Bloomberg Celebrates 20 Years at the Center of India’s Financial Markets
Top executives are optimistic about the economy as reforms gain momentum
Originally posted on Bloomberg.com
To mark our 20th year in India, Bloomberg convened four distinguished corporate and financial heavyweights at a forum to discuss the country’s financial and economic future, drawing over 400 clients from leading corporations, regional and global banks and financial institutions, and top asset managers to Mumbai on October 21st.
In a series of exclusive one-on-one panels, Executive Chairman of Templeton Emerging Group Mark Mobius kicked off the celebrations speaking to Bloomberg News’ APAC Executive Editor David Merritt. He expressed much optimism on the potential that India holds, pointing to the combination of on-going reforms, cheap valuations and improving business sentiment that bodes well for foreign investors looking for yields.
Noted banker and Chairman of HDFC Bank, Deepak Parekh also shared Mobius’s enthusiasm, remarking that he has not seen India in such a strong position as it is now with technology and infrastructure paving the way for growth. When quizzed on the relationship between the government and the central bank, Reserve Bank of India (RBI), Mr. Parekh believes it will improve under Governor Urjit Patel, especially when you take into consideration Mr. Patel’s strong experience in the private and public sector sectors.
From a global bank’s perspective, CEO Zarin Daruwala of Standard Chartered Bank spoke about the need for banks to stay agile and flexible in resourcing needs, and she also believes that the banking industry should embrace financial technology in order to sustain growth and profits. Approximately 64% of participants in an electronic poll conducted at the forum did not believe that the issue of bad loans at Indian banks has peaked.
Mr. R Seshasayee, Chairman of Infosys, one of India’s largest companies by market capitalization and a global leader in technology services & consulting, expects the economy to settle on a linear growth path. Although he cautioned that the market conditions are not optimal for companies to begin investing as yet, of which over 70% of those polled agreed, he noted that the country needs to shift toward a focus on productivity, which he believes is the basis of sustainable growth in the long term.
“We are delighted that so many leading figures in the corporate and banking world came together with our clients to celebrate our 20 years in India,” said Sunny Chhabria, Bloomberg’s Head of South Asia. “The strength of our growth here is a testament to the rapid development of India’s financial markets and our deep understanding of the market and the needs of its investors. Our commitment to India has never been stronger and we look forward to the next twenty years and beyond.”
