The Indian economy is estimated to have grown by 6.7 per cent in 2008-09. According to the latest CSO data, financial services and real estatesector rose by 9.5 per cent in the first quarter of 2009-10.
Financial services, inclusive of public and private insurance, mutual fund,NBCs are the core sector, around which the financial services sector iscentered.
Insurance and Mutual funds are having a tremendous potential in India
According to a report by research firm RNCOS
'Booming InsuranceMarket in India (2008-2011)'
the total life insurance premium in India isprojected to grow to US$ 259.72 billion by 2010-11. Life InsuranceCorporation (LIC) is bullish on growth and is targeting business in excessof US$ 59.14 billion by 2011-12.
The Indian govt. has promoted FII & FDI, it would lead to long termgrowth.