The present study examines the impact of financial development on economic growth in India by using Auto-Regressive Distributed Lag (ARDL) model and the Generalized Method of Moment (GMM) model over 15 years from June 2003 to February 2018. The results of the study indicate that financial development has a positive and significant impact on economic progression both in short run and long run in India. The CUSUM test confirms the long-run stability relationship among them. Therefore, the study proposed that financial sector deepening should push ahead to augment economic growth of India. The outcomes of the study contribute to understanding the factors, which determine the economic and financial development competitive position. To foster economic and financial development, the suitable and harmonizing action required by both firms and policymakers. This study has a substantial impact on global and institutional investors to make better investment decisions in India.

中文翻译：

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金融发展指标对印度的经济增长有影响吗？

本研究通过使用自回归分布滞后（ARDL）模型和广义矩（GMM）模型（从2003年6月至2018年2月），研究了金融发展对印度经济增长的影响。研究结果表明金融发展对印度的短期和长期经济发展都具有积极而重大的影响。CUSUM测试确认了它们之间的长期稳定性关系。因此，该研究建议金融业深化应该推动印度经济增长。研究结果有助于理解因素，这些因素决定了经济和金融发展的竞争地位。为了促进经济和金融发展，公司和政策制定者都需要采取适当和协调的行动。