Description: Indian Financial System: Financial service sector share in India's market capitalisation increased to 24% in FY21 from ~6% in FY01 due to market growth, govt. initiatives.
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* Rising income is driving the demand for financial services across income brackets.
* Investment corpus in Indian insurance sector might rise to US$ 1 trillion by 2025.
* With >2,100 fintechs operating currently, India is positioned to become one of the largest digital markets with rapid expansion of mobile and internet.