BCC&I Financial Summit 2017 started with the grand note in presence of eminent personalities of Financial and Banking sector at Kolkata on 12th Jan 2017. On his welcome note Mr. Sutanu Ghosh, President, The Bengal Chamber on the occassion of Financial Summit 2017 said:
“It is my pleasure to extend a very warm welcome to all of you today in Kolkata at the ‘BCC&I Financial Summit 2017,’ which is the Inaugural Edition in the Financial sector of the Chamber.
Private sector bank’s priority sector book increased to Rs 6.48 lakh crore up from Rs 5.30 lakh crore in the fiscal year ended March 2015 which meant that they had lent 44.8% from of their adjusted net bank credit to the so-called priority sector.
Also, the advancements in technology have brought the mobile and internet banking services to the fore. The private banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customer’s overall experience as well as give banks a competitive edge.
PSU Bankers have also played a major role in the economy. So far, non-banking finance companies (NBFCs) have scripted a great success story. Their contribution to the economy has grown in leaps and bounds from 8.4% in 2006 to above 14% in March 2015. In terms of financial assets, NBFCs have recorded a healthy growth—a compound annual growth rate (CAGR) of 19% over the past few years—comprising 13% of the total credit and expected to reach nearly 18% by 2018–19.
The success of NBFCs can be clearly attributed to their better product lines, lower cost, wider and effective reach, strong risk management capabilities to check and control bad debts, and better understanding of their customer segments. The depressed private investment climate and global economic growth continues to impact the manufacturing sector growth in India. Private investment activity remains sluggish and calls for sustained efforts to address the structural bottlenecks in the economy. Satisfactory monsoons, upcoming festive demand recent cuts in interest rates, have the potential to lift the growth in coming months. Investors may also seek allocation in the Accrual/Duration and Bond Short Term funds.
Introduction of options would deepen and transform the Indian commodity derivatives markets both in terms of products and participants. It will also complement the existing futures contracts and would make Indian commodity derivatives more vibrant and efficient. It will provide for inclusive development of the market and encourage cost effective hedging for participants like farmers and SMEs. Most of the global equity indices are trading near their respective 52 week highs confirming a broad based rally in equity as an asset class.
Market breadth analysis and price pattern suggests that the ongoing uptrend in Nifty as well as global markets looks strong and is likely to continue. With this current dynamic environment what Indian capital market possess for the interest of the key investors?
I will not take any more of your time; we have with us very eminent speakers at this Session, and I am as eager as all of you to hear their views on the subject.