Financial Sector Assessment | वित्तीय क्षेत्र आकलन
Why in News?
A World Bank assessment of India's financial sector highlighted improvements in resilience, diversification, inclusion and digital financial infrastructure while examining the reforms required to support India's long-term development ambitions, including the vision of becoming a roughly $30 trillion economy by 2047.
Who Published the Assessment?
The assessment was published by the World Bank. The World Bank is one of the most important multilateral development institutions and provides financing, technical assistance and policy research to developing countries.
India's Financial System
The assessment noted that India's financial system has become more resilient, diversified and inclusive following reforms implemented over recent years.
Recovery from Financial Stress
Financial-sector reforms contributed to India's recovery from episodes of financial distress during the 2010s and helped the system withstand the economic shock generated by the COVID-19 pandemic.
Digital Public Infrastructure
India's digital public infrastructure has substantially transformed access to financial services. Systems built around digital identity, bank-account access and digital payments have made it possible to deliver financial services to a much broader population.
Financial Inclusion
Government programmes and digital infrastructure have helped expand access to banking, payments, credit and other financial services for both men and women.
NBFC Regulation
The World Bank assessment recognised India's scale-based regulatory framework for Non-Banking Financial Companies. The approach applies different levels of regulation according to the size, activity and systemic importance of NBFCs.
Capital Markets
The report highlighted the growing importance of India's equity, government-bond and corporate-bond markets. Their combined scale relative to GDP has expanded considerably since the previous assessment.
Why Deeper Finance Matters
A rapidly growing economy requires large amounts of long-term finance for infrastructure, manufacturing, housing, innovation, climate transition and business expansion. Stronger capital markets and financial institutions therefore become increasingly important as India moves towards its 2047 development objectives.
About World Bank
The International Bank for Reconstruction and Development and the International Development Association together constitute what is commonly referred to as the World Bank. It is headquartered in Washington, D.C.
Important Dates
- 1944: The International Bank for Reconstruction and Development was conceived at the Bretton Woods Conference.
- 1945: IBRD formally came into existence.
- 1946: The World Bank began operations.
- 1960: International Development Association was established.
- 2047: India's centenary of independence and the target horizon for the Viksit Bharat development vision.
वित्तीय क्षेत्र आकलन | हिंदी में विस्तृत विवरण
चर्चा में क्यों?
विश्व बैंक द्वारा भारत के वित्तीय क्षेत्र के आकलन में बताया गया कि देश की वित्तीय प्रणाली अधिक सुदृढ़, विविध और समावेशी हुई है। साथ ही भारत की 2047 तक विकसित अर्थव्यवस्था बनने की महत्वाकांक्षा के लिए वित्तीय क्षेत्र को और मजबूत करने की आवश्यकता पर जोर दिया गया।
रिपोर्ट किसने प्रकाशित की?
यह आकलन विश्व बैंक द्वारा प्रकाशित किया गया। विश्व बैंक विकासशील देशों को वित्तीय सहायता, तकनीकी सहयोग और नीतिगत विशेषज्ञता उपलब्ध कराने वाली प्रमुख बहुपक्षीय संस्था है।
मुख्य निष्कर्ष
- भारत की वित्तीय प्रणाली पहले की तुलना में अधिक resilient हुई है।
- वित्तीय सेवाओं में diversification बढ़ा है।
- Digital Public Infrastructure ने financial inclusion को बढ़ाया है।
- सरकारी कार्यक्रमों ने व्यापक जनसंख्या तक वित्तीय सेवाओं की पहुँच बढ़ाई है।
- NBFCs के लिए scale-based regulation को महत्वपूर्ण सुधार माना गया।
- Equity, government bonds और corporate bonds markets का महत्व बढ़ा है।
2047 का महत्व
2047 भारत की स्वतंत्रता का शताब्दी वर्ष होगा। इसी अवधि को विकसित भारत के दीर्घकालिक लक्ष्य से जोड़ा गया है। इस लक्ष्य को प्राप्त करने के लिए मजबूत बैंकिंग व्यवस्था, गहरे पूंजी बाजार और दीर्घकालिक निवेश की आवश्यकता होगी।
महत्वपूर्ण तिथियाँ
- 1944: Bretton Woods Conference में IBRD की परिकल्पना।
- 1945: IBRD अस्तित्व में आया।
- 1946: World Bank ने operations शुरू किए।
- 1960: International Development Association की स्थापना।
- 2047: विकसित भारत के दीर्घकालिक लक्ष्य का प्रमुख वर्ष।