Fundraising Event 3.0: Laying the Foundation for a Tech-Savvy India (Viksit Bharat)
Financing Summit 3.0 Emphasizes the Need for Innovation and Cooperation in India's Financial Sector
The Confederation of Indian Industry (CII) hosted the Financing Summit 3.0 from 2nd to 3rd September 2024, bringing together industry leaders, government officials, and financial experts to discuss the future of India's financial sector.
In his keynote speech, a government official proposed measures to realize the vision of "Viksit Bharat," including increasing foreign direct investment limits in sectors like defense and pharmaceuticals, liberalizing FDI rules, and introducing platforms like the Foreign Investment Facilitation Portal to streamline approvals and boost investment inflows.
The summit's inaugural plenary session was led by Dr V. Anantha Nageswaran, Chief Economic Adviser to the Government of India. He emphasized the importance of retaining policy autonomy and managing global capital flows effectively.
Mr. Sanjiv Bajaj, a prominent industry figure, called for greater cooperation among regulators to create policies that support innovation while ensuring robustness. He and Mr. Chandrajit Banerjee, Director General of CII, echoed the need for a rapidly evolving financial sector, especially in a digital world.
Dr Nageswaran warned against the dangers of financialization and emphasized the need for sustainable and inclusive growth. He also highlighted that India should leverage its bright growth prospects to carve out policy space and protect the economy from external volatility.
Shri Seth stressed that no single institution or sector could tackle the challenges facing the financial sector alone, calling for cooperation among the government, regulatory bodies, industry associations, and civil society. He emphasized the need for expanding access to a variety of credit products, insurance, pensions, and capital market products.
Shri C S Setty, Chairman of the State Bank of India, emphasized the crucial role of non-bank financial institutions in deepening the corporate bond market. He also pointed out the necessity of improving service quality, reducing intermediation costs, and deepening bond markets. Shri Seth mentioned the forthcoming National Financial Information Registry, which would help bridge gaps in the credit rating mechanism.
Mr. Ashishkumar Chauhan emphasized the role of new technologies in capital markets and their potential contribution to India's economic growth. He noted that the CII would submit key recommendations from the summit's deliberations to the government for consideration.
The session highlighted the need to enhance credit ratings and develop the secondary market. The goal of Viksit Bharat requires reimagining the financial sector to improve scale, reach, efficiency, and productivity. The summit concluded with a shared understanding that a collaborative effort is necessary to reshape the financial landscape to sustain robust economic growth.
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