FICCI

Mr M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Govt of India today said, “All of us are aware that India’s robust banking system is getting ready to meet the needs of Viksit Bharat.” Delivering the keynote at ‘#FIBAC2024’ organised jointly by FICCI, and IBA on the theme ‘Banking for Viksit Bharat’, Mr Nagaraju added, “Viksit Bharat 2047 is the Government’s ambitious vision to transform India to a developed country by 2047.” He pointed out that realising this vision demands dedication along with belief in the potential and talent of the Indian people. The union budget supported this vision by laying emphasis on mahila, yuva and annadaata.   Mr Nagaraju noted that banks continue to be the major source of funding for the Indian economy. Every sector has an important role to play to achieve a GDP of $ 30 trillion by 2047. He further stated that banks help in promoting inclusive growth by reaching out to the underserved, empowering MSMEs and facilitating initiatives in key areas such as healthcare. The Government, on its part, has introduced various schemes such as the PMJDY to foster inclusion of all segments so that everyone can contribute to the growth of the country, noted the Secretary.    Mr Nagaraju observed that the difference between the financial sector and the fintech industry is gradually evaporating. He advised banks to leverage the potential of fintechs to reach the last mile. “India stack is a great story for all of us,” he added, calling upon banks to build on that. But with the great emphasis on technology, banks also need to be cautious of cyber threats. He advised banks to strengthen their systems to mitigate operational risks.     Proposing a vote of thanks, Mr Sunil Mehta, Chief Executive, Indian Banks` Association, acknowledged the suggestions given by Mr Nagaraju. He appreciated his ideas, particularly his direction for green financing. “IBA has created various forums to create awareness and has developed a road map to reduce carbon emissions. We will take your guidance very seriously,” he assured. He thanked all the speakers at the inaugural session and brought the session to a close.

Mr Shaktikanta Das, Governor, Reserve Bank of India (RBI) today said that the Indian economy is now at a critical juncture with massive changes taking shape in various economic sectors and markets; and the country is geared for orbital shifts. “India’s journey towards becoming an advanced economy is drawing strength from a unique blend of factors including young and dynamic population; resilient and diverse economy; robust democracy, and a rich tradition of entrepreneurship and innovation,” he added.   Addressing the flagship event of FICCI and IBA - ‘#FIBAC2024’, the Governor further stated that the moderation in growth witnessed from the previous quarter and RBI’s projection for Q1 shows that the fundamental growth drivers are gaining momentum. “India is on a sustained growth path. Consumption and investment demand are growing in tandem. This gives us confidence to say that the Indian growth story remains intact. RBI’s projection of GDP growth at 7.2 per cent for 2024-25 does not appear out of place,” he emphasized.   Regarding the growth prospects in the medium to long term, Mr Das added that Indian economy is on the cusp of transformational shifts. “The growth is on a rising trend, despite modest global growth and continuing global challenges, shows that structural drivers are playing a bigger role in India’s macroeconomic outcomes. These include policy push on creating robust physical infrastructure; growing digital public infrastructure; innovation and technological advancements across sectors and critical reforms in key areas,” he noted.     Dr Anish Shah, President, FICCI said, “To achieve a Viksit Bharat and reach a $30 trillion economy by 2047, the manufacturing sector needs to grow 16 times in the next 23 years. The digital tools that India has set up are essential to get there.”   Mr MV Rao, Chairman, Indian Banks` Association and MD & CEO, Central Bank of India said, “Our priority should be to build an environment where financial services are efficiently accessible to the 1.4 billion people, from mobile banking to payments.”   Mr Sunil Mehta, Chief Executive, Indian Banks` Association said, “RBI is more than just a regulator—it is an innovator. From NPCI in past to the latest Unified Lending Interface, RBI's visionary initiatives are enhancing customer delivery service and transforming India's financial landscape.”   Ms Jyoti Vij, DG, FICCI said to achieve the goal of Viksit Bharat will require adequate financing and with banking being the dominating player in the financial eco-system, it has significant role to play in realizing the goal.   Mr Ruchin Goyal, MD & Senior Partner, Boston Consulting Group (BCG) said, “There are five important structural themes for continued success of the Indian banking sector which include Deposits, Asset Quality, Productivity, Digital Maturity & Future Capabilities.”

Join us for the 10th edition of the India Maize Summit on 25 September 2024 from 10 AM onwards at Federation House, New Delhi. To register, visit https://lnkd.in/gY9rNS6u

FICCI National Executive Committee Meeting begins in Mumbai. #FICCINECM Anish Shah Harsha Vardhan Agarwal Anant Goenka Jyoti Vij

Calling the drone startups to participate in HIM DRONE-A-THON 2024 - an initiative by FICCI and Indian Army to demonstrate the capabilities of aerial/ ground/ water/underwater drones in High Altitude Areas on 23-24 Sep 2024 in Leh, Ladakh. To participate, visit https://lnkd.in/gv_yP9rQ 

FICCI together with the Indian Army is organizing #HIMTECH2024 - an exposition to showcase equipment/ products / solutions made to perform in High Altitude Areas on 20-21 Sept 2024 at Rinchen Auditorium Grounds, Leh, Ladakh. To exhibit, visit https://lnkd.in/guS2aBs8 

Block your seat at the Investment Opportunities in Africa seminar being organized by FICCI in collaboration with Baker McKenzie in New Delhi on Sept 09 and in Mumbai on Sept 13, 2024 from 5 pm onwards The session will bring insights on African Macroeconomic Scenario, Geopolitical trends affecting doing business in Africa, Current Trends and Developments in African Projects and Financing, M&A & Regulatory landscape for companies targeting African markets. Indian companies, who are looking to establish or expand in the areas of Manufacturing, Energy & Infrastructure (Energy Transition), FMCG, Retail, Agri business, Food processing, Consumer Goods, Financial Services in Africa will find the session very insightful as our speakers from Africa and India showcase the latest development taking place in the continent of immense opportunity. To register your participation, write to [email protected] for Mumbai and [email protected] for Delhi.

FICCI, in collaboration with BCG, launched the report titled 'India’s HR Revolution: Building Workplaces for the Future' at the 5th FICCI Innovation Summit 2024. This report provides an in-depth analysis of how organizations are evolving, seamlessly blending human talent with innovative practices to build a future-ready workforce. It highlights the latest HR trends, including the integration of artificial intelligence, automation, and data analytics, and emphasizes the increasing importance of Diversity, Equity, and Inclusion (DEI) alongside the integration of Environmental, Social, and Governance (ESG) principles into core business strategies. The report is now available on the FICCI website.

The India-Singapore partnership will enable us to enhance economic cooperation, foster mutual growth and tackle future challenges together. We look forward to further strengthening the economic bridge between India and Singapore, writes FICCI President Dr Anish Shah for ⁦‪The Economic Times. Read more at https://lnkd.in/gybmWJ3D

Shahi participated in FICCI’s India Manufacturing Leadership Forum: Viksit Bharat - Operationalising Make in India for the World. The event explored various manufacturing perspectives in a competitive and digital world. During the forum, Anant Ahuja, Director of ESG & Sustainability, highlighted how formal employment in labor-intensive sectors like garments can profoundly transform workers' lives while contributing to India’s economic growth. #ManufacturingPerspective #SpeakingEngagemnet #FICCI #Leadership #TextileIndustry