


unpaid medical bills
income replacement for survivors
final expenses like burial costs
unplanned or emergency expenses
your mortgage balance
future education funds for your children

Remember, you can also use some life insurance products:


to help you establish an estate plan
as a component to your savings strategy
for retirement income
even to pay for estate taxes

The Indian Insurance Industry
India insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, and as Indians become more familiar with different insurance products, this growth can only increase, with the period from 2010 - 2015 projected to be the 'Golden Age' for the Indian insurance industy.
India Insurance Policies at a Glance
Indian insurance companies offer a comprehensive range of insurance plans, a range that is growing as the economy matures and the wealth of the middle classes increases. The most common types include: term life policies, endowment policies, joint life policies, whole life policies, loan cover term assurance policies, unit-linked insurance plans, group insurance policies, pension plans, and annuities. General insurance plans are also available to cover motor insurance, home insurance, travel insurance and health insurance.
Due to the growing demand for insurance, more and more insurance companies are now emerging in the Indian insurance sector. With the opening up of the economy, several international leaders in the insurance sector are trying to venture into the India insurance industry.
India Insurance: History
The history of the Indian insurance sector dates back to 1818, when the Oriental Life Insurance Company was formed in Kolkata. A new era began in the India insurance sector, with the passing of the Life Insurance Act of 1912.
The Indian Insurance Companies Act was passed in 1928. This act empowered the government of India to gather necessary information about the life insurance and non-life insurance organizations operating in the Indian financial markets.
The Triton Insurance Company Ltd formed in 1850 and was the first of its kind in the general insurance sector in India. Established in 1907, Indian Mercantile Insurance Limited was the first company to handle all forms of India insurance.
Indian Insurance: Sector Reform
The formation of the Malhotra Committee in 1993 initiated reforms in the Indian insurance sector. The aim of the Malhotra Committee was to assess the functionality of the Indian insurance sector. This committee was also in charge of recommending the future path of insurance in India.
The Malhotra Committee attempted to improve various aspects of the insurance sector, making them more appropriate and effective for the Indian market.
The recommendations of the committee put stress on offering operational autonomy to the insurance service providers and also suggested forming an independent regulatory body.
The Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector of India. It led to the formation of the Insurance Regulatory and Development Authority (IRDA) in 2000.
The goals of the IRDA are to safeguard the interests of insurance policyholders, as well as to initiate different policy measures to help sustain growth in the Indian insurance sector.
The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad. Detailed information on IRDA is available at their web-site www.irdaindia.org
Protection of the interest of policy holders:
IRDA has the responsibility of protecting the interest of insurance policyholders. Towards achieving this objective, the Authority has taken the following steps:
IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide for: policy proposal documents in easily understandable language; claims procedure in both life and non-life; setting up of grievance redressal machinery; speedy settlement of claims; and policyholders' servicing. The Regulation also provides for payment of interest by insurers for the delay in settlement of claim.
The insurers are required to maintain solvency margins so that they are in a position to meet their obligations towards policyholders with regard to payment of claims.
It is obligatory on the part of the insurance companies to disclose clearly the benefits, terms and conditions under the policy. The advertisements issued by the insurers should not mislead the insuring public.
All insurers are required to set up proper grievance redress machinery in their head office and at their other offices.
The Authority takes up with the insurers any complaint received from the policyholders in connection with services provided by them under the insurance contract.
The Indian Insurance Industry
India insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, and as Indians become more familiar with different insurance products, this growth can only increase, with the period from 2010 - 2015 projected to be the 'Golden Age' for the Indian insurance industy.
India Insurance Policies at a Glance
Indian insurance companies offer a comprehensive range of insurance plans, a range that is growing as the economy matures and the wealth of the middle classes increases. The most common types include: term life policies, endowment policies, joint life policies, whole life policies, loan cover term assurance policies, unit-linked insurance plans, group insurance policies, pension plans, and annuities. General insurance plans are also available to cover motor insurance, home insurance, travel insurance and health insurance.
Due to the growing demand for insurance, more and more insurance companies are now emerging in the Indian insurance sector. With the opening up of the economy, several international leaders in the insurance sector are trying to venture into the India insurance industry.
India Insurance: History
The history of the Indian insurance sector dates back to 1818, when the Oriental Life Insurance Company was formed in Kolkata. A new era began in the India insurance sector, with the passing of the Life Insurance Act of 1912.
The Indian Insurance Companies Act was passed in 1928. This act empowered the government of India to gather necessary information about the life insurance and non-life insurance organizations operating in the Indian financial markets.
The Triton Insurance Company Ltd formed in 1850 and was the first of its kind in the general insurance sector in India. Established in 1907, Indian Mercantile Insurance Limited was the first company to handle all forms of India insurance.
Indian Insurance: Sector Reform
The formation of the Malhotra Committee in 1993 initiated reforms in the Indian insurance sector. The aim of the Malhotra Committee was to assess the functionality of the Indian insurance sector. This committee was also in charge of recommending the future path of insurance in India.
The Malhotra Committee attempted to improve various aspects of the insurance sector, making them more appropriate and effective for the Indian market.
The recommendations of the committee put stress on offering operational autonomy to the insurance service providers and also suggested forming an independent regulatory body.
The Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector of India. It led to the formation of the Insurance Regulatory and Development Authority (IRDA) in 2000.
The goals of the IRDA are to safeguard the interests of insurance policyholders, as well as to initiate different policy measures to help sustain growth in the Indian insurance sector.
The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad. Detailed information on IRDA is available at their web-site www.irdaindia.org
Protection of the interest of policy holders:
IRDA has the responsibility of protecting the interest of insurance policyholders. Towards achieving this objective, the Authority has taken the following steps:
IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide for: policy proposal documents in easily understandable language; claims procedure in both life and non-life; setting up of grievance redressal machinery; speedy settlement of claims; and policyholders' servicing. The Regulation also provides for payment of interest by insurers for the delay in settlement of claim.
The insurers are required to maintain solvency margins so that they are in a position to meet their obligations towards policyholders with regard to payment of claims.
It is obligatory on the part of the insurance companies to disclose clearly the benefits, terms and conditions under the policy. The advertisements issued by the insurers should not mislead the insuring public.
All insurers are required to set up proper grievance redress machinery in their head office and at their other offices.
The Authority takes up with the insurers any complaint received from the policyholders in connection with services provided by them under the insurance contract.

India Climate Change Profile: Growth vs. Climate?

Only economic growth will allow India to lift hundreds of millions of its citizens out of extreme poverty. But rapid Indian development also increases pressure on the global climate and unique ecosystems. How will India face this dilemma?

India is home to one of the fastest-growing economies in the world, and is currently the fourth-largest emitter of greenhouse gas (GHG) emissions. With nearly a quarter of its population living below the poverty line, the government is pursuing an ambitious development agenda.

Soaring Energy Consumption

Growth in India is expected to cause energy consumption to quadruple from 2005 levels by the year 2030. If current trends continue, most of this energy will be produced from coal-fired power plants, making India one of the top-three greenhouse-gas-emitting countries by 2025.

Against this backdrop India’s government is resisting international pressure to curb its greenhouse emissions. As a developing country India is exempt from mandatory caps on emissions. Developed countries, however, are demanding binding commitments from India. But with per capita emissions less than one tenth that of the average American, India says that it will not contemplate emissions cuts unless industrialized nations radically cut their emissions first.

Global Warming Impacts

Nevertheless, Indian authorities may adjust their “development-versus-climate protection” view. Recent international reports on climate change, such as the 2007 UN climate change report, presented grim environmental and economic scenarios for India if climate change continues unabated.

Some impacts of global warming have already become visible in India. Monsoon rains have become less predictable, glaciers are melting, more floods and droughts occur, and mangrove forests are disappearing at an alarming rate. Public health, biodiversity, agricultural production, access to drinking water, and even national security will be affected.

Indian policymakers are reacting to these threats by launching climate-friendly policies, especially when they serve the country’s development agenda. For example, the government will try to reduce the nation's energy intensity by 20 percent per unit of GDP between 2007–08 to 2016–17.

Climate Change Mitigation

Meanwhile big domestic players in the renewable energy sector, such as Suzlon Energy and Tata-BP Solar, are ahead of politicians, making big investments in large-scale products throughout the country.

Answering energy and development needs in a sustainable way will be a big challenge for India this century. But the country could benefit from “leapfrogging” – to develop in the way that makes use of the best and cleanest technologies, policies and resources available without the decades of learning needed to get there

While climate change is a global phenomenon, nations differ both in their contribution to the problem and in their vulnerability to its impacts.

While climate change is a global phenomenon, nations differ both in their contribution to the problem and in their vulnerability to its impacts. Ironically, many of the countries least responsible for the growing accumulation of greenhouse gases in the Earth's atmosphere, particularly those in the developing world, are likely to be among those most heavily impacted by climate change. The prevalence of poverty and a lack of adequate public infrastructure are two elements that will work to magnify the ecological, social and economic impacts of climate change in developing countries. Climate change will make it even more difficult for developing countries to break out of their current situations and achieve their poverty eradication and sustainable development objectives.

Key Message - Vulnerability and Adaptation

The poor in developing countries are least able to adapt to the adverse effects of climate change, which include economic decline and loss of life. To reduce poverty and achieve development objectives, developing countries must integrate climate change into national and local policy-making.



Although there is general agreement on the impacts of climate change at a global and continental level, uncertainty remains regarding how people and ecosystems at the local and regional level will be affected. As a result, researchers and policy-makers are focusing on how to increase the capacity of communities, regions and countries to respond to a range of possible impacts. This focus on adaptive capacity has led to a growing recognition of the links between adaptation to climate change and sustainable development; that lessening pressure on natural resources, improving environmental risk management and increasing the social well-being of the poor not only reduces the vulnerability of developing countries to climate change, it also puts them on a solid path towards sustainable development.