The role of business services in Indian economy.

The different business services
Every business is dependent on various other businesses, and therefore when one business is ventured out, there are several businesses that are automatically related to that core business. Financial and insurance services are directly related to any business for funding and loans to start the business. The diversified financial sector is growing at a very greater speed. There are commercial banks, insurance companies, co-operatives, mutual funds, smaller financial entities and more. The commercial banks together comprise of around 64% of the total assets of the financial system. The industry contributes to almost 6 % of the GDP in 2014-15.

The financial sector in India is mainly a banking sector that is still young and has great potential. This is among those industries that have employed thousands of people that are skilled and professional. The banking sector in India has reached $ 1.4 trillion in 2015 and will touch $ 28.5 trillion by the year 2025. The life insurance sector is also very aggressive here and also the biggest in the world with almost 360 million policies that will increase at the rate of 12-15 % CAGR in the coming years. The total value is projected to reach $ 350 – 400 billion by 2020. Today the insurance industry stands 15th in the world and has great potential to grow in the future. The insurance industry is totaled around 3.9 % of the GDP and has doubled in the past 10 to 15 years.

The steps of government
The Reserve Bank of India has granted licenses to 10 applicants to start small finance banks. It has also approved payment banks to improve the banking sector as a whole. Bandhan Bank Ltd is the largest microfinance company that has been opened up recently.

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