No.PR -332
September 28, 2022
New Delhi
5th Annual Convention on India @ 2047 : A Developed Economy & Role of Financial Markets
Dr Shashank Saksena,Sr. Economic Advisor,Ministry of Finance, Govt of India, mentioned the empirical fact of studies which have explored the relationship between development and the capital market. He said that the Financial Market is an amalgamation of institutes and legal framework. Efficiency is the key in the financial market and sustained growth can’t be achieved if the market services are not efficient. To achieve efficiency in the market, the government is working to raise transparency in the sector and also major efforts are put together to reduce transaction costs.
To bring transformation in the capital markets we need to enhance transparency, bring in technology up gradation and innovation which will yield great results and benefits to the Indian economy.
Mr Rajesh Dangeti, Regional Head – Northern Regional Office, Securities and Exchange Board of India , talked about the measures taken by the government for the success and strength of the Indian economy. Financial markets enable investors to choose better portfolios to invest in the market. They have a positive impact on the economy as it exerts powerful influence on poverty alleviation in the country. Key purpose of SEBI is to maintain the integrity of the system and gain confidence of the people in the market. SEBI works to prevent and regulate any kind of failures in the market by enhancing transparency and other institutional frameworks, highlighted Mr Rajesh Dangeti.
Mr Pradeep Multani President, PHDCCI , highlighted that as India seeks to expand its global economic and strategic influence while promoting International Financial Services, this requires urgent consideration of policy makers and financial and capital market stakeholders. The primary rationale for promoting IFS in India is the potential net benefit to stakeholders and the country which is considerable, therefore it is worth the economic, regulatory, administrative and political effort. As M Asher writes in Pragati magazine, there are “three broad imperatives for promoting IFS in India. The first arises from India’s deepening linkages and interdependencies with the rest of the world. The second concerns the need for more efficient financial intermediation, while the third concerns the human capital.
Mr B K Sabharwal,Chairman, Capital Market and Commodity Market Committee, PHDCCI stated that India has made significant progress over a span of three-quarters of the century since its independence. India has created a strong economic base and is poised to achieve the status of a developed country over the next 25 years.
Mr Sameer Patil,Chief Business Officer, BSE Ltd said that Indian economy is at an interesting juncture. According to the latest World Bank forecasts, India’s economy is the bright spot among all emerging and developing economies with an expected 7.3% GDP growth in 2021 compared to 7% in 2020. These are early positive signs that the economy is picking up and in the coming years is likely to hold an upward trajectory.
Mr Gaurav Kapoor ,Vice President, National Stock Exchange of India Ltd highlighted that role of financial sector, especially capital markets will play an important role in the next 25 years to come in the category of developed nations. he said that vision India @ 2047 will be guided by the aspiration for India @2047 like attaining new heights of prosperity, making available best facilities in villages and cities, eliminating unnecessary interference by the Government in the lives of citizens and building world’s most modern infrastructure.
Mr Sanjay Gakhar,Vice President – Business Development, Multi Commodity Exchange of India Ltd stated that India in 2047 is likely to be a USD 35-40 trillion economy and will belong to the league of developed nations. He highlighted that economic events, commodity specific events, trade policies set by the government, international prices and geo political events are some of the factors influencing the market.
Col. Saurabh Sanyal,CEO & Secretary General, PHDCCI, with formal vote of thanks mentioned the positive signs that the economy is picking up and in the coming years is likely to hold an upward trajectory. Notwithstanding the probability of setbacks, India’s growth story presents a resilient outlook. However, the pace needs to be sustained and thus, more than ever, the time is right for India to embark on liberalization of its financial sector.
The Convention was sponsored by PHDCCI’s Annual Sponsors – Multani Pharmaceuticals Ltd; Star Wire; PG Industry; Uflex Ltd; DLF Ltd; Continental Carriers Pvt Ltd; Belair Travel & Cargo Pvt Ltd; Radico Khaitan Ltd; Jindal Steel & Power; MMG Group; Paramount Communications; Superior Industries Limited; JK Tyre & Industries Ltd; SMC Investments and Advisors Ltd; Crystal Crop Protection Ltd; Sagar Group of Industries; Samsung India Electronics; Comtech Interio; R E Rogers; AYUSH Herbs Private Ltd; Apeejay Stya Group; DCM Shriram; EaseMyTrip; Blossom Kochhar Beauty Products Pvt Ltd; Oswal Greentech; Trident Group; MV Cotspin Ltd; Synergy Environics Ltd; Ajit Industries Pvt Ltd; P S BEDI & Co.; Indian Farmer &Fertilizers Corporation Ltd; Jindal Steel; Hindware Sanitary; Modern Automobiles; Livit Ltd; Central Coalfields Ltd ; Axa Parenterals; Bhagwati Plastic and Pipes Industries; J K Insurance Brokers Ltd; DD Pharmaceutical Ltd.
*END*
Warm Regards,
Media Division
PHD Chamber of Commerce and Industry