Events

The Indian Institute of Management Udaipur (IIMU) proudly hosted the inaugural Roundtable of the JM Financial Centre for Financial Research, convening industry leaders, policymakers, and financial experts to discuss the Banking, Financial Services, and Insurance (BFSI) sector's transformative role in shaping India’s economic future. Themed "India @2047: The Role of BFSI," the discussion focused on financial inclusion, sustainable growth, innovation, and regulatory reforms to position India as a global financial powerhouse.

The event was moderated by Prof. Ashok Banerjee, Director, IIM Udaipur, who highlighted the importance of industry-academia collaboration in driving financial research, fostering policy innovation, and leveraging digital transformation for India’s economic aspirations.

Key Insights from the Roundtable Discussion

Clean Technology and Climate Finance

Mudit Jain, Head of Research – Corporate & Cleantech Finance, TATA Capital Ltd., addressed the economic, social, and environmental challenges on India’s growth trajectory. He emphasized the critical role of clean technology in financial sustainability, noting that while clean tech requires high capital investment, operational costs remain low, making it a viable long-term strategy.

Jain highlighted two key imperatives of climate action:

• Mitigation – Investing in sustainable solutions to prevent environmental degradation.
• Adaptation – Developing policies and infrastructure to manage climate risks.

He underscored the importance of contract enforcement, robust execution, and effective carbon pricing in supporting India’s sustainability goals.

India’s Economic Transformation and Real Estate Boom

Amit Goenka, Chairman & Managing Director, Nisus Finance (NiFCO), discussed India’s rise as the third-largest economy, driven by:

• 80% mobile penetration, expanding access to digital banking.
• A shift from physical to financial savings, ensuring long-term economic stability.

Goenka described the 2020s as the "decade of real estate," citing projections of 50% urbanization in the next 4-5 years as a key growth driver. He highlighted:

• The expansion of smart cities, airports, and commercial real estate.
• The rapid development of Indore as a growing financial hub.
• JM Financial’s role in improving public market accessibility for investors.

India’s Expanding Insurance Sector

Casparus Kromhout, MD & CEO, Shriram Life Insurance, explored India’s evolving insurance landscape, transitioning from nationalization to privatization. He emphasized:

• The rise of life insurers from 5 to 26 and general insurers from 9 to 32 since 2001.
• The need to increase insurable lives to 1.1 billion and scale the sum assured by 100x by 2047.

Kromhout positioned insurance as a nation-building tool, ensuring financial security and economic resilience.

Capital Markets and India’s Financial Growth

Sonia Dasgupta, MD & CEO – Investment Banking, JM Financial Ltd., highlighted:

• Impressive IPO growth and capital market expansion.
• India’s emergence as a hub for Global Capability Centers (GCCs).

She advocated for financial literacy, regulatory simplifications, and streamlined capital-raising processes to create a more inclusive financial ecosystem.

Banking and Economic Empowerment

Rajesh Rai, Business Head – Retail & Business Banking, ICICI Bank, examined global banking trends, comparing India’s progress with China and the USA. He predicted:

• Indian banks will soon rank among the world's top 20.
• Banking will play a pivotal role in empowering SMEs and startups.

He emphasized adapting traditional banking models to serve India’s rapidly expanding digital economy.

The Roundtable reinforced the critical need for sustainable finance, financial inclusion, and regulatory innovations as India advances toward Viksit Bharat 2047. IIM Udaipur and JM Financial Centre for Financial Research remain committed to industry-academia collaborations that drive impactful financial research and innovation.