Title: An investment and banking driven growth and development - virtuous mark of finances in economy

Authors: Pallabi Mukherjee; Kali Charan Modak

Addresses: Institute of Business Management and Research, IPS Academy, Indore, India ' Institute of Business Management and Research, IPS Academy, Indore, India

Abstract: This paper aims to establish the impact of both fiscal and monetary aspects on the growth and development of the Indian economy. The causality between GDP and FDI and also between FDI and all dimensions of development is evaluated. Findings provide a comprehensive image of how FDI has impacted a developing country like India in terms of growth and development. The paper also aims to establish the impact of banking parameters (financialisation) such as broad money, commercial bank branches, domestic credit to the private sector, automated teller machines, lending interest rate, listed domestic companies, total market capitalisation of listed domestic sector companies and stocks traded on both growth and development. The primary findings portray the positive impact of commercial bank branches, domestic credit to the private sector, lending interest rate, and market capitalisation of listed domestic sector companies on the overall development of India.

Keywords: financialisation; banking; foreign direct investment; FDI; growth; development; income; employment; equality; environment.

DOI: 10.1504/IJEBANK.2022.125615

International Journal of Electronic Banking, 2022 Vol.3 No.3, pp.196 - 219

Received: 30 Jun 2021
Accepted: 14 Jan 2022
Published online: 16 Sep 2022 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article