India Financial Markets III
Co-organized by Asia Society and the Confederation of Indian Industry (CII)
NEW YORK, June 24, 2008 – Business and government leaders from India and the US gathered at the Asia Society for a full-day conference co-organized by Asia Society and the Confederation of Indian Industry (CII), analyzing recent issues in the development of India’s financial markets. With sessions devoted to general market development, real estate, banking, and long-term funds, the panelists delved deeply into issues of concern for anyone investing or raising money in India.
The day opened with a keynote address by K.V. Kamath, president of CII and CEO of ICICI Bank Ltd., who laid the backdrop for the day’s panels, discussing the overall direction of India’s economy, and particular the direction for financial services. He concluded that India’s transformational growth will continue "like a chemical reaction that doesn’t end" for at least 10-15 years, with an 8-10 percent annual growth rate unaffected by global volatility.
Following Mr. Kamath were two in-depth panel discussions looking at general financial market and real estate market development in India. Neither panel shied away from discussing the current challenges facing India, of which many were analyzed, but the overall consensus was one of optimism and heightened anticipation moving forward.
Lunch was followed by the day’s second keynote as C.B. Bhave, chairman of the Securities and Exchange Board of India (SEBI), provided guests with a rare opportunity to hear from one of India’s most important regulators. During his keynote address and in a subsequent discussion with New Silk Route Co-Founder Parag Saxena, Mr. Bhave laid out SEBI’s priorities moving forward, particularly the development of derivative and bond markets.
The day concluded with two additional high-level panel discussions looking at innovations in India’s banking system, particularly in relation to technology and social development, as well as a discussion of long-term fund development and how infrastructure can be financed in India.
Excerpts:
Mr. K. V. Kamath, CEO of ICICI Bank Ltd., describes how a $750 billion "pipeline of investment" is driving transformational growth in India, diminishing the need for debt financing and insulating India’s economic/financial development from volatility in global markets. (4 min., 56 sec.)
Mr. C. B. Bhave, chairman of the Securities and Exchange Board of India (SEBI), lays out SEBI’s current agenda: introducing currency and interest rate derivatives; developing the domestic bond market; creating an SME exchange-traded platform; and creating parameters for foreign-stock trading in India. (4 min., 2 sec.)
 Slideshow: India Financial Markets III
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