In America, a third of households prefer real estate, according to the US Census. Most of the allocation is to financial assets through retirement accounts and investments in the stock market through mutual funds or directly. That shows the confidence Americans have in their financial system. The US government deserves to be credited for creating an environment conducive for small savers to deploy their life savings into risky assets like equity. A robust retail market for equity and bonds makes America an attractive destination not just for Americans but for foreigners, too.
It is a no-brainer that India needs to have a robust financial system with vibrant capital markets if it wishes to realise the dream of being a developed country by 2047. It is a challenge like none other for a nation that has nearly 150 crore people.
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