In order to support Viksit Bharat’s objectives, M Nagaraju, Secretary of the Department of Financial Services (DFS), has emphasized the importance of improving the credit-to-GDP ratio, making our financial institutions more flexible, and investigating new avenues for larger-scale financing.
“The ideas generated during the session will pave the way for a shared vision and plan of action for the Department and its financial institutions,” he said at a DFS “Chintan Shivir” in Coorg, Karnataka.
Public policy specialists and practitioners from a range of financial disciplines shared their opinions and thoughts at the event.
Former NITI Aayog CEO Amitabh Kant discussed the importance of banks in funding MSMEs, the need for Jan Vyapar similar to Jan Aadhar, and the creation of suitable rule-based tools to further down operating costs.
Former Secretary of Skill Development and Entrepreneurship Dr. KP Krishnan emphasized the need for more GIFT Cities in India, a strong and vibrant bond market, and a decrease in intermediation costs, among other things.
Promoting new viewpoints and innovative ideas to achieve the goal of Viksit Bharat by 2047 and the role of financial institutions was the main goal of the Shivir.
All stakeholders actively participated in the event, and lively talks centered on the changes that the banks and other financial services players must make in the strategic framework of Viksit Bharat.
The Finance Ministry claims that distinguished specialists, panelists, and attendees engaged in in-depth discussions on a variety of subjects, including financial inclusion, banking and cybersecurity, and guaranteeing a fully insured and pensioned society by 2047.
Replicating the Shadow CEO concept, autonomous organizations, digital trust, knowledge Half Life, creative ways to boost investment, investigating new insurance and pension products, raising financial literacy, and ways to make the financial system more resilient in the rapidly evolving global order were among the ideas that surfaced during the two-day event.