Having said all this, the present extent of financial inclusion does not adequately match up to our peers, not to mention the advanced economies (Table 2). For example in 2011, just 38 per cent of the adults had accounts at formal financial institutions in India as compared to over 50 per cent in other BRICS economies, and even higher in the United States.
From the discovery of fire to the invention of the I-Pad, innovation has been the wellspring of human progress. We all acknowledge instinctively that innovation best prospers in a laissez faire regime where innovators can expect to appropriate the benefits of their efforts.