Mumbai, 2 September 2024

 

Confederation of Indian Industry (CII) organised ‘Financing 3.0 Summit’ in Mumbai today. In his address, Chief Economic Advisor to the Government of India, Dr. V. Anantha Nageswaran, emphasised the critical need for India to retain policy autonomy and effectively manage global capital flows to sustain its economic growth.

Speaking at the inaugural session on “Is India’s Financial Sector Geared Up to Support Our Country’s Sustained Double-Digit Growth?”, Dr. Nageswaran highlighted that while global capital flows remain robust, trade globalization has slowed. He stressed that India must harness its promising growth prospects while creating space to insulate itself from global economic volatility.

Chairman SBI, C S Shetty, Chief Economic Adviser to the Government of India, Dr. V Anantha Nageswaran, Past President, CII and Chairman & Managing Director, Bajaj Finserv Ltd, Sanjiv Bajaj, Managing Director & CEO, National Stock Exchange, Ashishkumar Chauhan, Director General, CII, Chandrajit Banerjee

 

Dr. Nageswaran also cautioned against the risks of financialisation, which can distort macroeconomic stability and lead to issues such as increased debt and inequality. He urged that India’s growth strategy should avoid these pitfalls and focus on sustainable and inclusive development as the nation looks ahead to 2047.

Chairman of the State Bank of India (SBI), Shri C.S. Setty, underscored the importance of developing the corporate bond market. He pointed out that non-bank financial institutions, including insurance companies and pension funds, are essential for channeling more capital into this market. He noted that credit expansion should involve diverse financial sector players, not solely banks.

Past President of CII and Chairman & Managing Director of Bajaj Finserv Limited, Mr. Sanjiv Bajaj, echoed the need to enhance credit availability and develop the corporate bond market. He called for improved coordination among regulators to foster innovation while maintaining robust policies.

Managing Director & CEO of the National Stock Exchange, Mr. Ashishkumar Chauhan, highlighted the importance of adopting new technologies to drive capital market growth. He emphasized that leveraging these technologies can enable significant wealth creation with minimal capital, helping to manage corporate debt and promote innovation.

Director General of CII, Mr. Chandrajit Banerjee, stressed the vital role of financial institutions in supporting small and mid-sized enterprises, particularly in addressing challenges related to green financing, digital transformation, and ESG criteria.

 

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