LIC Shares Soar Further As Economic Survey Calls India's Insurance Sector The Fastest Growing In G20 Countries

The Economic Survey of India for 2024-25 gave a glimpse into the happenings of the ongoing fiscal year. The economic survey is known as the report card of the nation.

While there are many facets attached to an economic survey, one key issue that was mentioned in the report was the insurance sector.

Insurance Sector On Rise

According to the survey, the Indian insurance sector is one of the fastest growing in the G20 countries.

According to the Economic Survey 2025, which Finance Minister Nirmala Sitharaman presented, India's insurance industry is predicted to develop at the quickest rate among G20 countries over the next five years.

Amid these developments, one of the biggest insurance companies in the country, and arguably one of the biggest PSU, Life Insurance Corporation of India or LIC saw its shares surge further.

LIC Shares Rise

The LIC shares jumped significantly on Friday, a day before the Union Budget.

The shares of the public sector company ended the day with an increase in value amounting to 2.43 per cent or Rs 20.05. The shares started the day at Rs 827, higher than the previous day's Rs 824.90 per share.

This has also aided the company's shares's case in the larger picture. In the past 5 trading sessions, the shares of LIC have cumulatively soared by 3.36 per cent or Rs 27.45.

The overall value of the company's shares has risen to Rs 844.95.  

This comes at a time when there have been demands from various corners for a reduction of Goods & Services Taxes (GST) on insurance. Currently, a flat GST of 18 per cent is levied on insurance.

Accorinding to the Economic Survey, the Indian insurance sector has shown resilience in the face of global economic difficulties, including high inflation and geopolitical concerns.