Financial Sector of Our Country Needed to Be Strong to Cater the Needs of All the Sections of the Economy So That the Overall Development of the Economy Can Be Made Especially In Developing Country Like India. In This Paper Mainly the Significance and Recent Growth of Nbfc’S Is Explained. As the Nbfc Are the Intermediary Who Plays Very Important Role In the Development of any Economy Like In India. As the Financial Needs of Corporate As Well As the Unorganized Sectors Are Increasingly Day By Day and In This Respect Nbfc Provides the Best Services to All These Sectors. Nbfc Are Especially Not Covered Under the Banking Scenario But These Are Regulated By Central Government and Reserve Bank of India, So That Their Functioning Can Be Properly Managed and Regulated. Their Structure Is So Flexible So the Amendments Regarding Up Gradation Can Be Introduced. the Paper Titled “Economic Development In India With Special Reference to Nbfc” Presents the Recent Growth of Indian Economy Due to Flow of Credit With Latest Technology By Nbfc and How Their Growth Affect the Long Term Growth of Indian Economy.