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Experts from Banking, Industry, Economy, Finance and Capital Market discussed the roadmap for achieving the GDP targets at the Financial Conclave organised by Jito Professional Forum
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The financial conclave was attended by 250 finance professionals, bankers, fund managers, capital market participants, all JITO Members
Following the recent positive steps taken by the government to support the economy’s growth and boost various industry sectors through capital market reforms, banking sector consolidation, corporate tax rate cut, Rs 10000 crore special window funding to real estate along with many other measures, the who’s-who of the industry have evinced their confidence about the Indian economy not only reaching the target of $5 trillion by 2024 but also looking beyond to achieve the $10 trillion mark by 2030.
At the “Jito Professional Forum -Finance Conclave” organized by The JITO Professional Forum (JPF), an arm of Jain International Trade Organization ( JITO ), on Sunday, September 22, 2019, over 250 participants which included the who’s-who of the industry comprising of CXOs managing 40 % AUM of Indian Mutual Fund Industry & equity market experts, as well as experts from Banking, Industry serving over 40 % of the Indian Banking market ,Industry handling over 50 % of India’s Data consumption ,Economy and Finance, discussed the roadmap for the industry to achieve the mission of $ 5 trillion dollar economy by 2024. The experts were part of panel discussions on various avenues that could lead India to achieve the above mentioned goals.
The panel on the “Way Forward” to achieve the $5trillion target was moderated by Dr. Ashok Ajmera, CMD of Ajcon Global Services Ltd and a Sr Equity Analyst.
Mr. Prashant Jain, ED & CIO of HDFC AMC, Mr. Navneet Munot, CIO of SBI Mutual Fund, Mr. Sankaran Naren, ED & CIO, ICICI Prudential AMC, Mr. S. P. Tulsian, senior Equity market analyst, Mr. Sunil Singhania of Abakkus Asset Manager LLP (Fr. Global Head – Equities at Reliance Capital) and Mr. Vijay Anand – Product & Research Head of Aum Capital, were part of this panel discussion.
Mr. Prashant Jain, ED & CIO of HDFC AMC, made a presentation to show that Indian investor would continue to see exponential advantage in investing in equity market as compared to other asset classes: “The power of equity investment can be judged from the simple fact that the BSE Sensex has moved to 40000 in 2019 from 100 in 1979. This is, 400 times appreciation in 40 years, which is around 16% CAGR. No other asset class has given returns even remotely near to this. Patience is the key to successful investing in equities,” he said.
Mr. Sankaran Naren, ED & CIO, ICICI Prudential AMC, however, advised that “Small cap is cheap and quality is costly.”
Speaking about the benefits of some of the recent reforms measures announced by the government, Mr. S. P. Tulsian, senior Equity market analyst, said, “Indian economy is poised to grow touching a rapid double digit growth over next 5 years. The recent Tax rate cut will revive investment climate with FDI & FII investment seen rising over next 2-3 years. Contract manufacturing allowed with 100% FDI, coupled with new units attracting 17% Income tax will accelerate setting up of new units in electronic, defence and technological sectors.”
Mr. Navneet Munot – CIO of SBI Mutual Fund, agreed with Mr. Prashant Jain and said: “Investors will benefit from remaining invested in equity market in the medium to long term and should avoid selling it low and buying at high. He added, “A reform friendly government with significant political capital, a stable macro-economic environment and structural drivers like favorable demographics, demand and digitalisation will take India to a $5 trillion economy. A world dealing with excessive liquidity and anemic growth will find India as an ‘Oasis of Hope’.”
The second panel discussion on “The Outlook” for Indian economy was moderated by Mr. Arijit Basu, Managing Director of State Bank of India, and the panelists included Mr. Saumya Kanti Ghosh, Gr. Chief Economic Advisor for SBI, Kewal Handa, Charman of Union Bank of India, Mr. Rajneesh Jain, CFO, Reliance Jio Infocomm Ltd., and Shri. Pankaj Jain, Director at Duff & Phelps.
Mr. Saumya Kanti Ghosh provided statistical numbers to prove that India could easily reach the target of USD 5 trillion by 2024. He said: “The decision to rationalise corporate taxes will result in significant corporate savings and could act as an enabler in an investment led recovery in medium term. We must remember that $5 trillion is just a number and policies must be tailored towards that objective.”
From JITO Mumbai Zone, Chairman, Shri. Hitesh Doshi and from JPF –Director In Charge, Shri. Ravi Jain welcomed the guests and Vice Chairman – JPF Shri. Ajay Bohara gave the details of activities being carried out by JPF. Shri. Vicky Oswal, Chief Secretary-Mumbai ZONE, delivered the vote of thanks.
Mr. Ajmera congratulated the JPF team for ensuring that their first-ever Finance Conclave was such a huge hit. “Kudos to the team JPF tam for making this event a super-duper hit. This event has become the most sought-after professional event series by the professionals in the Jain community,” he said.
