To create these many jobs, there is a need to create the conditions for faster growth of productive jobs outside of agriculture, especially in organised manufacturing and services.
Technology is a top priority for Indian banks as they look to improve services and expand in a competitive market.
With 43% of retail credit demand coming from 18-30 year age group, lenders need to set new benchmarks to cater to the needs of this cohort.
The RBI released the Q4 data on balance of payments for the financial year 2023-24, for the period between January to March this year.
The HSBC final India Services Purchasing Managers' Index stood at 59.0 in December 2023.
Capital accumulation led by growth in private capital investment is expected to be the key driver of growth during this period, says the report.
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 56.4 in November to 58.5 in December.
Foreign direct investments (FDI) are still highly skewed in terms of states and sectors.
The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 54.3 in September from 57.2 in August.
The marginal growth in India's services PMI was attributed by panellists to greater bookings, better demand conditions and the retreat of the pandemic.
