Question

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Indian banking is going through a wide change it it can have a lasting effect on the economic of the nation discuss in detail the impact of changing banking Standing On The Economic of the nation in the light of GDP GNP balance of payment and growth in industry as a whole ​

Answer 1

Change in Indian banking have a lasting effect on the sconomic of the nation is described below.

Explanation:

• Indian banks play an important role in the financial system and the economy.They provide specialized financial services, which reduce the cost of obtaining information about both savings and borrowing opportunities. These financial services help to make the overall economy more efficient.

• The Indian banking sector consists of 26 public sector banks, 20 private sector banks and 43 foreign banks along with 61 regional rural banks (RRBs) and more than 90,000 credit cooperatives. Roughly, the Contribution of the banking sector to GDP is about 7.7% of GDP.

• Economic strategies can influence economic performance by influencing the volume and structure of resources (supply), the volume and structure of demand, and/or the distribution of incomes. With governments around the world consuming from 10 to 30 percent of gross domestic product (GDP), and spending additional amounts as transfer payments, it is hard to imagine a circumstance in which governments do not have an important influence on the mobilization of resources.

• A balance of payments deficit means the country imports more goods, services and capital than it exports. It must borrow from other countries to pay for its imports. ... The country might even lend outside its borders. A surplus boosts economic growth in the short term.

• GNP gives a sense of how well the country is doing including its nationals abroad. It provides good PR for the country. GDP is the main scoreboard for economic success because it provides the impression (or illusion) of measurability, thereby allowing economists to seem scientific.

• GDP measures the value of goods and services produced within a country's borders, while GNP measures the value of goods and services produced by a country's citizens domestically and abroad. GDP is an important figure because it shows whether an economy is growing or contracting.

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