Role of LIC in nation building essay in english
Answers
What is LICs role in nation building?
LIC is playing a significant role in nation building activities.
Firstly, as declared at the time of nationalisation LIC has been mobilising huge savings from the people and chanalising the same for national economic development by way of investment in govt. as well as social sector. Till 31st Mach 2018, LIC s investment stood at more than 19 lakhs crore. Those huge investment has generated income and employment in the country to a considerable extent.
2ndly, since 2nd five year plan to 13th five year plan, LIC has supplied more than 31 lakhs crore to the govt of India for succrssful implementation of five year plans which is a significant contribution towads national development.
3rdly. it is LICI which is playing the main role in implenting the social security orogramme of the country. Social Security Programe is the life line of Indian economy and it is LICI which paves the way for implementation of those programes of the govt.
Finally it can be said that Lic has changed the atmosphere of uncertainity into the atmosphere of certanity by settling claims of its policy holders in right moment which was a distant dream prior to nationalisation. Thus in the event of any unfortunate situation LIC is a great support to the people.
Therefore role of LIC in nation building activities is really great.