New Delhi, Sept. 1 -- Households globally are increasingly shifting from physical assets to financial assets, and India is no exception.

According to a recent report by Goldman Sachs, India is experiencing a steady shift towards financial assets, driven by steady per-capita income growth, favourable demographic trends such as declining dependency ratios, and improved access to financial services. However, it is still lagging behind other economies.

Experiences from other countries demonstrate that tax incentives and government-sponsored savings schemes, particularly for non-bank instruments, play a crucial role in shifting savings towards financial assets.

India's steady per-capita income growth and ongoing financial market development...