The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff, and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled ‘Role of Financial institutions in economic development’ is authored by N.N. Pai and published in 1983. The author highlights the importance of financial institutions and its need in India. He elaborates the different types of financial institutions available in India. He throws light on how multiplicity of such institutions has formed a network of consortium financing. He elucidates how these institutions are reliant on government resources and foreign borrowing. He states how financial institutions work on capital development in the economy and act as a secondary market for non-convertible debentures. He underlines the significance of these institutions in removing industrial sickness and backwardness of certain regions.