Ahead of announcing the Union Budget for the financial year 2023-24 (Budget) on February 1, 2023, the Government of India tabled the Economic Survey 2022-23 (Economic Survey) on January 31, 2023 which summarizes key initiatives taken by the Government and regulators in various sectors, assesses the growth and presents its outlook for various sectors, including the Indian insurance market. The Budget also identified the financial sector as a priority and made a few key announcements which are bound to impact the insurance sector as well. The Indian insurance sector is at an inflexion point and is expected to be one of the main drivers of global insurance industry growth over the next decade. Further regulatory changes to facilitate ease of doing business coupled with greater operational flexibility sought to be provided by the regulator would provide a further impetus to the fast-growing Indian insurance market which is poised to become the sixth largest by 2032.
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