The first quarter of the financial year 2020-2021 (FY 21) has been one of the most difficult and challenging phases of the Indian economy. India has seen one of the longest lockdowns in the world resulting in an unprecedented impact, both socially and economically, on people. The COVID-19 pandemic has led to the worst economic crisis of the century. Businesses are witnessing issues related to demand, supply, market and liquidity.
With the objective of making India a self-reliant economy, reforms across sectors are the need of the hour. For India, the timing of introducing reforms would be a key factor as business across the world are making adjustment/modification/diversion in their operating models, supply chain, distribution channels, etc., thus creating lot of opportunities for wealth creation in India. Financial sector being a pivot player in the Indian economy would be closely monitoring the reforms/policies of the government or the concerned regulator, along with the COVID-19 situation and the demand and supply patterns of the consumers.
This publication captures key updates from the banking and financial services sector. We hope you find this publication useful.