The global economic crisis of 2008 grew in scale and contagion as the public, globally, started to lose confidence in their banks. India weathered this crisis with reasonable aplomb because our public did not lose confidence in our banking system. However, the crisis offered the Indian banking community an opportunity to learn new lessons. While India’s banking system continued to remain more or less robust, the Indian economy did take a beating and even today the hangover of the global crisis remains.
Six years after the global economic and financial crisis, developed and developing countries alike feel this hangover and are grappling with the aftermath of one of the most deep seated crises of modern times. India has been one of the few countries that have managed to escape the crises relatively unscarred. However, growth rates in the recent past have shown significant decline, more on account of high interest rates and soaring inflation.
It is well established that for the Indian economy to get back on its feet and for growth rate to be restored to our earlier figures of 8 per cent, the banking sector, and by extension the financial sector too, will have to grow at least twice the GDP growth rate. Corporate India, because of high interest rates and the slowdown in economic activity are finding it difficult to sustain their growth. This is reflected in the increasing NPAs of banks driven largely by their corporate clients rather than their retail clients. While the industry looks to revitalise its growth by taking advantage of the small green-shoots of economic activity, it is equally imperative for the financial sector to grow in tandem to meet the growing needs of corporate India. As industry grows and expands across the nation, many financial institutions are now expanding their base to beyond traditional metropolitan cities.
South India is a telling example. With property prices increasing in Delhi and Mumbai, many industries have relocated their headquarters to any of the four states of Andhra Pradesh, Karnataka, Kerala and Tamil Nadu. The Chennai – Bengaluru and the Bengaluru – Mumbai industrial corridors are further attractions. It is also well documented that cost of doing business in South India is cheaper. This has resulted in the burgeoning of many financial sector companies in the South. While corporate India’s requirements of the financial sector are by and large the same, some of the demands, depending on the sectors and the region, may be a little more nuanced. It is in this context that Federation of Indian Chambers of Commerce and Industry has conceived the two-day Financial Sector Conclave.
The Conclave will address these nuances of specific sectors in South India. The Conclave will deliberate on the recent paradigm shifts that have taken place in the financial sector in South India. The Conclave will also provide an opportunity to study best practices that have worked in South India that may be replicated in other parts of the country. It is also an opportunity for the States to learn of best practices from other parts of the country.
The Conclave will bring together corporate India and bankers and others from the financial sector community from the South to deliberate on how to work together and in tandem to bring about a more streamlined and inclusive path to development that will help India once again achieve an 8 per cent growth rate.
Why Should Attend?
A unique event that focuses on a wide range of issues pertaining to the financial sector, specifically in southern India.
- Core issues for bolstering development in South Indian financial space will be identified.
- Contemporary issues such as PSL, reinsurance, financial inclusion, financing of infrastructure, films and MSMEs etc. will be discussed.
- An opportunity to interact and share views with senior policymakers, regulators, national and international industry leaders on the changing regulatory paradigm and how that would affect business.
- Gain insights into developments of southern India’s emerging economy and navigate the newest trends and opportunities in India’s financial market.
- Obtain a Knowledge Paper on contemporary issues.