Insurance penetration inches up but stays much below global average: Eco Survey
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India’s insurance penetration, which was at 2.71% in 2001, has steadily increased to 3.76% in 2019, but stayed much below the global average of 7.23%, stated the Economic Survey for 2020-21 released on Friday. The survey also highlighted that the penetration in India was particularly low for the non-life segment.
Insurance penetration is calculated as the percentage of insurance premium to the GDP.
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New Delhi, Jan 29: India s sovereign credit ratings do not reflect the economy s fundamentals, the Economic Survey said on Friday and nudged the global agencies to become more transparent and less subjective in their ratings.
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The Economic Survey 2020-21, tabled in Parliament, said that sovereign credit ratings methodology must be amended to reflect economies ability and willingness to pay their debt obligations, and suggested that developing economies must come together to address this bias and subjectivity inherent in sovereign credit ratings methodology. Never in the history of sovereign credit ratings has the fifth largest economy in the world been rated as the lowest rung of the investment-grade (BBB-/Baa3). While sovereign credit ratings do not reflect the Indian economy s fundamentals, noisy, opaque and biased credit ratings damage FPI flows, the survey said.
Eco Survey: Rise in public health spend to 3% can halve out-of-pocket expenses
the percentage of the poorest utilising prenatal care through public facilities has increased to 24.7% from 19.9% over 2004-2018, (File Photo: AP)
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Out-of-pocket healthcare expenses for Indians are among the highest in the world. Increased priority to healthcare in central and state government budgets is crucial as it offers protection to citizens against financial hardships that accrue from such payments, the Survey said
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NEW DELHI: An increase in government spending on public healthcare to 3% of India s GDP can help halve out-of-pocket expenditure for its citizens to 30%, according to the Economic Survey of 2020-21, released on Friday.