India needs more financial sector reform to become a USD 30 trillion economy by 2047, notes WB?s FSA report

WB?s FSA report highlights that India?s financial system has become more resilient, diversified, and inclusive since the last FSAP in 2017. The report acknowledges that financial sector reforms helped India recover from various distress episodes of 2010s as well as the pandemic. It stresses that achieving India?s vision to become a USD 30 trillion economy by 2047 requires further impetus to the financial sector reforms to boost private capital mobilization. The World Bank's Financial Sector Assessment (FSA) report has acknowledged that India's 'world class' digital public infrastructure and government programmes have significantly improved access to a wider range of financial services for men and women. It has also made suggestions to further boost account usage, especially for women, and to facilitate access to wider range of financial products for individuals and MSMEs.

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