Development of Viable Capital Markets –– The Indian Experience by Dr. Viral V. Acharya, Deputy Governor, Reserve Bank of India (RBI) 1  1. Introduction 1.1 Capital markets play a crucial role in the economic development of a country. They provide financial resources required for the long-term sustainable development of the economy.
Development of viable capital markets is therefore considered an important element in the macro-financial policy toolkit, including for objectives such as financial stability and the transmission of monetary policy.