India has been an active participant at the global discussions, the task for us will be to reflect our point of view in the global debate and adapt the global policies and guidelines to the Indian situation on a dynamic basis. Furthermore, we need to actively pursue the challenge of financial inclusion.
The functioning of global economy in the past three decades suggests that the process of financial development and globalisation is susceptible to crisis. Nevertheless, the recurrence of financial crisis has not changed the positive relation between financial development and growth (Lipsky, 2009).