Pharmacuticals

The financial system forms the backbone of any modern economy, enabling the flow of funds, facilitating investment, managing risks, and supporting inclusive growth. In India, the evolution of financial institutions and markets has been particularly dynamic, reflecting the interplay of policy reforms, technological advancements, globalization, and regulatory innovations. Recognizing the crucial role that financial intermediation plays in shaping economic development, this book seeks to provide students, academicians, researchers, and practitioners with a comprehensive and updated understanding of financial institutions and markets in the Indian context. The book has been structured into fourteen units that systematically explore the functions, structures, and roles of financial systems and markets. Beginning with an overview of the Indian financial system and its regulatory architecture, it examines the interrelationship between money markets, capital markets, banking systems, non-banking financial companies, development financial institutions, insurance, mutual funds, and other specialized intermediaries. The discussion extends to emerging areas such as derivatives, foreign exchange markets, financial sector regulators, digital finance, and the implications of globalization for Indian financial markets. Each unit blends theoretical foundations with practical insights, integrating case studies, recent policy developments, and contemporary challenges to enrich the reader’s understanding. A unique feature of this book is its emphasis on the Indian context, where reforms in banking, insurance, and capital markets have not only strengthened financial intermediation but also promoted financial inclusion and stability. The inclusion of fintech innovations, regulatory sandboxes, and digital platforms reflects the ongoing transformation of India’s financial landscape. In addition, the book underscores the interconnectedness between domestic and global markets, preparing readers to appreciate both local realities and international trends. The text is designed to serve as a core resource for undergraduate and postgraduate courses in commerce, economics, and management, while also being a valuable reference for aspirants of competitive examinations such as UGC-NET, CA, CS, CFA, and banking services. Each chapter is supported by learning objectives, outcomes, review questions, and references, enabling a structured and learner-friendly approach. We express my deep gratitude to colleagues, mentors, and students whose feedback, encouragement, and critical observations have greatly contributed to shaping this work. We also acknowledge the vast body of literature, research contributions, and policy reports that informed the writing of this book. Above all, we are indebted to our family members for their constant support and patience during the long and demanding process of writing. It is our hope that this book will not only help learners understand the theoretical and institutional aspects of Indian financial systems but also inspire them to critically engage with the challenges and opportunities that lie ahead. Finance is no longer a domain limited to professionals; it is an essential component of informed citizenship in a rapidly changing global economy. If this work succeeds in making financial concepts accessible, relevant, and meaningful for its readers, it will have fulfilled its purpose. Authors Prof Avirup Mukherjee Dr P Sagar Dr. Arpana Sharma Dr.Navaneet D. Deshpande