With a population of more than 1.2 billion, India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player.
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ResultsWith continuing support from the World Bank Group, the Alliance for Financial Inclusion, and others, 38 countries have now made headline commitments to financial inclusion targets and action plans,... Show More + with countries such as South Africa, India, the UK, and Brazil leading the way in prioritizing financial inclusion. The World Bank is committed to supporting low- and middle income countries in designing reforms and other initiatives to meet those commitments and goals, including through a planned new Financial Inclusion Support Framework. To provide the necessary financial infrastructure that underpins financial inclusion, the World Bank has led comprehensive reforms of national payments system in over 100 countries. These reforms have included pillars such as Legal Framework, Large Value Payments, Retail Payment Systems, Government Payments, Interbank Money Markets, Securities Settlement Systems, International Remittances, Oversight Framework, and Cooperative Frameworks. The Wo Show Less -
ACCESS TO FINANCEHigh economic growth coupled with rapid urbanization and a rising middle class have created considerable demand for housing and housing finance in South Asia, according to a World Bank... Show More + report entitled, “Expanding Housing Finance to the Underserved South Asia.”South Asia’s housing and housing finance markets have grown at an impressive 30% in the past decade, but are limited to upper-income groups. Around 30 million middle-and lower-class households in South Asia —which accounts for 11% of the region’s population— have the willingness to pay, but unable to have access to mortgages.In India alone, estimates of the housing shortage range from 20 million to 70 million yet as much as half of this excess demand can be profitably serviced by the housing and housing finance markets.DEMAND FROM LOWER-MIDDLE-CLASSThe report examines housing shortages in South Asia, as well as outlines shortcomings of the market for home financing. To enable a rapid housing and housing finance ma Show Less -
March 9, 2010 - Almost ten years ago, I. C. Agarwal, an engineer-turned-entrepreneur, in New Delhi had an export order from Japan. He had no funds to complete it. He turned to the Small Industries Development... Show More + Bank of India (SIDBI) for a loan. “My first loan from SIDBI, for just Rs. 400,000 ($8,000) helped me break into the export market,” said Agarwal. Starting with such a meager sum, Agarwal now is the only Indian manufacturer from the small scale enterprise sector to supply precision auto parts to world-renowned firms such as Caterpillar in the United States, as well as to Japan, Europe, and China.Today, more than 400 people work in his company. “Quality is paramount in this global economy. The customers are constantly upgrading their technology, so we have to keep pace too,” he says, proud of his product, his workforce, as well as his strict adherence to his clients’ tight delivery schedules.Despite such success stories, several factors constrain the growth and competitiveness of ot Show Less -