What is the importance of financial markets for the development of the economy? What are the issues financial markets face due to the role played by the Reserve Bank of India and the government? 10 marks

Mentor’s comment-

https://indianexpress.com/article/opinion/columns/a-hollow-credit-architecture-indian-financial-market-6723855/
In the intro, briefly mention the importance of the financial market for the economy.
In the body, discuss the issues with the role of RBI in determining the interest rate and how it is influenced by the government. Next, explain how the government favours lower interest rates, which has the same effect as refinancing the PSBs. Next, mention some contradictions in the system like government owning the banks and RBI managing public debt etc.
Conclude by mentioning the need for greater autonomy to the central bank.