Financial Sector Assessment (FSA) Report:
The latest Financial Sector Assessment (FSA) report has stated that India achieving its vision to become a $30 trillion economy by 2047.
- Financial Sector Assessment (FSA) Report is published by the World Bank.
Key highlights of the Report:
- India’s financial system has become more resilient, diversified, and inclusive.
- It acknowledges that financial sector reforms helped India recover from various distress episodes of the 2010s as well as the pandemic.
- India’s ‘world class’ digital public infrastructure and government programmes have significantly improved access to a wider range of financial services for men and women.
- WB welcomed the scale-based regulation for NBFCs which recognises the different needs of this diverse industry.
- India’s capital markets(equity, government bonds and corporate bonds) have increased from 144 percent to about 175 percent of GDP since the last Financial Sector Assessment Program.
Financial Sector Assessment Program:
- It is a joint program of the International Monetary Fund (IMF) and World Bank established in 1999.
- It is a comprehensive and in-depth assessment of a country’s financial sector.
- FSAPs in advanced economies are conducted with a focus on assessing the resilience of the financial sector, the quality of the regulatory and supervisory framework, and the capacity to manage and resolve financial crises.
