24 Jan 2022 , 11:24 AM
The session moderator, Dr. Charan Singh, Chairman, ASSOCHAM National Council for Banking, outlined that “This is an important year for Budget making. The global and domestic economy would now begin to normalise, with the third wave getting over. The Budget should make effort to provide a roadmap on the role of the Banking Sector, including NBFCs in attaining a US$5 Trillion economy, role of MSMEs in sterilisation of the Economy, and enhancing the role of India in the global economy.
Dr. Charan Singh also stressed that Govt will have to continue supporting the banking system as stress levels would continue. Government should pursue privatisation of banks and may also consider placing a few banks under asset monetisation program.
Sharing his observation on the agri budget, Shri Ashok Vishandass, Professor, Indian Institute of Public Administration, said, “Agriculture has an immense potential to support $5 trillion economy.” He added, “There is a need for awareness on how the budget for agriculture sector will turbocharge the economy and why is it necessary to invest more in mobility to transfer the supply agriculture to demand agriculture areas.”
Among the panelist who participated in the session was Shri Sameer Narang, Head, Economics Research Group, ICICI Bank, shared, “Exports, which played a major role and is a key driver of growth, are expected to be 11.1% above FY20 level in FY22.”
Shri Shachindra Nath, Executive Chairman & MD, U GRO Capital expressed his viewpoints on the credit model and co-lending of MSMEs (Micro, Small and Medium Enterprises) and NBFCs (Non-Banking Financial Company) that requires a policy push. In addition, MSME formalisation and digitization has progressed to the point of consumer finance. "This year, there will be around 30,000 cr-50,000 cr of gross disbursement to MSME through co-lending," he said.
Shri Rajkumar Muthukumar, CRO, Orange Retail Finance Pvt. Ltd., also opined on how the co-lending model is now serving as a good boom for smaller NBFCs to prosper in business.
Other esteemed panelists in the session were Shri Basudev Mukherjee, Assistant Secretary General, ASSOCHAM; Dr. Rattan Chand, Consultant, World Bank; Shri Amit Tewary, Co-Founder & CEO, 4Fin; Shri Indranil Pan, Chief Economist, Yes Bank Ltd.; Col. M. P. Singh, Director, EGROW Foundation and Shri Suman Bery, Former Director General, National Council of Applied Economic Research. The session was concluded by Shri S. C. Aggarwal, CMD, SMC Group.
The views and opinions expressed are not of IIFL Securities, indiainfoline.com
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