India's Financial Pathway to a USD 30-Trillion Economy: World Bank Report Insights

The World Bank's report highlights the need for India to enhance financial sector reforms and boost private capital mobilisation to achieve a USD 30-trillion economy by 2047. It praises India's digital infrastructure but suggests further reforms to improve financial services access for individuals and MSMEs.

The World Bank has urged India to accelerate financial sector reforms, focusing on private capital acceleration to drive the country towards a USD 30-trillion economy by 2047. This recommendation comes from the latest Financial Sector Assessment (FSA) report.

Praising India's digital public infrastructure, the report indicates significant advancements in access to financial services for both men and women. It also aims at increasing account usage among women and expanding access to financial products for individuals and MSMEs.

Furthermore, the report underscores India's successes in expanding regulatory oversight on cooperative banks and strengthens its regulatory framework for banks and non-banking financial companies (NBFCs). It suggests advancements in credit risk management and the development of financial markets to further economic growth.

(With inputs from agencies.)