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India needs to avoid financialisation as it marches towards Viksit Bharat goal, says Nageswaran

YourStoryYourStory · 10m ago
India needs to avoid financialisation as it marches towards Viksit Bharat goal, says Nageswaran
Medial

India's Chief Economic Advisor, V Anantha Nageswaran, has highlighted the need for India to avoid 'financialisation' as it aims to become a developed nation by 2047. Currently, India's stock market capitalization is around 140% of its GDP, which raises concerns about the dominance of market considerations in public and policy discourse. Nageswaran warns that financialisation could lead to high levels of debt, reliance on asset prices for economic growth, and a surge in inequality. He emphasizes the importance of finding a balance between national imperatives and investor interests, while retaining policy autonomy and insulating the economy from global capital flows.

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