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Chief Economic Adviser V. Anantha Nageswaran. File. | Photo Credit: PTI
Chief Economic Adviser to the Government of India V. Anantha Nageswaran on Monday (September 2, 2024) said that since whatever happens in the financial sector has consequences everywhere, it carries a significant weight of responsibility on its shoulders.
Speaking at the CII Financing 3.0 Summit in Mumbai, Mr. Nageswaran said the big difference between the financial sector and other sectors is that whatever happens in this (financial) sector has a ripple effect across the entire economy and beyond.
The Confederation of Indian Industry (CII) Financing Summit 3.0 aims to deliberate on key issues and make relevant recommendations to enhance the role of the financial sector in supporting India’s growth.
Mr. Nageswaran also emphasised on the 3Cs – Collaboration, Challenges and Trust, which have significantly shaped the progress of the Indian economy.
There is a need to spread banking services across the country, channelise funds for green financing, embrace technological and digital changes, promote innovation and mitigate risks. There is also a need for greater cohesion among regulators, said Sanjeev Bajaj, CMD, Bajaj Finserv Ltd and former president of CII, at the summit.
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