The financial sector is one of the most important sectors of the Indian economy. The main aim behind the government's decision to promote financial sector development and economic growth is to help the financial sector to develop and grow faster. The reason for this was the need to divert the resources generated in different projects into effective use. The need for financial sector development and economic growth prompted the government to work on various projects that focus on improving the structure of the financial sector. All the projects are aiming at providing better quality financial service to the Indian masses and to help them get rid of the common problems related to finance.
Finance sector development and economic growth have a single goal, which is to provide financial services and products that can make life easier for the people. In fact, financial sector development and economic growth should be compared and contrasted with each other as they both go hand in hand. While one focuses on making things easier for the common masses, the other seeks to make things more profitable for the large companies and banks.
If you want the financial sector to improve its service to the customers, you will have to ensure that it develops itself. At the same time, if you want the bank to progress, you will also have to ensure that it develops. Both these factors will have an impact on the financial sector development and economic growth. The financial sector development and economic growth can be brought about through various projects.
A financial sector development and economic growth require proper supervision of the financial market. Proper supervision means following rules and regulations that are imposed by the law. There are various banks and financial institutions that function in the financial market. They are regulated by the laws passed by the government.
There are also groups that claim to be guardians of the financial sector development and economic growth. They claim to protect the interests of the small holders. This is done by imposing policies that help retain and develop the small holders' welfare.
You can help in the financial sector development and economic growth by ensuring that there is proper supervision of the banks and institutions. In addition, you can also help in the sector development by preventing any sort of financial sector damage. There are various projects that are being carried out for the development of the sector. You can either contribute towards these projects or take up your part in the projects that are implemented.
However, there are some projects that cannot be contributed towards due to time constraints and lack of resources. If you are directly involved in the financial sector development and economic growth, you should ensure that the projects are carried out according to the prescribed norms. The main reason behind such a failure is the absence of the right skills, experience and knowledge in the selected sector. For instance, in case of the corporate sector, the basic requirement is people with the ability to run a network. In case of financial sector development, the basic requirement is people who have the ability to understand the nuances of the sector.
The entire idea . . . . . . behind the financial sector development and economic growth is the creation of wealth by ensuring better utilization of the available resources. The more the resource is utilized, the more wealth is created. This wealth is then utilized in sectors related to the growth of the economy. There are various other methods that help in the sector development. However, whatever it is, you should ensure that the growth is more than ten percent.