This is particularly important since banking penetration is still low in India: there are only about 10-12 ATMs in India per million population, as compared with over 50 in China, 170 in Thailand, and 500 in Korea. Moreover, the deposit to GDP ratio or the loans/GDP ratio is also low compared to other Asian countries (McKinsey & Co., 2005).
On the production side, industrial expansion has accelerated; merchandise trade growth is high; and there are vast demands for infrastructure investment, from the public sector, private sector and through public private partnerships. Furthermore, it is the service sector that has exhibited consistently high growth rates: the hospitality industry, shopping malls, entertainment industry, medical facilities, and the like, are all expanding fast.