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Development of Financial Industry will boost the economy, says a leading banker

Ahmedabad: “Growth of financial Industry will definitely boost the economy, but the level of the NPA(Non Performing Assets)is the biggest concern. The flow of credit will help. We are focussing too much on large corporate houses. Now it is high time that the finance industrybegins offering services at ground level”, said Mr. Milind Kulkarni,  Director, Societe Generale(leading Bank of France). GTU organized an International Conference on “Role of Financial Industry in Accelerating Economic Growth”.  The Conference was organized by Post Graduate Research Centre for Financial Services of Gujarat Technological University (GTU) in association with reputed foreign institutes and universities like Laurentian University (Canada), Ural Federal University (Russia), De Montfort University (UK) and Indian Institutes like Entrepreneurship Development Institute, Ahmedabad and S.P. Jain Insitute of Management & Research, Mumbai.
Key leaders of international conference: Dr. Akshai Aggarwal Vice Chancellor of GTU  and Dr. Jagdish Joshipura, Director of Som-Lalit Institute of Management Studies
Key Force behind international conference: Dr. Akshai Aggarwal Vice Chancellor of GTU and Dr. Jagdish Joshipura, Director of Som-Lalit Institute of Management Studies
Mr. Kulkarni, Chief Risk Officer of Societe Generale, stated thatfarming and manufacturing sector had developed less than service sector. In North-East only 6 to 7 % population is covered under banking. Jan Dhan Yojana may be able to rectify the situation. Personal banking and micro financing are important for development. In India, we are facing many issues concerning maintaining economic growth like slower growth rate, not meeting target employment, etc. Although excellent steps are being taken by Government of India to improve manufacturing sector, MFI/RRB/NABARD/SIDBI can also help  accelerate growth through technology and through their pan India presence. Dr. Akshai Aggarwal Vice Chancellor of GTU said that every management college should work to ensure that every graduate is well-prepared for the markets of tomorrow. This can be achieved by improving communication skills in students and by setting upthe right mechanism to ensure a balance between work and study by increasing interaction with industries. He said that we should take students out and provide an opportunity to learn them from industry or business. In the MBA syllabi of GTU, every subject has a fifth module, which requires immersion studies. Dr Aggarwal asked the management colleges to see that the fifth component was done properly through active contactsbetween atudents and businesses and industries.He added that for the success of ‘Make in India’ project, financial industry has to grow. Mr. Kamlesh Gandhi, Managing Director of MAS Financial Services also addressed the conference. He said that during the last 50 years economic growth is phenomenal and financial Industry has a major role in it. 65% of world population is having an income of less than 4$ per day. Financial Industry have to create more opportunities. We need financial inclusions, financial literacy, optimal policy and regulatory framework. Such integrated approach will lead to sustainable economic growth. Ms. Michelle David, Senior Lecturer, Department of Accounting & Finance, Faculty of Business and Law, De Montfort University, U.K. also addressed the conference. She said that I am quoting what Gandhiji said: Be the change. Financial Industry will have a major role to play, but society as a whole have to think what I can do?Dr. Chinnam Reddy also presented his views. Dr. G. P. Vadodaria,Incharge Registrar of GTU shared that two day workshop has provided a platform to the researchers to exchange the knowledge & the conference will be fruitful to all the participants. Around173 authors from 12 states of India and from 2 foreign countries have participated in the conference. 52 quality papers were published in the proceeding after a peer review. Top five papers received trophies, among them were Dr. Harsha Jariwala, Rashmi Banerjee and Riddhi Dave, Nirj Ramanuj and Chetna Parmar, Mrinal Joshi and Jayesh Desai, Dr Pallavi Modi. Mr. M.V. Nair, Chairman, Credit Information Bureau, Mumbai  attended the inauguration ceremony on first day as a chief guest. He emphasised on a robust financial sector, which may help in improving the economic development of the nation. He also said that banks have an important role to play in the social development of the society rather than only focusing on financial aspects.  He said that credit card default has come down. He suggested that terms of CEOs of banks should be longer. Mr. Rajendra M. Ganatra, MD & CEO of India SME Reconstruction Company Limited, emphasised on the role forthe manufacturing sector and service sector. He talked on technology intervention in the financial sectorand also suggested that technocrats and scientists should be appreciated by heavy incentive giving the example of Mangalyan. Mr. D.C. Anjaria, Finance expert, was of the opinion that Direct & Indirect Contribution of the financial sector in the growth of the nation cannot be ignored. He said that the manager must expand the horizon to capture new innovations in finance.

About Sanjay Trivedi

Sanjay Trivedi is honorary editor of Asia Times. He is senior Indian Journalist having vast experience of 25 years. He worked in Janmabhoomi, Vyapar, Divya Bhaskar etc. newspapers and TV9 Channel as well as www.news4education.com. He also served as Media Officer in Gujarat Technological University.

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