New Delhi, February, 08, 2017: Leading economists, bankers, fund managers, regulators, academics and public policy experts participated in the ‘Finance Conclave 2017’ an engaging forum, to deliberate on recent trends, emerging issues, challenges and opportunities surrounding the Indian financial sector and economy.
The conclave was organized at the India International Centre, New Delhi by the Jindal Global Business School (JGBS) – India’s first multidisciplinary global business school in collaboration with US-based Institute of Management Accountants (IMA), the worldwide association of over 70,000 financial management and accounting professionals.
Central discussions at the forum focused on issues regarding budget 2017-18, banking sector reforms, start-ups, impact of demonetization, digital India, Make in India, tax reforms, move towards a cashless economy and various other regulatory reforms introduced in the country.
Speaking at the forum, (Dr.) Tapan Panda, Professor and Dean, JGBS, said, IMA is amongst the largest and most respected associations for finance professionals in the world, and we are privileged to have partnered with them to host our first finance conclave. The next few months will also witness our institutions engage in creating intellectual capital of global standards through joint seminars, conferences, common research projects and international publications, a step that will further strengthen our partnership.
Delivering the keynote address at the forum, Dr. Raef Lawson, Ph.D, CMA, CPA, CFA, Vice President, Research and Policy, IMA, USA, said the role of finance professionals is expanding exponentially across industries. Today more than ever, organizations are under increasing pressure to improve performance and management accountants are being challenged to develop skills that go beyond technical capabilities. Finance and management professionals today not only need to shoulder critical financial management but also engage in strategy and plan for business sustainability.
Dr. Pankaj Gupta, Professor and Vice Dean, JGBS and Professor Rajesh Chakrabarti, Professor and Executive Vice Dean, JGBS chaired the panel discussions at the forum which witnessed participation of regulators and decision makers, business leaders and policy makers from across the country and the world.
Delivering a special address at the forum, CMA Sanjay Gupta, Vice President, ICAI, India, highlighted the importance certified industry ready professionals in organizations, he said, the role of the finance professional has evolved dramatically, while young professionals strive to make their mark in the corporate world, it is skills and expertise that the industry seeks. Skilled human capital is the most important resource for any organization today.
Leading PSU’s and private organizations in the country are being led by CMA’s, people at the helm of affairs in any large organization have this certification, and thus its contribution to your career is invaluable, he said.
Speaking on the recent budget Dr. Amir Ullah Khan, a development economist and senior policy advisor, Bill & Melinda Gates Foundation, termed the recent proposals in the announcement as ‘passable.’ It would be very tough to define the actual merits of the recent budget, he said. While it discusses the important aspect of affordable housing in an ambiguous manner, it certainly does not provide any reforms to the sectors of health and education. Despite last four years of advocacy, there was absolutely nothing that has been done for these important areas.
Speaking at the forum, Mr. Subhomoy Bhattacharjee, Consulting Editor at Business Standard, presented a strong argument in favor of the recent demonetization drive and termed it a success. Referring to the remarks made by the finance minister in his budget speech, he said, over 4.9 lakh crores were deposited 1.48 lac bank accounts with an average deposit size of 3.31 crore. In total 5 lakh crore worth of black money came back into the financial system, which is an undeniable benefit the demonetization drive conducted by the government.
Other eminent participants in the seminar included CA Avinash Mehrotra, Chartered Accountant, Former CEO BAG Films, Mr. Varun Jain, National Instructor at Miles Professional Education – CPA & CMA Review.
The engaging forum witnessed interesting debates, which brought out multiple perspectives on recent government announcements and competencies needed for creating future ready finance and management professionals. The forum hosted by JGBS is expected to be an annual affair.