Enhancing Credit-GDP Ratio Vital for Financial Institutions, Says M Nagaraju
In a recent statement, M Nagaraju, Secretary of the Department of Financial Services (DFS), emphasized the importance of boosting the Credit-GDP ratio to make financial institutions more dynamic. He highlighted the need for exploring new avenues of financing on a larger scale in alignment with the objectives of Viksit Bharat.
Shared Vision and Action Plan Unveiled at DFS ‘Chintan Shivir’
During a ‘Chintan Shivir’ held in Coorg, Karnataka, Nagaraju revealed that the discussions at the event would shape a collective vision and strategy for the Department and its affiliated financial bodies.
Insights from Industry Experts and Policy Makers
The event saw contributions from experts in public policy and finance professionals, offering diverse perspectives on financing strategies.
Amitabh Kant, former CEO of NITI Aayog, highlighted the pivotal role of banks in financing MSMEs and advocated for the introduction of ‘Jan Vyapar’ akin to ‘Jan Aadhar’. He also stressed the importance of rule-based tools to drive down business costs.
Dr KP Krishnan, former Secretary of Skill Development and Entrepreneurship, called for the establishment of more GIFT Cities, a robust Bond Market, and reduced intermediation costs for enhanced financial growth.
Forward-Thinking Strategies for Viksit Bharat 2047
The primary objective of the Shivir was to foster innovative ideas and fresh perspectives towards realizing the vision of a developed India by 2047, focusing on the pivotal role of financial institutions.
The event witnessed active engagement from stakeholders, with lively discussions centering on strategic shifts required by banking and financial services entities in the context of Viksit Bharat.
Key Discourse Topics and Emerging Ideas
Experts, panelists, and participants delved into various subjects such as Banking and Cyber Security, Financial Inclusion, and the vision of a Fully Insured and Pensioned Society by 2047.
The brainstorming session produced innovative concepts like the concept of ‘Shadow CEO’, autonomous organizations, digital trust, and strategies for enhancing financial literacy and resilience in a rapidly evolving global landscape.
