The Indian economy has witnessed a tectonic shift across
sectors in the post liberalization era, which has not only introduced
regulatory course corrections, but has also favourably impacted sectoral
performances and in the process changed the basic fabric of the foundations of
the economy. Banking and Financial Services (BFSI) Sector, one
of the core sectors responsible for driving the economic growth momentum of a
country, was deeply impacted on account of this metamorphosis.
In a post pandemic VUCA world, the emerging
face of the Banking and Financial Services sector in India is
typified by continual evolution, aided mostly by digital technology.
As financial services are gravitating towards
technology-driven configurations the country has seen a proliferation of
fintech startups.
The Department of Economic Affairs and Policy (DEAP)
of the Indian Chamber of Commerce (ICC) which looks after the
BFSI activities of the Chamber is highly focused on the Banking, Mutual
Fund and Insurance sectors. The Department has
worked closely with Reserve Bank of India, AMFI, SEBI, IRDAI,
major Industry Associations, startup ecosystem partners and
leading sectoral players.
The Department of Economic Affairs and Policy (DEAP)
has been the perfect industry growth enabler for the country over the years,
conducting path breaking research studies for State and Central Government
agencies and Consulates, providing rich policy directives & stakeholder
feedback, drafting macro and micro-economic policy blueprints for various
Ministries at both Central & State Government levels and organizing
national level Conferences and Interactive Sessions with Industry experts
thereby forging valuable B2G and B2B networking opportunities.
The Indian Chamber of Commerce has
partnered both Government and Industry initiatives to boost economic
performance during the last couple of years, leveraging the hybrid mode of
communication, thereby nurturing the green shoots of economic recovery in a
post pandemic world. ICC Mutual Fund Summit, ICC Banking Summit
and Emerging Asia Insurance Awards and Conference are
some of the annual flagship events of the Indian Chamber of Commerce in
the Banking and Financial Services domain, which act as
effective industry voices for these sectors, and witness the coming together of
key policy makers, industry captains & international consultants, who share
their valued insights about important industry issues, suggest policy
interventions and reforms required across the sectors and deliberate on the
prospects and challenges of the Indian financial market.
Important dignitaries who have graced the Chambers’ various
Conferences on the Capital Market in the recent past include Dr. Amit
Mitra, former Finance, Commerce & Industries Minister of West
Bengal; Chairman, IRDAI; Member, IRDAI; Chairman, Bombay Stock Exchange;
Deputy Governor, Reserve Bank of India; Chairman, SEBI; Whole
Time Member, SEBI; Executive Director, SEBI;
Senior Ministry of Finance Officials ; Chairman, AMFI, MDs &
CEOs of all leading Indian Corporate Houses, amongst others.
Being a progressive, pro-growth Chamber, Indian
Chamber of Commerce is a strong proponent of financial sector reforms,
and also believes that financial inclusion should be of utmost priority, if the
country has to sustain an equitable and inclusive growth path. Prudent monetary
and fiscal policy measures need to be taken to keep the inflation at
bay and to develop an environment conducive for investment and growth. Keeping
with the changing times the Indian Chamber of Commerce takes
an active interest in exploring technology enabled solutions for financial
business and in promoting the startups.
The Department of Economic Affairs and Policy, Indian
Chamber of Commerce publishes Policy Watch, Act East Newsletter,
Startupreneur and other Sectoral Studies including Financial Sector
Studies, which aim at spreading awareness and financial knowledge to
members, along with analyzing each sector’s quarterly performances. Apart from
undertaking these works, the Department has its own Internship program for
International students and Indian students.
The Department of Economic Affairs and Policy is
being headed by Mr. Rajarshi Ghosh.
