World Bank says India needs to intensify financial sector reforms and stimulate private capital mobilization

World Bank has noted in a latest update that India?s financial system has become more resilient, diversified, and inclusive. The assessment from the World Bank acknowledges that financial sector reforms helped India recover from various distress episodes of the 2010s as well as the pandemic. However, it noted that India must intensify financial sector reforms and stimulate private capital mobilization to achieve its goal of becoming a USD 30-trillion economy by 2047, as per the World Bank's Financial Sector Assessment (FSA) report. The report highlights positives from India's digital public infrastructure and government programs that have significantly enhanced access to financial services for both men and women.

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