India’s Financial System Building the Foundation for Strong and Sustainable Growth

India has experienced a prolonged period of strong economic growth since it embarked on major structural reforms and economic liberalization in 1991, with real GDP growth averaging about 6.6 percent during 1991–2019. Millions have been lifted out of poverty. With a population of 1.4 billion and abou...

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Bibliographic Details
Main Author: Schipke, Alfred
Other Authors: Turunen, Jarkko, Choueiri, Nada, Gulde, Anne
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2023
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a India’s Financial System  |b Building the Foundation for Strong and Sustainable Growth  |c Alfred Schipke, Jarkko Turunen, Nada Choueiri, Anne Gulde 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2023 
300 |a 292 pages 
653 |a Payment Systems 
653 |a Credit 
653 |a Finance 
653 |a Environmental Economics 
653 |a Financial services industry; Technological innovations 
653 |a Financial crises 
653 |a Industries: Financial Services 
653 |a Regimes 
653 |a Financial sector policy and analysis 
653 |a Money 
653 |a Central banks 
653 |a Foreign Exchange 
653 |a Standards 
653 |a Currency crises 
653 |a Financial markets 
653 |a Liquidation 
653 |a Macroeconomics 
653 |a Bank credit 
653 |a Banking 
653 |a Climate finance 
653 |a Climatic changes 
653 |a Economic & financial crises & disasters 
653 |a Government and the Monetary System 
653 |a Monetary economics 
653 |a Bankruptcy 
653 |a Environment 
653 |a Green finance / sustainable finance 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
653 |a Debt 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Financial inclusion 
653 |a Banks and banking, Central 
653 |a Solvency 
653 |a Banks and Banking 
653 |a Financial Markets and the Macroeconomy 
653 |a Monetary Systems 
653 |a Financial services industry 
653 |a Central Banks and Their Policies 
653 |a Investment & securities 
653 |a Money and Monetary Policy 
653 |a Finance: General 
700 1 |a Turunen, Jarkko 
700 1 |a Choueiri, Nada 
700 1 |a Gulde, Anne 
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520 |a India has experienced a prolonged period of strong economic growth since it embarked on major structural reforms and economic liberalization in 1991, with real GDP growth averaging about 6.6 percent during 1991–2019. Millions have been lifted out of poverty. With a population of 1.4 billion and about 7 percent of the world economic output (in purchasing power parity terms), India is the third largest economy—after the US and China. As such, developments in India have significant global and regional implications, including via spillovers through international trade and global supply chains. At the same time, India’s economic development has not been linear and has been impacted by external and domestic shocks, some directly related to the financial sector. Indeed, India was not spared from external regional and global shocks, such as the Asian financial crisis (1997), the global financial crisis (2008), and more recently, the devastating impact of the COVID-19 pandemic (from 2020) and the war in Ukraine (2022). The economy has also been hit by domestic shocks. The book covers 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 digitalization to foster financial inclusion and highlights how the financial system can help to address climate issues. 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