Fundraising Event 3.0: Clearing the Way for Digital India (Viksit Bharat)
Finance Summit 3.0: Shaping India's Financial Future
The Finance Summit 3.0, held from 2nd to 3rd September 2024, brought together key government officials, industry leaders, and experts to discuss the future of India's financial sector.
Dr. V. Anantha Nageswaran, Chief Economic Adviser to the Government of India, led the inaugural plenary session. He emphasised the need for policy autonomy, managing global capital flows effectively, and leveraging India's bright growth prospects to carve out policy space and protect the economy from external volatility.
Shri Ajay Seth, Secretary, 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 realise the vision of Viksit Bharat. He mentioned the remarkable achievement of over 53 crore Jan Dhan accounts, surpassing the population of Europe, as a testament to the government's commitment to financial inclusion.
The session touched upon the need to enhance credit ratings and develop the secondary market. Shri Seth mentioned the forthcoming National Financial Information Registry, which, once enacted, would help bridge gaps in the credit rating mechanism. Shri C S Setty, Chairman of the State Bank of India, emphasised the crucial role of non-bank financial institutions in deepening the corporate bond market.
Dr. Nageswaran highlighted the necessity of improving service quality, reducing intermediation costs, and deepening bond markets. He also called for greater cooperation among regulators to create policies that support innovation while ensuring robustness.
Mr. Sanjiv Bajaj, a prominent industry leader, echoed the need for a rapidly evolving financial sector. He called for policies that would support innovation while maintaining robustness in the system. Mr. Chandrajit Banerjee, Director General of CII, noted that the CII would submit key recommendations from the summit's deliberations to the government for consideration.
Mr. Ashishkumar Chauhan emphasised the role of new technologies in capital markets and their potential to contribute to India's economic growth. He stressed the need for expanding access to a variety of credit products, insurance, pensions, and capital market products.
Shri Seth stressed that no single institution or sector could tackle these challenges alone. He called for cooperation among the government, regulatory bodies, industry associations, and civil society. He also emphasised the need to expand access to a variety of financial products to ensure comprehensive financial inclusion.
However, there are no search results providing information about which government officials spoke at the Finance Summit 3.0 on September 3, 2024, or the goals they set for the financial sector development in India. This information is crucial for those interested in staying updated on the government's financial policies and strategies.
Despite this gap in information, the Finance Summit 3.0 underscored the government's commitment to improving the financial sector, with only 31 out of 19,000 pin codes in India lacking access to financial products and services, demonstrating significant strides made in financial inclusion. The summit also highlighted the need for a dynamic and inclusive financial sector to support India's economic growth and realise the vision of Viksit Bharat.
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