There's been a lot of talk about the twin McKinsey Global Institute reports on the Chinese and Indian financial systems (original URL). Their suggested priorities on India are:
- Lift most priority lending requirements, asset allocation restrictions, and guaranteed deposit schemes.
- Reduce state ownership and increase competition in banking.
- Lift restrictions on foreign ownership of banks.
- Spur development of the corporate bond market.
- Strengthen contract enforcement and bankruptcy procedures.
- Deregulate the insurance industry.
- Ensure New Pension System implementation without diluting the principles.
- Continue reforms of mutual fund industry.
- Introduce gold deposit scheme.
- Spur faster development of payments system.
- Separate the regulatory and central bank functions of RBI.
- Lift remaining capital account controls.
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