However, financial sector in India is predominantly a banking sector with commercial banks accounting for more than 64% of the total assets held by the financial system. As part of its effort to liberalise, regulate, and improve the sector, the government of India has enacted a number of changes. In order to make it easier for MSMEs to gain access to financing, the government and the Reserve Bank of India (RBI) have implemented a number of policies (MSMEs)to both private and public sectors. India government and private sector have worked together to make it one of the world most dynamic financial centres in the world.
According to the survey, the value was supported by optimism regarding the growth in GDP, asset prices and non-food bank credit. India real Gross Domestic Product (GDP) growth in 2021-22 was 8.7%. The government is hopeful of a revival in the third and fourth quarters of FY20 as it sees the reform measures initiated by it paying off.
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As of May 2022, AUM managed by the mutual fund sector was Rs. 37.37 trillion ($477.55 billion) as of May 2022, and there were 133.3 million total accounts. Inflows via systematic investment plans (SIP) into mutual fund schemes in India reached Rs. 1.24 lakh crore (US$ 15.91 billion) in FY22. By the end of December 2021, equity mutual funds had received a net inflow of Rs. 22.16 trillion (US$ 294.15 billion).