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.