Table 1.1.1Indian Economy Indicators (10 Year Trend)
New Series - (Base year: 2011-12)| Indicators | 2014-15 | 2015-16 | 2016-17 | 2017-18 | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 |
| GDP at Current Prices | 12,467,959.00 | 13,771,874.00 | 15,362,386.00 | 17,095,005.00 | 18,971,237.00 | 20,339,849.00 | 19,745,670.00 | 23,664,637.00 | 27,240,712.00 | 29,535,667.00 |
| GDP at Constant Prices | 10,527,674.00 | 11,369,493.00 | 12,298,327.00 | 13,179,857.00 | 13,981,426.00 | 14,565,951.00 | 13,512,740.00 | 14,735,515.00 | 16,006,425.00 | 17,381,722.00 |
| GDP Growth Rate (%) - at Current Prices | 10.99 | 10.46 | 11.55 | 11.28 | 10.98 | 6.99 | (2.92) | 19.85 | 15.11 | 8.40 |
| GDP Growth Rate (%) - at Constant Prices | 7.41 | 8.00 | 8.17 | 7.17 | 6.08 | 3.47 | (7.23) | 9.05 | 8.62 | 8.60 |
| Overall Industrial Growth (%) | 8.07 | 11.86 | 8.33 | 6.06 | 5.26 | (0.11) | (9.18) | 14.86 | 2.41 | 9.30 |
| Services Growth (%) | 8.99 | 8.62 | 8.12 | 7.75 | 6.43 | 3.78 | (7.95) | 8.82 | 9.53 | 7.90 |
| Exports Growth (%) | 1.78 | (5.65) | 5.01 | 4.69 | 12.09 | (0.60) | (4.38) | 17.83 | 13.57 | 2.60 |
| Imports Growth (%) | 0.87 | (5.85) | 4.38 | 17.62 | 8.41 | (3.80) | (8.01) | 35.33 | 17.12 | 10.90 |
| Bank Credit Growth (%) | 9.00 | 10.90 | 8.20 | 10.00 | 13.30 | 6.10 | 5.60 | 9.60 | 15.00 | 20.20 |
| Bank Deposit Growth (%) | 10.70 | 9.30 | 15.30 | 6.20 | 9.60 | 8.10 | 10.90 | 8.10 | 9.76 | 12.40 |
| Gross Domestic Savings (% GDP) | 32.24 | 31.09 | 30.26 | 30.51 | 30.11 | 31.38 | 28.24 | 30.15 | NA | NA |
| Inflation (WPI- Average) (%) | 1.30 | (3.7) | 1.70 | 2.90 | 4.30 | 1.70 | 1.30 | 13.00 | 9.40 | (0.70) |
| Average Exchange Rate (Rs/USD) | 62.40 | 66.32 | 64.84 | 65.13 | 69.47 | 74.35 | 72.79 | 76.24 | 82.28 | 82.80 |
| Non Life Insurance GDPI in India (Rs in Crores) | 84,685.00 | 96,379.00 | 128,128.00 | 150,662.00 | 169,448.00 | 188,916.00 | 198,715.00 | 220,700.00 | 256,894.25 | 289,673.00 |
| GDPI Growth (%) | 9% | 14% | 33% | 18% | 12% | 12% | 5% | 11% | 15% | 12.40 |
Source: RBI Handbook 2022-23
Note: GDP – Gross Domestic Product
GDPI – Gross Direct Premium in India
Figures were recalibrated in the year 2018-19
Figures provided by The RBI are updated with a lag of 12 months
The growth rate of non-life insurance was 12.4% as against the GDP growth rate of 8.4% (at constant prices) for the year ending 31st March 2024
Chart 1.1.1Non-Life Insurance Premium v/s GDP Growth
Source: RBI Handbook
Council Compilation: Growth in Non-Life Insurance(%)
The Non-Life Insurance Industry has shown a remarkable performance from 2014-15 to 2023-24, consistently surpassing both industrial and services growth rates. For the year 2023-24, the industry’s growth rate stands at 12.40%, reflecting its continued growth.
Chart 1.1.2Non-Life Insurance Premium v/s Overall Industrial & Services Growth
Source: RBI: Overall Industrial Growth (%)
Council Compilation: Growth in Non-Life Insurance (%)