New Delhi, February 15 – M Nagaraju, Secretary, Department of Financial Services (DFS), has emphasized the need to improve the Credit-GDP ratio – making our financial institutions more agile and exploring new ways of financing on a larger scale in line with the goals of Viksit Bharat (Developed India).
Speaking at a ‘Chintan Shivir’ (Deep Thinking Session) of the DFS in Coorg, Karnataka, he stated that the ideas generated during the session will pave the way for a shared vision and action plan for the Department and its financial institutions.
At the event, experts from public policy, as well as practitioners from various fields of financing, presented their views and ideas.
Amitabh Kant, former CEO, NITI Aayog, spoke about the key role of banks in financing MSMEs (Micro, Small, and Medium Enterprises), the need for a "Jan Vyapar" (People's Business) similar to "Jan Aadhar" (People's Foundation), and developing appropriate rule-based instruments to further reduce the cost of doing business.
Dr. KP Krishnan, former Secretary, Skill Development and Entrepreneurship, emphasized the need for more GIFT Cities (Global Innovation and Technology Hubs) in India, a robust and thriving Bond Market, and reducing the cost of intermediation, etc.
The key objective of the Shivir was to encourage fresh perspectives and creative ideas towards achieving the goal of Viksit Bharat by 2047 and the role of financial institutions.
The event witnessed active participation from all stakeholders, with vibrant discussions focusing on the strategic context of Viksit Bharat that banking and other financial services participants need to take.
According to the Finance Ministry, eminent experts, panelists, and participants discussed in detail on a range of topics such as Banking and Cyber Security, Financial Inclusion, ensuring a Fully Insured and Pensioned Society by 2047.
Ideas that emerged during the two-day event included replicating the concept of a "Shadow CEO," autonomous organizations, digital trust, knowledge Half Life, innovative ways of increasing investment, exploring new insurance and pension products, increasing financial literacy, and ways of becoming a more resilient financial system in the dynamically changing global order.
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