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.
Published 22 July 2024, 09:35 IST
