Non-resident Indian (NRI) deposits play a significant role in bolstering overall banking capital inflows and the capital account surplus. Two types of deposit accounts are available to NRIs to place their money in India with full repatriation facility: [br]
(i) Non-Resident (External) Rupee Account {NR(E)RA} and
The insurance industry in 2010 in India has flourished and is offering more and more options to the citizens of the country. Some of the insurance policy options, requirements for policy coverage, date of commencement of the policy and their adopting organizations are as follows:[br]
Indian citizens aged 55 years (last birthday) and above are eligible (no upper age ceiling).
Pension will be paid during the lifetime of the pensioner.
The Universal Health Insurance scheme is available to groups of 100 or more families. The policy provides for reimbursement of medical expenses up to Rs.30000/- towards hospitalisation floated amongst the members of the family, death cover due to an accident for Rs.25000 to the earning head of the family and compensation due to loss of earning head of the family at Rs.50/- per day upto a maximum of 15 days, after a waiting period of three days, when the earning head of the family is hospitalised.
With the rapid growth of the Indian Insurance industry, in particularly serving a Middle Class that is growing on both size and wealth every year, it is hardly surprisng that Indian insurance companies are growing, and playing an increasingly important role in the nation’s financial services industry.[br]
Economic growth, at times euphoric, is expected in India for the period 2006-2007. The better performance in the services sector and manufacturing industries will act as the main parameters for maintaining the economic growth, what the evidences tell.
In April – November 2005 -06 overall industrial productions achieved a growth rate of 8.3 %, marginally below the growth rate last year. The index indicates a slowdown in the month of November 2005. [br]
Manufacturing continued to grow faster in April- November 2005-06 than it did last year and remained the main growth driver in the current year.
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.[br]
Over the past few years, India has chosen for itself a path of high growth through economic reforms, which clearly benefited the country. But it will be difficult to achieve the targeted growth of 8% GDP unless agricultural growth is doubled from the present rate of 1.8%. Since 72% of the population lives in rural India, it is imperative to increase agricultural growth and make agriculture more efficient.
