Overview

Economic developments in India have significant global and regional implications. The Indian financial sector plays a critical role in the country's development and has provided an important foundation for strong and sustainable economic growth over the past three decades. Chapter contributions discuss how to strengthen the financial system to support growth and reduce vulnerabilities by discussing the linkages between the financial sector and growth, improvements in bank lending to foster productivity, and measures to further develop India's corporate bond market. The book reflects on India's success in leveraging digitalisation to foster financial inclusion and highlights how the financial system can help to address climate issues through the development of India's environmental, social, and governance financial market. This book digs deeper into the various facets of India's financial sector to understand its strengths and opportunities and to elicit policy actions that could help the financial sector better support India's growth potential.

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“The book is a tour de force. It represents a comprehensive and in-depth assessment of India's financial system, focusing not only on the protagonists–central bank, banks, and nonbanks- but also on the arena they play in monetary policy, corporate sector leveraging and resolution, and the external sector. Importantly, it highlights transformational changes underway, such as the growth of capital markets, digital finance, and sustainable finance. A must-read given India's rise on the global economic stage!” - Viral V. Acharya, Professor of Economics, New York University Stern School of Business

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The International Monetary Fund (IMF) is an international organization of 185 Member Countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries in order to help ease balance of payments adjustments.

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