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SAMIKSHA: The Panel Discussion at NITIE, Mumbai Mr. Anand Shanbaug, as someone who has analyzed markets across the world in depth and detail, maintained that India is arguably the best destination for investment. In his presentation, which could well be used as an eye-opener for any skeptical FII, he presented the various figures that provide the Indian economy with its resilience. He cited the example of the withdrawal of about USD 0.5 bn by FIIs in the months of April and May which had negligible effect on the market metrics largely because domestic activity pumped in close to USD 1 bn during the same period. Mr. V. Ravi presented a most comprehensive picture of the economic reforms process in the country. Starting from the scene prior to 1990, he seemed satisfied with the pace and degree of reforms while agreeing with Mr. Majumdar that the need for a more enabled regulator is urgent and very essential. He believed that the, "reforms have been steps in the right direction but the destination is far from reached. All the more reason to be optimistic since there is that much more potential in the Indian markets." He added that further dilution of govt. ownership, better corporate governance, reduction in NPAs and transaction costs and demat in stamping are issues that can be used in the design of the future road-map. In the panel discussion that followed these presentations, the issues brought up in the presentations were discussed in detail and questions from the audience were addressed. In reply to a question on the "hedge funds", Mr. Shanbaug emphasized the need for ethical business practices and felt that the business of making money has to be free of all legal loopholes. At the end of what was a most engrossing forum the speakers shared a confident optimism at the performance and future of the Indian Financial System and expressed their hope that the future business leaders of the country, many of which were part of audience will work to take the reforms process forward. "I don't see any reason to worry about an economic downturn in the near future. We are an economy with strong fundamentals and therefore reasonably immune to global trends. Its time to set some things in order and reap the fruits of the good work done so far." With these words, Mr. Shanbaug put to rest the apprehensions of an economy slowdown expressed by some and brought down the curtains on the latest edition of Samiksha organised by NITIE. Concluded. Click here to post your views/ comments/ experince on this... Contributed by - |
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