An illustration showing a bank and Rs 500 notes. For representational purposes.
Credit: iStock Photo
Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey, a comprehensive document on the state of the Indian economy. The Economic Survey is tabled ahead of the Union Budget, which will be presented on July 23.
Here's what the Economic Survey says on the banking and financial sector:
India's banking and financial sectors showed stellar performance in FY24.
Double-digit growth in bank credit, low non-performing assets, and improved bank asset quality indicate a healthy and stable banking sector.
Primary capital markets facilitated capital formation of Rs 10.9 lakh crore during FY24, contributing to the gross fixed capital formation of private and public corporates.
The Indian stock market has experienced a surge in market capitalization, with the market capitalization to GDP ratio being the fifth largest in the world.
The government's focus on financial inclusion has emphasized the usage of accounts, promotion of digital payments, and consumer protection.
However, as India's financial sector undergoes transformation, it must be prepared for vulnerabilities and the government and regulators must be agile in responding with policy and regulatory interventions.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.