New Delhi, June 17 -- India's financial services sector is entering a critical transition phase, requiring deeper credit penetration, broader financial participation and more efficient capital allocation as the country advances towards its ambition of becoming a USD 30-35 trillion economy by 2047, according to Deloitte India's State of Financial Services in India (SOFSI) report. Financial Services Sector Enters A New Growth Phase The report noted that the sector has expanded significantly over the past two decades, with its market capitalisation rising from around 6 percent of GDP in 2005 to nearly 27 percent in 2025. The share of non-bank participants, including NBFCs, insurers and asset managers, also increased from 15 percent to 43 per...