17-18 September 2019 India Habitat Centre (Tamarind Hall)

New Delhi

Building a $5 TrillionIndian Economy:The Way Forward

on

Jindal School of Banking & Finance (JSBF), O.P. Jindal Global University

Hosted By:

The global economy is going through tectonic shifts in the face of nationalistic fervour, polarization and protectionist tendencies. The economic expansion of the 80s and 90s driven by globalization is seeing a reversing trend in the last decade driven by geopolitical ambitions of nations and increasing economic, political, and �nancial fragmentation. Financial crisis precipitated a yo-yo effect of risk, regulatory, and governance agenda for nations and �nancial institutions.

A new economic and �nancial order is emerging which is increasingly driven by the in�uence of technology like Blockchain, and Arti�cial Intelligence, regulations, sustainability goals, and the economic divide between people. To meet these evolving challenges, a fresh look is required at the role of �nance, that which is rooted in solving societal challenges, responding to the demands of entrepreneurs, small and medium enterprises, and bridging the gap between the rich and poor economies. Financial institutions, policy makers, academicians, and regulators, need to come together to discuss in an open forum the new challenges and develop solutions that addresses international trade, sustainability, data protection and privacy, and complex �duciary responsibility.

Global Finance Conclave will assemble key �nancial services stakeholders including senior regulators and policy makers, economists, professional service providers, and leaders from banks and insurance companies, asset and wealth management �rms, FinTech and more. They will discuss topics of current interest to build new opportunities for organizations, consumers, and the economy. The Conclave will highlight a range of timely global economic and �nancial issues, including prospects for growth, challenges in adopting digital transformation, cross border regulation and tax policy, and more.

Role of women in the growth of a nation’s economy cannot be ignored. Their ability to take positions of leadership in the public and private domain cannot be underscored Global Finance Conclave will hear from women leaders in business and academia.

Global Finance Conclave will provide perspectives from leaders in the planning and policy formulation, banking and �nance industry and academicians on driving India’s economic growth in today's global economy in a sustained, technology-led and equitable manner. We invite policymakers, executives, industry experts, law practitioners, policymakers, regulators, academicians and students to participate.

B A C K G R O U N D

RSVP: Pritika Sharma, +91 8930110797, pritika@jgu.edu.in

Prof.

SESSION 1:‘BUILDING A $5 TRILLION INDIAN ECONOMY:THE WAY FORWARD’ The Government of India has put out a bold vision of creating a $5 Trillion economy by 2025. To nearly double the economy in six years will require significant industrial growth coupled with access to infrastructure funds, financial inclusion of a broader section of society, adoption of emerging technologies, and smart trade policies. What challenges does this pose? Have the finance commission and the policy wonks considered the market structure and the global economic forces like Brexit and US-China trade war? With slowdown in the economic growth, is a $5Trillion target too ambitious? What can be done to meet the target?

10:00 am - 11:15 am

th Tuesday, 17 September 2019

SESSION 2:‘HOW DO WE BANK THE UNBANKED IN INDIA?’

There are over 1.7 billion adults across the world who are ‘unbanked’. Providing banking access and services to this population could boost the global economy by $600bn. How have governments around the global started this journey to financial inclusion? Has it been coupled with relevant digital transformation agenda? Have factors relating to taxation, credit risk management, and idiosyncrasies of regional markets been addressed?

11:30 am - 01:00 pm

Chair: Professor (Dr.) Rajesh Chakrabarti, Dean, Jindal Global Business School, JGU Panelists: Dr. M.V. Rajeev Gowda, Member of Parliament, Rajya Sabha Mr. Anant Pratap Singh, Senior Economist, Punjab National Bank Mr. Nipun Mehrotra, Former Chief Digital Officer, IBM India Mr. Krishnan Dharmarajan, Executive Director, Centre for Digital Financial

Inclusion Professor Deepanshu Mohan, Associate Professor & Director, Centre for New

Economics Studies, Jindal School of International Affairs, JGU

TEA 11:15 am - 11:30 am

DAY 1

LUNCH 01:00 pm - 02:00 pm

Opening Remarks: Professor (Dr.) Ashish Bharadwaj Dean, Jindal School of Banking & FinanceWelcome Address: Professor (Dr.) C. Raj Kumar Founding Vice Chancellor, O.P. Jindal Global University (JGU)Inaugural Address: Mr. N. Sivasailam Special Secretary (Logistics), Ministry of Commerce and IndustryKeynote Address: Professor Rajeev Malhotra Professor & Executive Director, Centre for Development and Finance, Jindal

School of Government and Public Policy, JGU

Banks, Wealth Management Firms, and Insurance companies are making major strides in expanding to new markets, thanks to the advent of robust mobile networks, and cheap internet connectivity. While the internet and mobile services (payments, banking, onboarding etc.) have brought significant efficiency to the system, it has also added on to the potential for data hacking and cybercrimes. How are the financial institutions dealing with this modern-day piracy? Are the governance structure and system robust? Are the consumers well protected? What are the government regulations and programmes to reduce this global menace?

SESSION 3:‘IS INDIA PREPARED FOR NEW LAW &POLICY CHALLENGES IN CONNECTED BANKING,COMMERCE AND FINTECH ?’

02:00 pm - 03:30 pm

SESSION 4:‘ARE BANKS TOO BIG TO FAIL AND HOW BAD ISINDIA'S INFRASTRUCTURE DEBT CRISIS?’

Prime Minister recently announced an infusion of about $1.4 Trillion spend on infrastructure. These greenfield and brownfield will cover areas such as clean energy, digital infrastructure, electric mobility, and gas-based economy. On the other hand, the recent announcement of consolidation of nationalized Banks, the notion of Big Banks gets magnified. Most of these banks have run up major debt. Is it more important to address the asset quality process, credit policies, and credit risk management, to reduce the non-performing assets in large public sector banks than invest in more large-scale infrastructure projects? While the banks are facing NPA crisis, corporate and federal debt is growing. While the federal budget deficit is pegged at 3.4%, there are questions being asked if the debt is simply being shifted to public sector undertakings. As most of the stressed debt in India is among industrial, energy and utilities sectors, will the ease in monetary policy be enough to turn the tide? How serious is India's debt crisis and what actions should be taken to address them? How should India balance between getting a handle on the Debt at the same time ensuring these growth programs' risks are managed.

03:30 pm - 05:00 pm

Chair: Professor (Dr.) Anand Mishra, Associate Professor & Vice Dean, Jindal School of Banking & Finance, JGU

Panelists: Professor (Dr.) Partha Chatterjee, Professor and Head of Department of Economics, Shiv Nadar University

Dr. Vaneet Bhatia, Assistant Professor & Assistant Dean (Outreach), Jindal School of Banking & Finance, JGU

Mr. Deepak Chatterjee, Former Director & CEO, India Infrastructure Finance Company Limited

Mr. Subhomoy Bhattacharjee, Consulting Editor, Business Standard and Adjunct Professor, Jindal School of Journalism & Communication, JGU

Chair: Dr. Sudipta Sen, Assistant Professor & Assistant Dean (Academic Affairs), Jindal School of Banking & Finance, JGU

Panelists: Mr. Sudhanshu Pandey, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry

Mr. Mohit Shukla, Managing Director & Head – India Legal and Compliance, Barclays India

Mr. Deepak Maheshwari, Director - Government Affairs, India, ASEAN & China, Symantec Corporation

Ms. Pratibha Jain, Partner, Nishith Desai Associates

TEA 05:00 pm - 05:15 pm

SESSION 5:‘CREATING SUSTAINABLE ECONOMIC GROWTH’

05:15 pm - 06:30 pm

Over the past 40 years Chinese economic growth has nothing short of stupendous. During this time, it has quadrupled its GDP and is now the second largest economy in the world. China was able to adopt aggressive International trade and foreign policies to drive their mission. They established a strong infrastructure program and emphasized on manufacturing. They have understood the economic advantages of following an environmentally friendly and sustainable model. Their institutions and legal framework support business friendly structure. Now China is focused heavily in investing in high technology and ensuring that their higher education programs create a generation of students who can take advantage of emerging technology. Does India's democratic structure support similar approach to growth? This debate will focus on 5 main areas of similarities and distinctions between India and China – International Trade and Foreign Policy, Infrastructure and Manufacturing, Sustainability and Environment, Institutions and Rule of Law, and Technology and Higher Education. Which model is better, and should India adopt a similar approach as China?As students of Banking & Finance, this topic of the future will help establish baseline on every action as a professional. There will be two teams of 5 students each who will debate the topic in the time allocated for each person. A JSBF faculty member will be assigned as mentors for each team. The debate will be judged by experts in the field.

Opening Remarks: Professor Ram B. Ramachandran, Professor of Practice & Vice Dean (Strategy & Planning), Jindal School of Banking & Finance, JGU

Welcome Address: Professor (Dr.) C. Raj Kumar, Founding Vice Chancellor, JGUValedictory Address: Dr. K.P. Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship, Government of India Dr. Pronab Sen, Programme Director, International Growth Centre, India ProgrammeClosing Remarks: Professor (Dr.) Anand Mishra, Associate Professor and Vice Dean, Jindal

School of Banking & Finance, JGU

TEA 11:00 am - 11:15 am

SESSION 6:‘STUDENT SESSION – SHOULD INDIA EMULATE THE CHINESE MODEL OF ECONOMIC GROWTHAND DEVELOPMENT?’

09:30 am - 11:00 am

th Wednesday, 18 September 2019DAY 2

Introduction to this Special Student Session: Dr. Vaneet Bhatia, Assistant Professor & Assistant Dean (Outreach), Jindal School of Banking & Finance, JGUIntroduction of Teams by Faculty Mentors: Dr. Soumyadip Roy, Assistant Professor & Assistant Dean (International

Strategy), Jindal School of Banking & Finance, JGU Dr. Amlan Das Gupta, Assistant Professor & Assistant Dean (Research),

Jindal School of Banking & Finance, JGUOpening Remarks: Dr. Yinghong Huang, Associate Professor, Jindal Global Law School, JGUStudent Debate: Team Platinum (JSBF 2018) vs Team Rhodium (JSBF 2019) Special Remarks: Mr. Yogesh Mittal, CFO and Strategy, JBM Environment ProjectsConcluding Remarks: Mr. Anirban Mukerji, Head, Qualcomm for Good (India and Indonesia)

SESSION 7:‘ENGAGEMENT VS COMPETITION: EMERGING ERAOF INTERNATIONAL TRADE AND TAX POLICIES’

11:15 am - 12:30 pm

The current trade tension between the US and China have the possibility to break into a full-blown trade war. This has been precipitated by intense nationalistic fervour and genuine need to have the economic, political, and militaristic upper hand. Brexit will create its own set of tax and trade related challenges not just for UK and the EU, but other trading partners as well. Which countries or groups are likely to take the route of engagement and create regional and global treaties like the TPP? Will countries like India and Brazil likely to benefit with the changing dynamics in International trade? Has the implementation of GST transformed into a common economic market domestically and helped small businesses thrive? What other tax policies should be adopted to spur competitive growth?

Chair: Dr. Amlan Das Gupta, Assistant Professor & Assistant Dean (Research), Jindal School of Banking & Finance, JGU

Panelists: Dr. Sumeet Jerath, Special Secretary, Cabinet Secretariat, Government of India Dr. James J. Nedumpara, Professor, Jindal Global Law School, JGU Ms. Pallavi Joshi Bakhru, Group Tax Head, Vedanta Group Dr. Kavita Rao, Professor, National Institute of Public Finance and Policy

SESSION 8:‘HOW CAN WOMEN DRIVE THE NEXT WAVE OFECONOMIC GROWTH IN INDIA?’

01:30 pm - 03:00 pm

Smt. Nirmala Sitharaman became only the second woman to take the office of India's Finance Minister in its 70-year history. Women's participation in personal finances and managing the finances at home remains low. In the rural areas, financial decisions are made by the male members. In the corporate sector, opportunities, mentorship, training, and proverbial glass ceiling impedes progress. There have been one-off stellar success stories. However, for India to have a dramatic economic breakthrough, it is critical to unleash women power in areas of banking, personal finance, and financial decision making. What are the challenges and solutions?

LUNCH 12:30 pm - 1:30 pm

Chair: Professor Kalyani Unkule, Associate Professor, Jindal Global Law School & Director, International Affairs and Global Initiative, JGU

Panelists: Ms. Sangeeta Singh, Director, EY Ms. Krithika Ram, Program Director, WEConnect International, India Professor Shalini Goel, Assistant Professor & Assistant Dean (Industry

Interface), Jindal School of Banking & Finance, JGU Professor Shuchi Sinha, Associate Professor, Jindal Global law School, JGU & Former Partner at AZB & Partners Dr. Ruchira Sen, Assistant Professor, Jindal School of Journalism &

Communication, JGU

SESSION 9:‘OVERCOMING FINANCIAL DOWNTURNS TOREACHING A FRICTIONLESS ECONOMY:CHALLENGES AND OPPORTUNITIES'

3:00 pm - 4:30 pm

The global economy seems to be entering a phase of synchronized slowdown. IMF has predicted that 70% of the global economy will face a downturn. India has revised downward the GDP projections. Despite these warning signals, India has embarked on an ambitious growth target. With the thrust of improving digital infrastructure, the interconnectedness between business, technology, and people should benefit entrepreneurs more than ever before. Can India capitalize on new models for supporting innovation to unleash their power for a more frictionless economy? Are the Government policies and programs on emerging technologies (like AI, digital payments, cryptocurrency), manufacturing (like Make in India) clear and supportive or are they counter intuitive? Is it supporting only big businesses? The panel will try and separate the truth from the hype.

Chair: Professor R. Sudarshan, Dean, Jindal School of Government and Policy, JGU

Panelists: Dr. Subi Chaturvedi, Distinguished Public Policy Professional & Former Member, UN Multitasker Advisory Group on Internet Governance

Mr. Vjiay Sardana, Public Interest Director, Metropolitan Stock Exchange of India Ltd. & Member, Commodity Derivates Advisory Committee, SEBI

Professor Jaivir Singh, Centre for the Study of Law & Governance, Jawaharlal Nehru University

Ms. Geetima Krishna, Research Scholar, Indian Institute of Foreign Trade Professor Ram B. Ramachandran, Professor of Practice & Vice Dean (Strategy

& Planning), Jindal School of Banking & Finance, JGU

SESSION 10:VALEDICTORY SESSION

5:00 pm - 6:30 pm

TEA 04:30 pm - 05:00 pm

Opening Remarks: Professor (Dr.) Y.S.R. Murthy, Registrar, JGU

Welcome Remarks: Professor (Dr.) C. Raj Kumar, Founding Vice Chancellor, JGU

Announcement of Debate Result and Presentation of Awards

Valedictory Address: Dr. Rajiv Kumar, Vice Chairman, NITI Aayog

Closing Remarks: Professor (Dr.) Mohan Kumar, Vice Dean (Global Initiatives & Institution Building), Jindal School of International Affairs, JGU

Vote of Thanks: Professor Ram B. Ramachandran, Professor of Practice & Vice Dean (Strategy & Planning), Jindal School of Banking & Finance, JGU

O. P. Jindal Global University (JGU) was established in 2009 as a non-pro�t institution, with the mission of being a private university promoting public service. JGU is located in the National Capital Region of Delhi. It has a state-of-the-art, self-sufficient, and residential campus, housing over 4000 students from 29 Indian states and Union territories and 20 countries.

JGU has established eight interdisciplinary schools offering undergraduate, postgraduate and doctoral degree programmes - Jindal Global Law School (JGLS), Jindal Global Business School (JGBS), Jindal School of International Affairs (JSIA), Jindal School of Government & Public Policy (JSGP), Jindal School of Liberal Arts & Humanities (JSLH), Jindal School of Journalism & Communication (JSJC), Jindal School of Art & Architecture (JSAA) and Jindal School of Banking & Finance (JSBF) - and three research and capacity building institutes.

In June 2019, JGU was placed among the top 2.67% of all universities globally in the 2020 Quacquarelli Symonds World University Rankings making it the youngest University in the world, to have featured in these prestigious rankings. In August 2019, JGU was recommended by the University Grants Commission as an Institution Of Eminence (IOE).

JGU is one of the few universities in Asia that maintains a 1:10 faculty-student ratio and appoints faculty members from India and different parts of the world with outstanding academic quali�cations and experience. Over �fty-�ve percent of JGU faculty members are alumni of world's top 200 universities including Oxford, Cambridge, Harvard, Yale, Stanford, Columbia, Brown, Berkeley, Cornell, Johns Hopkins, and Chicago.

JGU is a research intensive university, and is deeply committed to its core institutional values of interdisciplinary and innovative pedagogy; pluralism and rigorous scholarship; and globalism and international engagement.

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