Fundraising Event 3.0: Laying the Foundation for a Progressive India (Viksit Bharat)
The Confederation of Indian Industry (CII) hosted the Financing Summit 3.0 2024 from 2nd to 3rd September 2024, gathering industry leaders, government officials, and financial experts to discuss the future of India's financial sector.
The summit began with an inaugural plenary session led by Dr. V. Anantha Nageswaran, Chief Economic Adviser to the Government of India. Dr. Nageswaran warned against the dangers of financialization and its potential impact on macroeconomic outcomes.
Shri Ajay Seth, Secretary of the Department of Economic Affairs, Ministry of Finance, Government of India, outlined the government's goal of sustaining a growth rate of over 7% for the next two decades to realize the vision of Viksit Bharat. He emphasized the need to expand access to a variety of credit products, insurance, pensions, and capital market products.
The discussions during the summit included areas such as global capital flows, infrastructure financing, and green financing. Shri Seth also mentioned the forthcoming National Financial Information Registry, which, once enacted, would help bridge gaps in the credit rating mechanism.
Mr. Ashishkumar Chauhan, Managing Director & CEO of the National Stock Exchange, emphasized the role of new technologies in capital markets. He pointed out the necessity of improving service quality, reducing intermediation costs, and deepening bond markets.
Shri C S Setty, Chairman of the State Bank of India, emphasized the role of non-bank financial institutions in deepening the corporate bond market. He also touched upon the need to enhance credit ratings and develop the secondary market.
Mr. Sanjiv Bajaj, Past President of CII and Chairman & Managing Director of Bajaj Finserv Limited, called for enhancing credit availability and expanding the financial markets. He, along with Mr. Chandrajit Banerjee, Director General of CII, echoed the need for a rapidly evolving financial sector, especially in a digital world.
The session also touched upon the need to reshape the financial landscape to sustain robust economic growth. Shri Seth stressed that no single institution or sector could tackle the challenges of financial sector development alone, calling for cooperation among the government, regulatory bodies, industry associations, and civil society.
They noted that the CII would submit key recommendations from the summit's deliberations to the government for consideration. Dr. Nageswaran stressed the importance of retaining policy autonomy and managing global capital flows effectively.
In a remarkable achievement, Shri Seth mentioned the over 53 crore Jan Dhan accounts, surpassing the population of Europe. He pointed out that only 31 out of 19,000 pin codes in India lack access to financial products and services, demonstrating the significant strides made in financial inclusion.
The Financing Summit 3.0 2024 concluded with a shared understanding of the challenges and opportunities that lie ahead for India's financial sector. The participants agreed on the need for a coordinated effort to create a robust and inclusive financial system that supports the country's vision of Viksit Bharat by 2047.
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