11
11.1
C h a p tndian e rinan ial ar et
IndIan
FInancIal
Market
There is now ample empirical research to corroborate Schumpeter’s conjecture
that financial development facilitates real economic growth. The depth of the
financial markets and availability of diverse products should therefore not be
treated as mere adornment but as critical ingredients of inclusive growth.*
In This Chapter...
Introduction DFHI
Indian Money Market Indian Capital Market
Mutual Funds Financial Regulation
* As the Economic Survey 2011–12 refers to the Australian economist Joseph A. Schumpeter (1883–1950) to emphasise the
i portan e o the nan ia ar et in an e ono . See Ministry of Finance, Economic Survey 2011–12 ( New Delhi: Government
of India, 2012), p. 40.