The Economic Growth Of India Essay - 4047 Words

INTRODUCTION The economy of India is based on a sound financial system that helps in accelerating production, capital and economic growth of the country. One of the main objectives of every financial system of modern economy to accumulate savings and to develop saving habits among the people. It also helps the saving to allocate into productive usage such as trade and commerce. The efficient utilization and allocation of the savings helps in increasing the economic growth of the country. A well organised financial system also helps in the industrial expansion. India is regarded as one of the big emerging market economies by the World Bank along with china, Indonesia, Brazil and Russia. There has been tremendous financial development in India in the year 1990. It is imperative to know that in what manner the financial development has taken place in India and what initiatives should be taken by the country to emerge as a country with efficient financial sectors and markets. HISTORICAL EVOLUTION OF FINANCIAL MARKET The financial system of the country is the outcome of its own peculiar historical evolution. The continuous interaction between the players of the financial system and public policy interventions has given birth to the evolution of the financial system. India began with the Central Bank and Reserve Bank of India and entrusted upon them the duty of regulating the banking sectors, Ministry of finance were given the responsibilities of regulating the other financialShow MoreRelatedThe Economic Growth Of India Essay1520 Words   |  7 PagesIntroduction India has experienced lopsided growth across its major sectors especially after the reform process have been initiated in the early 1990s. Studies show that if the pre-reform period is compared with the post-reform period, economic growth has definitely picked up in India. 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