The services sector continues to be the main stay of the economy, contributing 73 per cent of overall growth; however, services led growth is getting reinforced by a sustained resurgence in industrial activity after a long hiatus of slow down and restructuring during the period 1996-2003. The buoyancy in industrial performance has been the most heartening feature of India’s growth story.
CBK showed high diligence and learned from the difficulties that other central banks of transition countries went through, and chose the model that proved successful in developing an efficient and sustainable financial sector. In this way, CBK laid the foundations of a financial system based on private ownership and from the beginning opened the doors for the entry of foreign financial institutions.