Big Daddy LIC manages money nearly double the size of Pakistan's economy
Indian stocks, the total assets under management (AUM) of state-owned insurance behemoth LIC has now crossed the Rs 50 lakh crore mark to nearly double the size of neighbouring Pakistan's GDP.
Latest data shows that Life Insurance Corporation of India's AUM has increased by 16.48% year-on-year (YoY) to Rs 51,21,887 crore ($616 billion) as of March-end compared with Rs 43,97,205 crore at the end of the previous FY23.
Pakistan's GDP, on the other hand, is only about $338.24 billion, according to the IMF. At $616 billion, LIC's mountain of money is now nearly double as big as Pakistan's economy.
The size of the PSU insurance behemoth's fund, which has been praised by Prime Minister Narendra Modi in the Parliament, is also bigger than the combined GDPs of three neighbours — Pakistan ($338 billion), Nepal ($44.18 billion) and Sri Lanka ($74.85 billion).
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Weakening Pakistan
While India is seen emerging as an economic superpower in the impending problem-ridden global financial landscape, debt-laden Pakistan has been struggling to make ends meet and narrowly escaped a sovereign debt default last month.
The International Monetary Fund (IMF) has expressed serious concerns about Pakistan's ability to repay its debts saying that high political uncertainty and resurgence of social tensions could undermine economic stabilisation policies.
According to the IMF, Pakistan requires gross financing of $123 billion over the next five years,
