New Delhi, April 20 -- India's financial markets must play a crucial role if the country is to successfully navigate global challenges and achieve its long-term aspirations, said Reserve Bank of India (RBI) Governor Sanjay Malhotra.

Speaking at the 24th FIMMDA-PDAI Annual Conference in Bali earlier this week, RBI Governor Malhotra underlined the growing importance of financial markets as key enablers of economic growth.

"If India is to navigate the shifting tides and fulfil its aspirations, financial markets will have to play a crucial role. As the marketplace for raising capital and trading financial assets, financial markets are key enablers of economic growth," he said.

He also pointed out that financial markets have existed for cen...