Role of development banking in indian economy?

There is no role of developmentan banking in Indian economy. Development Banking was relevant in a largely closed economy set up during 1860s, 1970s and 1980s as part of the Govt. dictated and managed command and control economy - an economic framework that was unsustainable, besides being a slow growing economy. Development banking is a misnomer: it was neither for banking nor development. They were mere channels for transferring household savings in a circuitus route towards high risk projects and unviable projects to private industrialists who officially did not have adequate equity capital and in whose projects households would not have normally invested. When we turned towards market economy and freedom to industrialists and entrepreneurs, development banking lost its relevance and meaning. A country that has gone through 10 five year plans should be ashamed of still needing development banking. How long will the people of free India remain like small children needing support and props from the Govt. and Govt. controlled destiny? Indian economy has grown faster after the development banks started becoming bankrupt in the 1990s. Why think of them such banking and banks even now? Some old people addicted to elitist, impractical ideas may still cling to development banking, but Indian economy has forged miles ahead of their vision and immagination. Do you really want to no more. If you are answering an exam. where teachers are old and/ or not really of high quality intellect, do not write what I have written: you would get poor marks. To get good marks just write that all industrialisation, agricultural development and many other things that are good are because of development banking. You do not have to give any argument ( and you really cannot, because there exists none to justify development banking) - just goo on taking any sector/ industry/ company in India and claim that it has grown thanks to development banking. You will get very good marks.