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Accelerating India's growth through financial system reform

By: Farrell, Diana.
Contributor(s): Lund, Susan.
Material type: materialTypeLabelBookPublisher: San Francisco McKinsey and Company 2006Description: 133 p.Subject(s): Financial service industry - India | Financial Institution - India | FinanceDDC classification: 332.1 Summary: ehe system intermediates only half of the country's total savings and investment, and it channels the majority of funding to the least productive parts of the economy. India's dynamic private sector receives just 43 percent of total credit, while the remaining 57 percent of credit goes to state-owned enterprises, agriculture, and tiny businesses in the unorganized sector. This pattern of capital allocation impedes growth because these sectors are 10-50 percent as productive as the private corporate sector. The report offers a roadmap of reforms to capture this opportunity, makes the case for significantly more liberalization of the financial sector, and discusses the political challenges of such liberalization.
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ehe system intermediates only half of the country's total savings and investment, and it channels the majority of funding to the least productive parts of the economy. India's dynamic private sector receives just 43 percent of total credit, while the remaining 57 percent of credit goes to state-owned enterprises, agriculture, and tiny businesses in the unorganized sector. This pattern of capital allocation impedes growth because these sectors are 10-50 percent as productive as the private corporate sector. The report offers a roadmap of reforms to capture this opportunity, makes the case for significantly more liberalization of the financial sector, and discusses the political challenges of such liberalization.

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