I welcome this opportunity to document the development of financial markets in India over the past decade and a half. With acceleration in economic growth in the country, the step up in savings and investments, and expanded horizons of market participants, along with renewed thinking on fuller capital account convertibility, discussion on financial market development has assumed a new urgency.
What are the key objectives of financial market development? From our point of view, the basic aim of financial market development must be to aid economic growth and development.