Although India has made progress in the financial sector, there is scope for further improvement in the banking sector, shadow banking and the capital market, says David Malpass, president of World Bank. He suggested that further reforms and innovation will help spur growth in the country.
Crux of the Matter
David Malpass attributed India’s economic slowdown to Global Environment.
He said India has slowed from fast growth in earlier years due to global economic environemnt.
“Encourage progress in three primary areas. One is to allow the growth of the banking sector itself including the private sector. Second is deepening of corporate bond market and mortgage market and third is regulation of non-bank financial companies which have grown with the Indian financial system but entails some risks,” he said.
Having very sound regulation will be helpful to the growth of the financial sector which is very vital for India’s growth, he further added.
Curiopedia
The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group. The World Bank’s most recent stated goal is the reduction of poverty. As of November 2018, the largest recipients of World Bank loans were India ($859 million in 2018) and China ($370 million in 2018), through loans from IBRD. Read More
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