Pakistan’s economy has deteriorated to the point where its national economy now lags behind Indian states like Maharashtra and Tamil Nadu, two of India’s strongest regional economies.

These two Indian states have a higher GDP than Pakistan! Know all about it

After a market surge ahead of the Lok Sabha election results, the total assets managed by Life Insurance Corporation (LIC) have now exceeded Rs 50 lakh crore ($614.

After a market surge ahead of the Lok Sabha election results, the total assets managed by Life Insurance Corporation (LIC) have now exceeded Rs 50 lakh crore ($614.21 billion), about double the amount of Pakistan's GDP. In an exchange filing, the massive state-owned insurance company revealed its Q4 FY24 financial results on May 27. As of the end of March, LIC's assets under management (AUM) had increased by 16.48% year over year (YoY) to Rs 51,21,887 crore ($616 billion), up from Rs 43,97,205 crore at the end of the previous fiscal year FY23, according to the stock exchange filing. In the meantime, the International Monetary Fund (IMF) estimates that Pakistan's GDP is around $338.24 billion. LIC has an AUM (assets under management) of $616 billion, which is nearly twice as much as the GDP of Pakistan. Additionally, the AMU of LIC exceeds the GDPs of Pakistan, Nepal, and Sri Lanka put together. It also exceeds the GDPs of developed nations like Singapore, Hong Kong, Finland, Denmark, and others. Also read: Bankrupt crypto lender Genesis and Gemini return over $2 billion to customers Pakistan has been experiencing financial difficulties and a national debt default was just barely avoided. The IMF has expressed worries about Pakistan's capacity to pay back its loans, pointing to societal unrest and political unpredictability as possible obstacles to stable economic conditions. With a total premium income of Rs 4,75,070 crore, LIC declared a profit of Rs 40,676 crore for FY24. During the fiscal year, the company also gave participating policyholders a bonus of Rs 52,955.87 crore. LIC, which holds a commanding market share of around 59% in the Indian life insurance industry, is now aggressively investigating acquisition options as part of its development strategy into the health insurance market. LIC shares, which are presently valued at Rs 6.46 lakh crore, have increased by around 52% over the last six months, ranking them as the seventh-largest company by market capitalization. Through the President of India, the Indian government owns 96.5% of LIC. (With inputs from agencies)

LIC's assets soar to over $616 bn, nearly double the size of Pak economy; surpass GDP of Nepal, Sri Lanka

In Brazil, heavy floods have affected over 100 thousand people in the northwestern state of Acre. Over 12,000 people have been displaced in Acre state after heavy flooding hit the region following several days of torrential rain.

35 dead in Pakistan's extreme weather | Arctic may soon be ice free: Report

Torrential rains in west and north-west Pakistan over the past 48 hours have claimed over 30 lives. Dozens of people are reported injured and homeless.

Heavy rainfall triggers floods, landslides in Pakistan

After suffering flood losses worth $40 billion, IMF rejects Pakistan’s loan request, now country has ‘no plan B'.

Flood-ravaged Pakistan has 'No Plan B' | WION Climate Tracker

As floods in Pakistan continue to wreak havoc, the GDP growth of the country is likely to slip from 5% to 3%, economists stated. Some analysts have also put an estimates of overall damage to the economy at over $30 billion.

WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods

A survey has revealed that a majority of Pakistanis fear that the South Asian country has been moving in the wrong direction since 2019. The survey was conducted by France-based lpsos, world’s third-largest market research company, and released on Sunday.

‘4 out of 5 Pakistanis fear country headed in wrong direction,’ says survey

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low.

Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday.

On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar.

The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year.

Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion).

Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts.

"The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated.

He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low. Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday.

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low. Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday. On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar. The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year. Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion). Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts. "The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated. He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.

Pakistan rupee falls to historic low against US dollar, GDP growth expected to fall to 2.4 per cent

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