It is a tribute to the Nehruvian vision that the large number of institutions created in the post-independent era have withstood the test of time and many of them have risen to global standards. From oil to steel, dams to highways, from the iconic IITs to the prestigious Institute of design, they have covered almost every segment of economic activity.
Jawaharlal Nehru, the first Prime Minister of India, described them as temples of modern India. Undoubtedly, India’s emergence today as an economic powerhouse rests on the foundation of these remarkable institutions created in the early years of free India. In 1947, India with a population of 345 million, a per capita income of ₹249.6 and literacy rate of 12% was one of the poorest countries in the world. Even amidst such an environment of deprivation and low income, Nehru felt the importance of social security and the need for promoting a culture of insurance. Thus, was born the idea of a state-run Life Insurance Corporation and LIC was established on September 1, 1956.
