Indian Financial System.pptx
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The document summarizes the evolution of India's financial system before and after the 1991 economic reforms. Before 1991, India followed a closed economy with limited international trade and foreign investments. The financial system was characterized by public sector dominance and tight government regulations over interest rates and credit allocation, which led to slow economic growth and inefficiencies. After 1991, India initiated economic liberalization reforms, deregulating and opening up the financial sector to foreign investments and global markets. This led to rapid development of financial markets, technological advancements, and increased foreign direct investment, fueling faster economic growth and development.
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India embarked on a journey of economic reform in 1991 in order to remove the structural and institutional bottlenecks that were plaguing the Indian economy. The objectives of reforms were to achieve higher growth and efficient utilization of resources and thereby redistribution of resources. The reforms introduced in 1991 could be characterized as liberalization, privatization and globalization. Attracting FDI as an addition to existing pool of resources was one of the major objectives of reform. Since 1991, inflow of FDI in India has been rising steadily. The process that begun in 1991, has been constantly reformed in order to achieve the aspiration goals of India. The recent regime in India has reinvigorated economic reforms and thus helped in attracting historic level of FDI inflow. There seems to be a point of break around 2014 which marks that FDI inflow has peaked considerably thereafter.
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MTBiz April, 2012
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
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The 1991 economic reforms in India were a response to a severe economic crisis caused by fiscal imbalances and a balance of payments deficit. The reforms liberalized trade and the financial sector. Trade restrictions were reduced and foreign direct investment increased, allowing exports to rise. In the financial sector, interest rates were market-oriented, reserve requirements were cut, and banks were given more autonomy. The reforms helped pull India out of the crisis and put it on a path toward greater economic prosperity and integration into the global economy.
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The New Economic Policy (NEP) of India, introduced in 1991, was a landmark set of economic reforms that marked a departure from the traditional socialist economic model. It was a response to a severe balance of payments crisis and aimed to liberalize and modernize the Indian economy.
Here are the detailed rationale and features of the New Economic Policy of India in 1991:
Rationale:
Balance of Payments Crisis:
Depletion of Foreign Exchange Reserves: India was grappling with a sharp decline in foreign exchange reserves, leading to a balance of payments crisis.
External Debt Burden: The country faced a high level of external debt, making it difficult to meet its international payment obligations.
Economic Stagnation:
Low Growth Rates: The Indian economy was experiencing low growth rates, resulting in a stagnant job market and slow improvements in living standards.
Industrial Inefficiencies: Industrial sectors were characterized by inefficiencies, low productivity, and outdated technology.
Fiscal Imbalances:
High Budget Deficits: The government was struggling with high fiscal deficits, contributing to inflationary pressures.
Public Sector Inefficiencies: Subsidies and inefficiencies in the public sector were putting a strain on the fiscal health of the government.
External Pressures:
Changing Global Dynamics: The end of the Cold War and shifts in global economic dynamics necessitated adjustments in India’s economic policies.
International Financial Assistance: In exchange for financial assistance, international organizations like the International Monetary Fund (IMF) and the World Bank pushed for economic reforms.
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The economic environment of India has undergone significant changes since independence:
- At independence, India had a primarily agricultural and rural economy with low productivity.
- Since then, India has pursued economic planning and reforms to promote growth, reduce poverty and inequality, and become more self-reliant.
- The 1991 crisis prompted major reforms like liberalization, privatization, and globalization to open the economy and attract foreign investment.
- Currently, India's economy is growing at around 5-8% annually and becoming more globally integrated, though challenges around infrastructure and development remain.
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Rationale:
Balance of Payments Crisis:
Depletion of Foreign Exchange Reserves: India was grappling with a sharp decline in foreign exchange reserves, leading to a balance of payments crisis.
External Debt Burden: The country faced a high level of external debt, making it difficult to meet its international payment obligations.
Economic Stagnation:
Low Growth Rates: The Indian economy was experiencing low growth rates, resulting in a stagnant job market and slow improvements in living standards.
Industrial Inefficiencies: Industrial sectors were characterized by inefficiencies, low productivity, and outdated technology.
Fiscal Imbalances:
High Budget Deficits: The government was struggling with high fiscal deficits, contributing to inflationary pressures.
Public Sector Inefficiencies: Subsidies and inefficiencies in the public sector were putting a strain on the fiscal health of the government.
External Pressures:
Changing Global Dynamics: The end of the Cold War and shifts in global economic dynamics necessitated adjustments in India’s economic policies.
International Financial Assistance: In exchange for financial assistance, international organizations like the International Monetary Fund (IMF) and the World Bank pushed for economic reforms.
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he economic reforms of 1991 in India were necessitated by a combination of internal and external factors that created a severe economic crisis.
The key conditions that prompted the need for reforms include:
Balance of Payments Crisis:
India faced a severe balance of payments crisis with dwindling foreign exchange reserves, making it challenging to meet international payment obligations.
Fiscal Deficit and High Inflation:
High fiscal deficit and inflation rates eroded the purchasing power of the currency, leading to economic instability.
External Debt Burden:
The accumulation of a substantial external debt burden resulted in debt-servicing challenges, straining the country’s financial resources.
Stagnant Industrial Growth:
The industrial sector was characterized by low growth, inefficiencies, and outdated technology, affecting competitiveness.
Trade Imbalances:
Trade imbalances and restrictive trade policies hindered export growth and economic integration with the global economy.
Inefficient Public Sector Enterprises (PSEs):
Public sector enterprises faced inefficiencies, low productivity, and financial losses, posing a burden on the government’s finances.
Lack of Foreign Investment:
A restrictive and regulated environment deterred foreign direct investment (FDI), limiting access to foreign capital and technology.
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The document discusses India's economic reforms in 1991 known as LPG - Liberalization, Privatization, and Globalization. It introduced policies like liberalizing trade and foreign investment, privatizing state-run companies, and opening the economy to global markets. The reforms aimed to increase India's GDP growth rate by making the economy more efficient. While it led to increased growth, foreign investment, and incomes overall, there were also disadvantages like increased dependency on imports and threats from foreign competition. The reforms marked a significant shift away from India's previous protectionist policies towards a more market-based economy.
Reforms in capital market
The document summarizes reforms in India's capital market since 1991. Major reforms include establishing SEBI as the regulatory authority; allowing free entry of companies to raise capital; permitting foreign institutional investors; introducing new financial instruments; establishing credit rating agencies; increasing merchant banking activities; growing electronic transactions; expanding the mutual fund industry; growing stock exchanges; establishing investor protection funds; introducing derivative trading; reforming the insurance sector; and encouraging commodity trading. These reforms have helped liberalize, expand, and make India's capital market more progressive and vibrant.
Economy Reform.pdf
he economic reforms of 1991 in India were necessitated by a combination of internal and external factors that created a severe economic crisis.
The key conditions that prompted the need for reforms include:
Balance of Payments Crisis:
India faced a severe balance of payments crisis with dwindling foreign exchange reserves, making it challenging to meet international payment obligations.
Fiscal Deficit and High Inflation:
High fiscal deficit and inflation rates eroded the purchasing power of the currency, leading to economic instability.
External Debt Burden:
The accumulation of a substantial external debt burden resulted in debt-servicing challenges, straining the country’s financial resources.
Stagnant Industrial Growth:
The industrial sector was characterized by low growth, inefficiencies, and outdated technology, affecting competitiveness.
Trade Imbalances:
Trade imbalances and restrictive trade policies hindered export growth and economic integration with the global economy.
Inefficient Public Sector Enterprises (PSEs):
Public sector enterprises faced inefficiencies, low productivity, and financial losses, posing a burden on the government’s finances.
Lack of Foreign Investment:
A restrictive and regulated environment deterred foreign direct investment (FDI), limiting access to foreign capital and technology.
Bureaucratic Controls and License Raj:
Excessive bureaucratic controls and the License Raj stifled entrepreneurship, hindered innovation, and led to a lack of competitiveness.
Globalizatio in india (IB)
The document discusses the phases of industrial development in India from 1947 to the present. It outlines 5 phases:
1) 1947-1965: The government established large public sector units in steel, chemicals, and power. Many of these companies still exist today.
2) 1965-1980: Government involvement in industry increased through licensing laws and import substitution. Public sector units and small private manufacturers grew.
3) 1980-1990: The economy partially opened to trade and private sector participation increased, leading to growth in some sectors like automobiles.
4) 1990s: Industry was further liberalized by reducing licensing and tariffs. Foreign direct investment was opened in various sectors.
5) 2000-present
Economic reforms since 1991 new economic policy
The document discusses India's economic reforms since 1991 known as the New Economic Policy (NEP). It introduced Liberalization, Privatization and Globalization (LPG) to replace the previous system of licensing, quotas and permits. The economic crisis of the 1990s necessitated reforms to accelerate growth. NEP aimed to liberalize industry and trade, privatize public sectors and globalize the economy through foreign trade and investment. Reforms overhauled taxes, financial systems and opened the economy while reducing the government's role in business. The policy changes aimed to move India towards a more market-based economy integrated with global trade.
Fis 1
The document discusses the Indian financial system. It describes the key components of the system, including specialized financial institutions, organized and unorganized financial markets, and financial instruments and services. It then provides details on the role and functions of the Indian financial system in fostering industrial development, providing expertise, acting as a catalyst for investment, allocating resources, and more. The document also outlines several innovations and developments in the Indian financial system from the 1990s onward, such as new stock markets, credit rating agencies, depository institutions, and the growth of mutual funds, private banks, and foreign investment.
ECONOMIC LIBERALIZATION in india
Economic liberalization in India began in 1991 in response to a balance of payments crisis. Reforms across financial, fiscal, trade, and industrial sectors aimed to reduce restrictions and open the economy to private and foreign investment. This included abolishing industrial licensing, rationalizing tariffs, adopting a flexible exchange rate, and deregulating domestic markets. Liberalization led to increased growth rates in GDP, exports, industrial production, and per capita income. India's economy has become one of the fastest growing in the world as a result of these reforms.
33899.pptx
The document discusses the evolution of the financial services market in India and outlines key products offered. It describes how financial sector reforms since 1985 focused on technological innovations, productivity, and human resources. Major financial products discussed include saving and investment options, lending and credit services, banking, money transmission, life insurance, and general insurance. The regulation of financial services is also covered.
Fdi ppt
Foreign Direct Investment (FDI) in India has grown significantly in recent years. The government's consolidated FDI policy aims to promote FDI through a transparent and predictable framework. Key factors that attract foreign investors to India include its large and growing market, availability of skilled labor, and stable democratic environment. While cases like UBS fraud and the Vodafone tax dispute have increased uncertainty, India remains an attractive destination for FDI due to its strong economic fundamentals and future growth prospects. Recommendations to further encourage FDI include liberalizing caps, streamlining approvals, and maintaining a balance between domestic and foreign companies.
Impact of globalization on indian economy
Globalization has had a tremendous impact on India's economic development over the past decade since market reforms began in 1991. The reforms aimed to make India's economy more efficient and globally competitive by liberalizing trade and industry and privatizing state-run companies. This opened India's economy to foreign investment and integration with the global economy. Initial measures included devaluing the rupee to address a balance of payments crisis and launching privatization and liberalization programs to sell state assets to private investors. Overall globalization marked a significant shift away from India's previous self-reliant and socialist-style policies toward embracing free markets and international trade.
LPG1991, NEP of India, Zilingo, Pre reforms scenario
- India faced an economic crisis in the early 1990s with high fiscal and trade deficits, inflation, and a balance of payments crisis.
- In 1991, India liberalized its economy through the New Economic Policy, introducing measures like privatization, liberalization, and globalization.
- The goals of the reforms were to reduce inflation, deficits, and debt while attracting foreign investment and making Indian industry more competitive.
- Reforms included reducing licensing, opening sectors to private and foreign firms, lowering trade barriers, reforming taxes and exchange rates.
ROLE OF BANKING IN INDUSTRIAL DEVELOPMENT (PPT).pptx
The document provides an overview of the role of banking in industrial development in India. It discusses key topics like the evolution of banking in India, industrial policies and their objectives and outcomes, the influence of banks on different types of industries like telecommunications, transportation, pharmaceutical, education, construction, and agriculture. It also describes some major banks in India focused on industrial development, such as the Industrial Development Bank of India, Small Industries Development Bank of India, Industrial Credit and Investment Corporation of India, Industrial Finance Corporation of India, and Industrial Reconstruction Bank of India. In addition, it outlines other ways banks impact industrial development, like providing loans, managerial advice, and investing in small industries.
Globalisation
This document is a project report on globalization in India submitted by a student. It includes a certificate verifying the work, acknowledgements, table of contents, abstract, and sections on the introduction of economic reforms in India, strategies initiated, the process of globalization in India, and objectives of the study. The report provides an overview of India's economic liberalization and opening to globalization in the 1990s, the key policy changes introduced, and analyzes the impact and implications of globalization on the Indian economy.
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- 1. NAME: Dipanwita Roy ROLLNO: 33405021028 SUBJECT: Financial Institutes, Markets & Services SUB CODE: BBA 503B DEPT: BBA
- 2. THE INDIAN FINANCIAL SYSTEM PRE AND POST 1991 ERA
- 3. INTRODUCTION • The purpose of this presentation is to explore the evolution of the Indian financial system, the key characteristics, policies, and developments before and after the landmark economic reforms of 1991. • We will delve into the transformation from a closed and regulated economy to a more open and liberalized financial landscape, examining the impact of these changes on India's economic growth, financial stability, and integration with global markets. • By understanding the historical context and the challenges faced during each era, we aim to gain insights into the successes and lessons learned, which can provide valuable perspectives on the future direction of the Indian financial system.
- 5. ClosedEconomy: India followed a policy of economic autarky, with limited international trade and foreign investments. MixedEconomy: The financial system was characterized by a mix of public sector banks and limited private players. ControlledRegulations:The government tightly regulated interest rates, credit allocation, and investment decisions. SlowGrowth: The economy experienced modest growth rates, and there were significant imbalances and inefficiencies. PRE-1991 ERA :
- 6. 6 Economic Liberalization: India initiated economic reforms in 1991, moving towards a more open and market-oriented economy. Financial Sector Reforms: Deregulation, privatization, and liberalization of the financial sector were implemented. Foreign Investments: FDI and FII inflows increased as India opened up to foreign investments and global markets. Technological Advancements: The financial sector embraced technological advancements, leading to digitalization and fintech growth. POST -1991 ERA:
- 7. FINANCIAL MARKET DEVELOPMENT Post-reforms, financial markets experienced rapid development. Establishment of stock exchanges like NSE and BSE. Introduction of SEBI and regulatory reforms for investor protection. Deepening of capital markets and diversification of financial instruments.
- 8. IMPACT ON FOREIGN INVESTMENT • Increased FDI Inflows: Post-1991, India saw a significant surge in foreign direct investment (FDI). Liberalization and deregulation of various sectors attracted foreign investors looking for opportunities in the growing Indian market. • Technology and Expertise Inflow: Foreign investment brought in advanced technologies, management practices, and expertise, fostering innovation and efficiency in various industries. • Economic Growth and Job Creation: Increased foreign investment played a crucial role in boosting India's economic growth. It led to the establishment of new businesses, expansion of existing ones, and job creation across sectors, contributing to overall economic development.
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