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Financial Services

Financial Services
  • Gujarat with a population share of about 5% of India with such high growth rate in per capita income presents a big opportunity for retail banking in the state.
  • Agriculture sector: Though the contribution of the agriculture sector to the state GSDP has been stagnant at about 15%, the government is taking up several initiatives to provide a boost to the sector including Krishi mahostav, issuing of soil health cards, irrigation projects such as sujalam sufalam yojana, etc. hers
  • 142 branches of Life Insurance Corporation of India (the market leader).
  • About 8.22 lakh policies issued during the year 2009-10 (till October 2009) with total first premium of ` 968 crore.
  • MSMEs: Over the last three years (from 2007 to 2010), about `8,000 crore of investment is being made in setting up MSMEs in Gujarat. With the state registering over 10% industrial growth rate, this trend is expected to continue.

Government Initiatives

  • Simplification of processes and single window approach for investors
  • International campaigns for investment promotion across sectors
  • Favorable policy and regulatory environment
  • Industrial Policy 2009 – for high quality socio-economic development
  • Sectoral policies for promotion of investment and growth
  • Incentives under SEZ and Industrial Area development
  • Provision of support infrastructure for the sector by taking up projects like GIFT.

The Opportunities Ahead

  • Core banking solutions
  • Application development and maintenance
  • Off-shoring centralizable operations

Back office processing of banking, finance services and insurance companies like :

  • In-bound an out-bound customer service
  • Equity research
  • Loan processing, etc.
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