M Nagaraju, Secretary of the Department of Financial Services (DFS), highlighted the importance of increasing the Credit-GDP ratio to enhance the agility of financial institutions and explore new financing avenues on a larger scale in alignment with Viksit Bharat’s objectives. Addressing a ‘Chintan Shivir’ in Coorg, Karnataka, he mentioned that the insights shared during the session would shape a collective vision and action plan for the Department and its financial entities.
During the event, experts in public policy and finance practitioners shared their perspectives and suggestions. Amitabh Kant, former CEO of NITI Aayog, underlined the significant role of banks in funding MSMEs, the necessity of Jan Vyapar akin to Jan Aadhar, and the development of rule-based tools to further reduce business costs. Dr KP Krishnan, former Secretary of Skill Development and Entrepreneurship, stressed the importance of establishing more GIFT Cities in India, fostering a robust Bond Market, and lowering intermediation costs.
The primary aim of the Shivir was to foster innovative ideas and fresh viewpoints towards realizing the vision of Viksit Bharat by 2047 and the functions of financial institutions. The event saw active engagement from all stakeholders, with lively discussions focusing on the strategic shifts needed by banking and financial services players in the context of Viksit Bharat.
As per the Finance Ministry, distinguished experts, panelists, and attendees delved into various topics such as Banking and Cyber Security, Financial Inclusion, and ensuring a Fully Insured and Pensioned Society by 2047. Noteworthy ideas surfaced during the two-day gathering included concepts like Shadow CEO replication, autonomous organizations, digital trust, knowledge Half Life, novel investment avenues, exploration of innovative insurance and pension products, enhanced financial literacy, and strategies for building a more resilient financial system in the evolving global landscape.
