India to be 6th largest insurance market by 2032, says FM Sitharaman

India, one of the largest economies of the world, was on its way to become the third-largest economy — and set to become the sixth-largest insurance market by 2032, Finance Minister Nirmala Sitharaman said on Wednesday.

 

Addressing the Investment Roundtable with the City of London, Sitharaman in a tweet highlighted decriminalisation and reduction in compliance burden for businesses and individuals among reforms undertaken by the government in the last ten years.

 

In a post on the social media platform Twitter, Sitharaman said, “India is leading the global FinTech revolution (third-largest) — with nearly half of the world’s real-time transactions, and the highest FinTech adoption rate globally at 87 per cent.”

 

 

The finance minister added that key upcoming investment opportunities across the sovereign-backed National Investment and Infrastructure Fund (NIIF) platform include the private market business and the successor infrastructure fund for funds and financial institutions in the UK.