Speaking at the conclave, Anand Mahindra, the Chairman and MD of Mahindra group lauded Narendra Modi's pet project Make in India.
The second day of SBI conclave in Mumbai was attended by eminent CEOs from banking and Industry. Speaking at the conclave, Anand Mahindra, the Chairman and MD of Mahindra group lauded Narendra Modi’s pet project Make in India. “The government is spot-on in giving ‘Make In India’ the push that it needs,” he said. Earlier this year, he defined his vision for the ambitious ‘Make in India’ initiative as a “jugalbandi” between the country’s IT and manufacturing prowess. The chairman and managing director of Mahindra Group believes that it is the diversified business houses like his that need to take the lead and work with the Narendra Modi-led government to achieve the right kind of policy framework for such a cross-sector collaboration.
Agreeing with what Mahindra said, Chanda Kochhar, MD, and CEO of ICICI Bank, said that initiatives like Make in India can help in creating huge job opportunities. “Technology will continue to play an important role in job creation. Need to see pick up in all sectors for job creation,” she said at the conclave. The Services sector has created employment in past few years, she added. Speaking on employment opportunities, Kumar Mangalam Birla, Chairman of Aditya Birla Group, said that manufacturing is the biggest lever for job opportunities. Stating that India has the potential to become a manufacturing hub, Birla said the sector needs an impetus.
Speaking at the conclave, yesterday, Union Finance Minister Arun Jaitley on Tuesday stressed on the need for higher investments in infrastructure and rural development in the country. Jaitley said there was a need for a boost in the infrastructure sector as investment deficit was still very large. The country also needs to concentrate on improving the health of the public sector banks (PSBs). “We are looking at the banking sector. Fear of consequences sometimes delays dispute resolution. PSBs are still constrained by old laws when it comes to dispute resolution,” he said. On GST implementation, the Finance Minister said that it is reasonably possible to meet the April 1, 2017 deadline to roll out the new indirect tax regime. The State Governments have realised the importance of competitiveness and attracting investments.
The State Bank of India is hosting its 3rd SBI Banking and Economics Conclave on 27th-28th September 2016 on the topical theme of “Laying the foundations of India’s Growth”. The conclave seeks to provide a platform for constructive discussion amongst distinguished industrialists, regulators, policymakers, academicians and professionals on topics pertaining to the current banking and economic scenario.