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Role of Finance in Economic Development, Indian Financial System Video Lecture | Indian Financial System - B Com
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| 1. What is the role of finance in economic development? |  |
Ans. Finance plays a crucial role in economic development by providing the necessary funds for investment, infrastructure development, and economic activities. It facilitates capital formation, enables savings and investments, and promotes economic growth. Through financial institutions, funds are allocated to productive sectors, leading to job creation, technological advancements, and overall economic progress.
| 2. How does the Indian financial system contribute to economic development? | |
Ans. The Indian financial system contributes to economic development by providing a stable and efficient platform for mobilizing savings and channelizing them towards productive investments. It consists of various components like banks, stock markets, insurance companies, and non-banking financial institutions. These institutions facilitate the flow of funds, promote capital formation, and support the growth of industries and businesses, thereby driving economic development.
| 3. What are the key features of the Indian financial system? | |
Ans. The key features of the Indian financial system include a diversified structure consisting of banks, financial markets, and non-banking financial institutions. It is regulated by the Reserve Bank of India (RBI), which ensures stability and transparency. The system is also characterized by the presence of various financial instruments, such as shares, bonds, mutual funds, and insurance policies, offering investment options to individuals and institutions.
| 4. How does the Indian financial system support small and medium enterprises (SMEs)? | |
Ans. The Indian financial system supports small and medium enterprises (SMEs) by providing them with access to finance and credit facilities. Banks and non-banking financial institutions offer specialized loan schemes and credit products tailored to meet the unique needs of SMEs. Additionally, initiatives like the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provide collateral-free credit to SMEs, promoting their growth and contributing to economic development.
| 5. What are the challenges faced by the Indian financial system in promoting economic development? | |
Ans. The Indian financial system faces several challenges in promoting economic development. These include inadequate financial inclusion, with a significant portion of the population still excluded from formal banking services. The system also grapples with issues like non-performing assets (NPAs), lack of access to finance for certain sectors, and regulatory complexities. Addressing these challenges is crucial to ensure a robust and inclusive financial system that effectively contributes to economic development.
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Nov 16, 2024 Last updated |
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