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 Sector, one of the core sectors responsible for driving the economic growth momentum, was deeply impacted on account of the metamorphosis.
Even though the sector has gone through many tumultuous periods over the last two decades, the Indian financial services sector could withstand the external macroeconomic shocks due to its strong resilience and the control exercised by the Regulators and the Government of India. The new emerging face of the Banking & Financial Services sector in India is typified by a strong, transparent and resilient system. The industry is slated for a faster growth with the Central Government approval for increased private investments and foray of international players.
The Department of Economic Affairs and Policy (DEAP) of Indian Chamber of Commerce (ICC) has been the perfect industry growth enabler for the country over the years, through provision of rich policy directives & suggestions to the Government & Regulators, drafting of 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 connectivity. Having its strong focus on the Banking, Mutual Fund and Insurance sectors, the DEAP has worked closely with RBI, AMFI, SEBI, IRDA, major Industry Associations and renowned sectoral players. The Chamber has partnered both Government and Industry initiatives to boost economic performance during the last couple of years, thereby bringing about a facelift for the economy. ICC Mutual Fund Summit, ICC Banking Summit and ICC Insurance Summit are the annual flagship events of the National Chamber in the BFSI 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 policy interventions and reforms required across sectors, also dwelling 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 Chairman, IRDA; Member, IRDA; Chairman, Bombay Stock Exchange; Deputy Governor, RBI; Chairman, 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, ICC 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 & fiscal policy measures need to be taken to keep the inflation at bay, and to develop an environment conducive for investment and growth. The Chamber also publishes ICC Policy Watch, Indian Economy Tracker and Financial Sector Newsletters, 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.
The Department is headed by Mr. Rajarshi Ghosh.