Indian push towards further reinforcement of BIMSTEC fits smoothly with the aim of Indian economic growth

Indian push towards further reinforcement of BIMSTEC fits smoothly with the aim of Indian economic growth

The push of India towards further reinforcement of the Bay of Bengal Initiative for Multi-Sectoral Technical & Economic Cooperation fits smoothly with the aim of Indian economic growth. Growth of the economic region which surrounds India, with India being the head is critical. The Economic Co-operation feature of BIMSTEC is one in which India could significantly contribute by providing help to create the financial architecture which will lay the foundation of an economically feasible framework for BIMSTEC nations to all benefit from.

The goal of boosting the inter-regional trade within India & of boosting its exports would infer that India needs to move ahead with its plan for establishing itself as a South-Asian financial center which can cater to facilitating both financing and trade for the region. The financial sector must be viewed as both an area that will promote the growth of other industries which currently required funds & a growth area. While the countries in the Bengal Initiative for Multi-Sectorial Technical & Economic Cooperation region vary in terms of Gross Domestic Products & economic growth levels, they are integrated by the fact that with rising incomes and growth a region with a population greater than 1.5bn people & a combined nominal Gross Domestic Products of $3 trillion has potential for further growth, mainly as access to financial services improves.

As the income continues to rise, the access to the financial services will be needed further in the Bengal Initiative for Multi-Sectorial Technical & Economic Cooperation region. Households will require access to instruments which allow them to save, invest, plan for the retirement & protect against exigencies. In common parlance, there will be a requirement of access to financial products. This financialization of the economy infers access to insurance, financial products, pension funds, etc.