Read the given paragraph carefully and answer the questions that follow

For a developing economic nation, its industrial policy requires regular updation to meet the growing demands of the industry as well as to increase the share of manufacturing in overall GDP. As India's GDP has been dominated by services rather than agriculture or manufacturing, there are structural modifications always required so that manufacturing activity be increased substantially to meet the global market requirements. This requires legal amendments, with the new laws aimed to facilitate better manufacturing and exports.

Actually, India faces two challenges, rather opportunities that the bullishness on the Indian economy is to be export-oriented as well as to feed its ever-growing domestic consumption. Also, no economy can only be consumption oriented as its people should also save and invest actively. This brings to an important direction of banking system which plays a critically important role in achieving the above two objectives. The public sector banks require to build on to the capabilities and expertise on the due diligence methods for the credit appraisal for the loan requirements. Worth mentioning here is the data that the non-performing assets valuing Rs. 7.7 lakh crore (as on December 2017) as per the latest figures of the Finance Ministry. Nevertheless, given their large structure and geographic percolation, the public sector banks must be recognized in India's development and that there is "no country in the world where banks have not had a problem."