Innovative India must capture all segments of financial market to fuel growth: IMF

TIL Desk/Business/Washington/ India is on the right track and is innovating on the policy side, including on digital identity and payments, but it also needs to capture all the segments of the financial market and institutions to make sure that every piece fits together like a puzzle to fuel growth in the country, according to a top IMF official.

The goal is to have an economy and a financial system that can absorb shocks. ..Balance sheets can be better managed, Non-Performing Loans (NPLs) can be better managed, Tobias Adrian, Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF) told in an interview.

The non-bank financial system can be better seen, and capital markets have to be deepened and made more robust, he said during the last week’s annual Spring meeting of the IMF and the World Bank. Of course, there is the whole fintech agenda as well, which is important in India as it is everywhere else in the world.