Financial Innovations and Technologies: Indian Economy 2020

Abstract

Financial innovation is not a new phenomenon as it has a long history of success and proven benefits that have had great impact on the Indian economy. Innovation is a broadly positive force within financial services. In this paper we have made an effort to describe the recent financial innovation changes taking place in India. In this paper we have discussed the impact of these financial innovations on the structure and behavior of financial markets and the Indian economy. There are also many financial innovations that have had a significant positive effect on the economy like Venture Capital, microfinance and also various financial technologies like National Electronic Fund Transfer (NEFT), Mobile-Banking. Online share trading, E-banking have played a significant role in changing India. With time all these innovations have become a crucial part of India and have brought many improvements in the financial environment of the country necessary to meet the needs of present global turbulent financial environment. To achieve the objectives of making India a superpower in 2020, appropriate efforts should be taken to promote the innovations in the financial sector for continued growth and development that leads the country to a path of becoming a superpower as these innovation and technologies drive economic growth and increase standards of living.