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The Union Budget 2023–24 and the Financial Sector
In the context of the financial sector and budget 2023–24, it is argued that while the Emergency Credit Line Guarantee Scheme has played a significant role in the revival of credit growth, in the days to come, the problem of non-performing asset accumulation remains a distinct possibility. Further, the evolution of the policy regime in the Gujarat International Finance Tech City and speculation on its future in Indian growth potential is analysed.
Views are personal.
In the context of the financial sector and budget 2023–24, it is argued that while the Emergency Credit Line Guarantee Scheme has played a significant role in the revival of credit growth, in the days to come, the problem of non-performing asset accumulation remains a distinct possibility. Further, the evolution of the policy regime in the Gujarat International Finance Tech City and speculation on its future in Indian growth potential is analysed.
Given the criticality of public sector banks (PSBs) in the Indian financial system and the plethora of inflexibilities in the financial sector laws, many announcements came from recent union budgets—digital currency, recapitalisation of the banking sector, and the establishment of a development financial institution.
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