印度的金融服务贸易外文文献翻译最新译文.docx

印度的金融服务贸易外文文献翻译最新译文.docx

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印度的金融服务贸易外文文献翻译最新译文

文献出处：

Shafi,S.M."INDIA’STRADEINFINANCIALSERVICES:

ADECADALSTUDY."ArabianJournalofBusinessandManagementReview（OMANChapter）（2014）:

31-45.

原文

INDIA'STRADEINFINANCIALSERVICES:

ADECADALSTUDY

Dr.S.M.Shafi

Abstract

FinancialServicesaredefinedasabundleofintangibleutilitiesaimedatsatisfyingtheneedsofusers.FinancialServicesbridgesthegapbetweensaversandthosewhoneedfunds.TheservicesectorinIndiahasbeenwitnessingaboominrecenttimes.InadditiontothestronggrowthinITES,theIndianfinancialservicessectorisconsideredtobestableandprogressive,andhasbeenamajorbeneficiaryofIndia'sgrowthstory.Thegrowingattractivenessofthefinancialserviceshastriggeredtheentryofglobalmajors.Aggressiveplansofincumbentscoupledwiththeentryofnewplayersareexpectedtofurtherdrivethegrowthofsector.Liberalization,privatizationandGlobalizationhavefurtherstrengthenedthefinancialservicesinIndia.TheFinancialServicessectorinIndiahasemergedasamatureandsophisticatedsystemwhichisinherentlystrong,functionallydiverseanddisplaysefficiencyandflexibility.Thisisasectorwhichisfurtherexpectedtowitnessincreasingconsolidation,sophisticationandmaturityinfuture.Ascomparedtootherdevelopedmarkets,theIndianfinancialservicessectorislargelyunderpenetratedwithahugepotentialforgrowthkeepinginconsiderationgovernmentthrustonliberalizationononesideandrisingincome,increasingawarenessoffinancialproducts,strongequitymarketgrowthontheother.IndianFinancialServicessectorprovidesverypromisinginvestmentforglobalinvestors.ThecurrentpaperisaimedtostudyIndia'stradeinfinancialservicesfromtheyear2000-2010.AnattemptwillbemadetopresentthetradepatternsinfinancialservicesinthesaiddecadalperiodwiththehelpofthestatisticalmethodslikeCAGR（compoundannualgrowthrate）.

Keywords:

Financialservices,Economicgrowth,CAGR,Foreigntrade.

Introduction:

IndiaisamongthefastgrowingeconomiesofworldandservicessectorhasbeenamajorcontributortoIndia'sGDPandgrowth.India'stradeinserviceshasincreasedovertimeandservicesaccountforthelargestshareinIndia'sFDIinflowsandoutflows.Unlikeothercountries,whereeconomicgrowthhasledtoashiftfromagriculturetoindustries,inIndiatherehasbeenashiftfromagriculturetotheservicessector.Infact,today,servicessectorinIndiarepresentsanessentialcomponentofcompetitiveandknowledge-basedeconomyaccountingfor57.2%ofGDP.AlthoughthereareotheremergingmarketswheretheshareofservicesinGDPexceedstheshareofmanufacturing,Indiastandsoutforthesizeanddynamismofitsservicesector.TheservicesectorinIndiahasbeenwitnessingaboominrecenttimes.InadditiontothestronggrowthinIT/ITeS,theIndianfinancialservicessectorisconsideredtobestableandprogressive,andhasbeenamajorbeneficiaryofIndia'sgrowthstory.Thegrowingattractivenessofthefinancialserviceshastriggeredtheentryofglobalmajors.Aggressiveplansofincumbentscoupledwiththeentryofnewplayersareexpectedtofurtherdrivethegrowthofthesector.Thefinancialservicessectoriscomposedofusersandprovidersoffinancialservicesandthegovernmentagenciesthatregulatethem.Financialservicescanbecategorizedintotwogroups,namelyfundbasedactivitiesandnonfundbasedactivities.Fundbasedactivitiesarethosewherethereisinvolvementoffundslikeunderwriting,portfoliomanagement,venturecapital,privateequity,structuralfinanceetc.Nonfundsbasedfinancialservicesarethosewhereintellectualpropertyisusedandadvicesareoffered.Afeeorcommissionischargedforrenderingservices.FinancialServicesaredefinedasabundleofintangibleutilitiesaimedatsatisfyingtheneedsofusers.Thebundleofinstitutionsthatmakeupaneconomy'sfinancialsystemcanbeseenas"thebrainoftheeconomy",providingthebulkoftheeconomy'sneedformanyfunctions.FinancialServicesbridgethegapbetweensaversandthosewhoneedfunds.Afinancialserviceisusefulinidentificationofresourcesforefficientallocation,providingconstantevaluationofallottedresourcesandprovidingliquiditytoinvestors.Thefinancialservicessectorplaysacriticalroleinanymoderneconomy.Financialservicesarekeyinputsintheproductionofallthatanationproduces,bringstomarket,andtradesin,whethergoods,ideas,andservices.TheFinancialServicessectorinIndiahasemergedasamatureandsophisticatedsystemwhichisinherentlystrong,functionallydiverseanddisplaysefficiencyandflexibility.Thisisasectorwhichisfurtherexpectedtowitnessincreasingconsolidation,sophisticationandmaturityinfuture.Ascomparedtootherdevelopedmarkets,theIndianfinancialservicessectorislargelyunderpenetratedwithahugepotentialforgrowthkeepinginconsiderationgovernmentthrustonliberalizationononesideandrisingincome,increasingawarenessoffinancialproducts,strongequitymarketgrowthontheother.InFinancialyear'09thecontributionoffinancialservicessectortoIndia'sGDPwas15%whichisthesecond-largestcomponentaftertrade,hotels,transportandcommunicationallcombinedtogether（FICCI2010）.IndianFinancialServicessectorprovidesverypromisinginvestmentforglobalinvestors.Sincethebeginningofreformsin1991,majorreforminitiativehasbeentakeninthefieldofinvestment,trade,financialsector,exchangecontrolsimplificationofprocedureetc.India'sshareofservicesexportsintheworldexportsofservices,whichincreasedfrom0.6percentin1990to1.0in2000andfurtherto3.3percentin2011,hasbeenincreasingfasterthantheshareofmerchandiseexportsinworldexports（Indiabudget.nic.in）.Amongthetop15countrieswithhighestoverallGDPin2011,Indiaranked9thinoverallGDPand10thinservicesGDP.Acomparisonoftheservicesperformanceofthetop15countriesintheeleven-yearperiodfrom2001to2011showsthattheincreaseinshareofservicesinGDPisthehighestforIndia（8.1percentagepoints）followedbySpain（UNNationalAccountsStatistics,2013）.RupaChandaconductedastudyin2005andfoundthatliberalizationoffinancialservicesacrosscountrieshasinturnbeenpromptedbythegrowingrecognitionoftheneedtohaveanefficientandgloballycompetitivefinancialsectorwithinternationalpracticesandstandards,andahighqualityandwiderangeoffinancialservicesthatenablesefficientintermediationoffinancialresources.Anotherstudyfindsthatliberalization,privatizationandglobalizationhavefurtherstrengthenedthefinancialservicesinIndia（Sudhaetal,2010）.

Statementoftheproblem:

Indiaismainlyanimporteroffinancialservices,mainlythroughthemodeofcommercialpresence.Thus,mostoftheconstraintstoIndia'stradeinfinancialservicesareintermsofdomesticpoliciesthatlimitforeignparticipationinthissectorandalsoregulateoperationsbyforeignentitiesinthissector,i.e.,marketaccessandnationaltreatmentbarriers.ThemostimportantmarketaccessrestrictioninIndia'sfinancialservicessectorisintheformofFDIceilings/prohibitionsandthetypeofforeigncommercialpresence/formoflegalentitypermitted,bothofwhichlimitthescopeforentrybyforeignplayers.TheexternalfactorswhichconstrainIndia'sfinancialserviceexportsaremainlyintheformofprudentialregulations,suchasminimumcapitalrequirements,reciprocityrequirements,i.e.,authorizationforstartingoperationsbeingsubjecttothehostcountry'sfinancialinstitutionsreceivingreciprocaltreatmentinIndia,dataprotectionrequirementsanddirectivesinordertoprotectindividualprivacywithregardtothestorage,processing,andtransmissionofpersonaldata,andrestrictionsintheformofeconomicneedstestsandlocalstaffingrequirementsaffectingthemovementofnaturalpersonsinthefinancialsector.FinancialsectorisbothacatalystandoneofthemainbeneficiariesofanFTA.ThefinancialservicessectorinIndiahasliberalizedveryslowly.MostIndianbanksaregovernmentowned,andentryofforeignbanksremainshighlyregulated.Stateownedbankscontrol80%ofthebankingsystem.Inthelastdecadeaseriesofreformmeasureshavebeenundertakeninthebankingsector,includingrestructuringofpublicsectorbanks.IntheInsurancesectorinIndia,priorto2000,allinsurancecompaniesweregovernmentowned,exceptforanumberofprivatesectorfirmsprovidingreinsuranceandbrokerageservices.Governmentmonopolyendedin1999,whentheIndianparliamentpassedtheInsuranceRegulatoryDevelopmentAuthority（IRDA）Act.Besidescaponforeigninvestmentof26percent,restrictionslikeminimumcapitalizationnorms,fundsofpolicyholderstoberetainedwithinthecountry,compulsoryexposuretoruralandsocialsectorsandbackwardclasses.ThecurrentpaperfocusesonthedomesticreformissuespertainingtoIndia'sfinancialsectorsoastomakethissectorgloballycompetitiveandefficientandtofacethechallengesandexploittheopportunitiesarisingfrommultilateralliberalization.ThesustainabilityofimpressivegrowthofIndianeconomyhasbeenquestionedinthewakeofsomechallengesintheformoflackofsocialinfrastructure,physicalinfrastructure,andITinfrastructure.

Objectives:

1.ToassessthecurrentstatusofIndia'sforeigntradeinservicesespeciallyfinancialservices.

2.TosuggestthemeasuresandpoliciestowardsincreasingIndia'sshareinfinancialservices.

India'sServicesTrade:

India'sservicestradecomprisesofIndia'sServices'exportsandInd