Financial sector growth has been slow: CEA Krishnamurthy Subramanian

He said the Budget has made a significant push towards reforming the financial sector and adding vitality to it

The country’s financial sector has not really grown as fast as it should have and is “still very, very small”, said Chief Economic Advisor (CEA) Krishnamurthy Subramanian on Friday.
 
For instance, he said, while India is the fifth largest economy in the world, the largest Indian financial institution —  SBI — is ranked 55th in the world. On the other hand, countries which are a mere fraction of India’s size have several of their financial institutions featuring among the top 100 in the world.
 
He said the Budget has made a significant push towards reforming the financial sector