Role of banks in indian economy

The process of globalization has been an integral part of the recent economic progress made by India.

Role of banks in indian economy

Fairs and Festivals Governance India, the world's largest democracy, has made tremendous strides in economic and social development in the past two decades. The country aims to become a higher middle-income country by and that calls for even faster growth in the years to come.

Globalization In India | Economy Watch

With new government in place this year, India currently stands at the threshold of a unique opportunity regarding governance reforms. Governance is central to equitable socio-economic progress and political legitimacy. Good governance runs on four wheels: Governance in India has always been a critical issue for the governments since independence.

Neither the soviet style socialist path nor the free-market western capitalist economy appeared the best answer for the country. It strives to craft a unique blend of its own socio-economic policies that would leverage its unique strengths and catapult it to centre-stage of the global economy.

Government machineries at all level need to be strengthened. But mindset is changing as the government at the Centre has made it clear not only to its own wings but even to States that this chaos has to go with better use of information and communication technology.

Some of the organisations have successfully transformed their way of functioning and service delivery system with the help of modern technology.

The quality and effectiveness of service delivery today is directly linked to good governance practices and use of modern technology, especially ICT.

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It is widely accepted that governance should be citizen-centric and we need alertness and responsiveness in every aspect of governance.

Modern technology is increasingly in demand at the government departments and organisations across the country, either due to the increasing pressure from the public or on the initiatives of bureaucrats and elected representatives. Corruption and sustainable economic development are key problems in India.

But, as a vibrant democracy, India has a distinct advantage as it has an accountable government that is subject to transparent surveillance on multiple fronts, democratically elected legislatures, an independent judiciary and evolving regulatory watchdogs.

That is India's inherent strength. The Right to Information Bill was passed in in an effort to improve governance and public administration and eliminate corruption. By transferring functions, fund and functionaries 3Fsefforts are being made to transform the lives of people.

Increased financial autonomy was supposed to be the game changer but we are still far behind from our cherished goals. Administration at various levels is still weak and the poor still suffer the most.

Accountability, access to information, political will for real devolution of powers at all levels would only make the desired change and would lead to good governance. Prime Minister Narendra Modi says, "one of the biggest benefits of good governance is that it does not look at welfare of any particular section of the people; it results in welfare of all.

For example, if you improve water supply, everyone benefits.

One Reply to “Role of development banks in the Indian economy”

Technology and innovation are the backbone of governance. Technology also plays a large role in creating and maintaining transparency.

Reducing public expenditure is yet another critical area. The government spends huge amount wages, pensions, interest payments, and agricultural subsidies and social sector schemes. Good governance calls for drastic reduction in wasteful public expenditure.IT Industry: Information Technology Industry in India has got a well recognition all over the world.

The young peoples in India have largely contributed in the development of the sector. Find more on the policies formulated for the development of the information Technology industry in India.

Capital Formation: The significance of Development Finance Institutions or DFIs lies in their making available the means to utilize savings generated in the economy, thus helping in capital formation.

Role of banks in indian economy

Very Short Answer Type Questions [1 Mark] Question 1. Who has the ownership of the assets in the public sector?

Role of banks in indian economy

Answer: The government of a country has the ownership of . The process of globalization has been an integral part of the recent economic progress made by India.

Globalization has played a major role in export-led growth, leading to . India - Discovering the Wonder that is India, Know about India including its History, Geography, Culture, Governance, Economy, Science & Technology, Travel & Tourism.

Banks NPA and Impact on Indian Economy Introduction: A well organized and efficient banking system is a pre-requisite for economic regardbouddhiste.com play an important role in the functioning of.

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