The lack of social security mechanisms and public  2  BIS Review 138/2007  safety nets in India are also relevant. The design and pace of liberalisation of financial sector in India thus takes into account the due weight for stability.
Third, to enhance efficiency and stability of the financial system and thus contribute to growth and employment, several steps have been undertaken for widening, deepening and integrating financial markets although it is “work in progress”. Fourth, the overall objective remains growth with stability, but provides for elements of selective fiscal support for ensuring inclusive and equitable growth.