A Study on Role of BFSI Industries in Accelerating India’s Economic Development
Prem Kumar K1*, Dr. T. Vetriprabhu2
Abstract
The Banking, Financial Services, and Insurance (BFSI) sector is essential for the growth and development of both emerging and developed economies. This study looks into how the BFSI industry helps drive economic progress by increasing capital formation, encouraging financial inclusion, supporting entrepreneurship, and improving risk management. The sector serves as a foundation for economic stability by collecting savings, enabling investments, and ensuring the efficient distribution of financial resources across different industries. With the quick use of digital technologies like fintech, mobile banking, and online insurance, BFSI institutions have made financial services more accessible and transparent. Additionally, stronger regulatory frameworks and policy actions have boosted consumer confidence and the accountability of financial institutions. The research shows that the BFSI sector not only boosts GDP growth but also creates jobs and promotes innovation within the financial environment. Overall, the study finds that a strong and tech-savvy BFSI sector is vital for long-term economic growth and financial stability.
Keywords:
Economic growth , financial inclusion, AI in BFSI , Money supply, financial stability
