However, there has been growing scepticism not only from civil society but also policy makers regarding this orthodoxy. It is being realised that he economic developments of a century depends, inter alia, on the growth of the financial system. The larger the proportion of the financial assets to real assets the greater the scope for economic growth in the long run. For growth to take place, investment is necessary which flow from the financial system. Besides, as a scare factor of production in the less developed countries (LCDs), finance has a crucial role to play in these economies.
