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d Economic Forum and representatives of the financial services, information technology and telecommunication communities set out to develop scenarios for the future of financial services and how they might be affected by innovation. The objective of these scenarios is to explore how innovation will transform access to, and delivery of, financial services by the year 2020.

ECONOMICAL FACTOR

The Indian financial services industry is in a process of rapid transformation. Reforms are continuing as part of the overall structural reforms aimed at improving the productivity and efficiency of the economy. The role of an integrated financial infrastructure is to stimulate and sustain economic growth.

Overall, the US$28 billion Indian financial sector has grown at around 15 percent and has displayed stability for the last several years, even when other markets in the Asian region were facing a crisis, according to Ministry of External Affairs, Government of India. This stability was ensured through the resilience that has been built into the system over time. The financial sector has kept pace with the growing needs of corporate and other borrowers. Banks, capital market participants and insurers have developed a wide range of products and services to suit varied customer requirements. The Reserve Bank of India (RBI) has successfully introduced a regime where interest rates are more in line with market forces.

Financial institutions have combated the reduction in interest rates and pressure on their margins by constantly innovating and targeting attractive consumer segments. Banks and trade financiers have also played an important role in promoting foreign trade of the country.

Aruvian's R'search's report Analyzing the Indian Financial Services Industry is a complete insight into this complex, competitive and fast paced industry which holds the potential and promise of one of the highest growing sectors in the Asian Sub Continent. The report explores the profile of the financial services industry in the world economy and builds the same basis the trade and investment flow patterns which give birth to the driving trends of the industry thereby governing increasing manpower and capital allocation to this sector.

The report analyzes the Indian Financial Sector in detail by breaking the industry into segments which are active in this realm and the competitive factors which are boosting the industry growth. This report also draws up a scenario of studying the conditions prevalent in the pre-reform era and compares it with the post reforms which have been undertaken in this sector which have galvanized growth in this important and ethically driven industry.

The report further details India's trade in financial services industry and explores the export potential of these services in sectors as banking and insurance which are the global powerhouses and movers of investment to key areas. Some of the barriers to India achieving its full potential in these services are also explained in this report.

The impact of international treaties as the GATS and critical development areas such as outsourcing and offshoring with reference to India's position in the global map is also explained in depth sections in this report.

The report examines the core thrust of India's negotiating tactics in the financial services industry. This res