Financial services are mainly the services provided by the industry of finance. The finance industry deals with the management of money. The bank, credit card companies, insurance companies, investment funds, stock brokerage funds, consumer finance companies, some government sponsored companies are all included in the finance industry.
The market at the present time has turned positive with the formation of a stable government. The conditions of the market have affected the financial services all over the country. The banking and insurance sectors reaped a huge benefit during the closure of the financial year of 2008 – 2009. According to the CSO or the Central Statistical Organization data the real estate sector made a profit of 9.5 percent in the first quarter of 2009 – 2010.
Steps taken to improve the condition
In the recent months the government has taken different steps to revive the economic condition including the down going share rates, lowering of factory levies etc. Measures have also been taken to double the limit on foreign investment of corporate bonds. The space of financial services is increasing rapidly day by day in the country. In the year 2008 India received US$ 45 billion foreign currency remittances from the NRIs. This is the highest record in the world.
Increase in financial services
In the year 2009 during the months of July and August the mutual funds has increased at the rate of 2.8 percent and 8.7 percent respectively.
The standard possessions under administration of the mutual fund industry came up to be at US$ 153.89 billion as at end August 2009, as mentioned in the data released by Association of Mutual Funds in India (AMFI).
As the capital market showed the signs of revival the banks and financial companies put their mutual funds on hold and empowered themselves to enter the segment.
Post new comment