Outlook 2024: India's Trajectory In Shaping the Global Future Nearly 60% of the total healthcare expenditure in India is borne out-of-pocket which drains the household of any future savings. 2024 will see the emergence of affordable health plans to address this issue for the missing middle of India.

By Yashish Dahiya

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Few economies stand out to be as resilient as India, where tradition and innovation are interwoven to create an indelible impact on the global economic landscape. Homegrown industries continue to deftly navigate the complexities of a heterogeneous market and fuel this resilience. Whether it's Aadhar or the UPI, India truly reached the pinnacle of cost-efficiency as well as technical supremacy with these unified frameworks. If one were to encapsulate the country's transformative journey, it would undoubtedly be characterized by these dynamic yet deeply-rooted initiatives. The unhindered growth of India's digital landscape has solidified its position as a global leader in technology.

As we reflect upon our growth so far, here's an outlook for 2024 and what it holds for the next chapter in India's global ascent.

REGULATORY INITIATIVES AN ENABLER OF FINANCIAL PROTECTION AND INCLUSION

India has a varied geographical and demographic distribution comprising segments that need better financial literacy and stability. So, ensuring financial inclusion for India's marginalised population is of paramount importance. This includes easy and secure access to credit services as well as financial protection. Initiatives such as Pradhan Mantri Jan Dhan Yojana or Suraksha Bima Yojana are a monumental step in establishing a robust financial safety net for such segments. As the digital footprint expansion takes place in tier- 2 & 3 cities, here lies an opportunity to cast a wider safety net. These regions also represent the major chunk of the middle class that needs financial protection the most. Nearly 60% of the total healthcare expenditure in India is borne out-of-pocket which drains the household of any future savings. 2024 will see the emergence of affordable health plans to address this issue for the missing middle of India. The need of the hour is to expand the regulatory ambit for making health insurance accessible and affordable for all.

Nearly 60% of the total healthcare expenditure in India is borne out-of-pocket which drains the household of any future savings. 2024 will see the emergence of affordable health plans to address this issue for the missing middle of India.

The future for the insurance industry will also be defined by trust-building and transparency for the end consumer. Stronger underwriting practices are already making their way into the industry to ensure fraud prevention. With better data accessibility and analysis, insurance players can unlock more accurate predictions and better risk assessment. This will make the ecosystem more transparent and help with insurance adoption and financial protection.

GOVERNMENT AND PRIVATE SECTOR PARTNERSHIP TO STRENGTHEN ECONOMIC GROWTH

The fruition of collaboration between government and private sector is already visible with several successful ventures. The Digital India initiative is one such example where the regulatory framework is supporting product innovation in the private sector. The technology through e-Governance has also eased administrative processes for the businesses and made regulatory developments more transparent and easier to adopt. The NASSCOM Startup Report 2024 reveals that India is home to over 50 unicorns, with the highest concentration in sectors like Fintech, e-commerce, and health tech. The future will not only see these unicorns reshaping domestic industries but also becoming influential players on the global stage.

WORLD TO WITNESS THE SUCCESS STORY OF MAKE IN INDIA

The vision of homegrown innovation and talent has come to life with the Make In India initiative. The initiative, coupled with a series of reforms aimed at ease of doing business, has attracted foreign direct investment (FDI) and propelled the manufacturing sector to new heights. The year 2024 will see India as an emerging powerhouse of manufacturing creating a transformative impact on the global economy.

Yashish Dahiya

Co-founder & Group CEO, Policybazaar.com

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