By:- Mr V. P. Nandakumar, Chairman and Managing Director of Manappuram Finance Ltd
“The increasing policy emphasis on strengthening the NBFC sector marks an important step in building a more resilient and inclusive credit ecosystem. Reforms focused on governance, transparency and technology adoption will enhance risk management and enable NBFCs to play a deeper role in last-mile credit delivery, particularly for households, micro-entrepreneurs and small businesses in semi-urban and rural India. With the fiscal deficit broadly aligned with market expectations, the government retains the flexibility to sustain capital expenditure on infrastructure and rural development, which supports income generation and consumption at the grassroots level. A stable macro environment, predictable regulation and continued investment-led growth together create favourable conditions for responsible credit expansion. Overall, the reform momentum reinforces the ability of NBFCs, including gold loan-focused institutions, to complement the banking system by unlocking household balance sheets and supporting inclusive, consumption-led economic growth in a sustainable manner.”
