Inaugural Annual Economic Conclave, in partnership with Invest India
Launch of NITI Aayog’s India Fintech Mission with YES BANK as Fintech Knowledge Partner
Release of YES BANK – YES Global Institute report on ‘Employment: Unlocking the Demographic Dividend’
Delhi, February 15, 2018: YES BANK and YES Global Institute (a practicing think tank of YES BANK), hosted the inaugural edition of Annual Economic Conclave 2018 in New Delhi. The Conclave was partnered by Invest India and was themed ‘Budget 2018: Enabling Growth & Creating Jobs, bringing together leading economists, policy makers and industry captains to discuss and deliberate on reinvigorating the economy to achieve 9%+ economic growth and creating 10-12 million jobs/ year.
Shri Amitabh Kant, CEO, NITI Aayog unveils the Statement of Intent (SOI) for NITI Aayog’s India Fintech Mission with YES BANK as Fintech Knowledge Partner, in presence of Ms. Anna Roy, Advisor, NITI Aayog; Shri N.K. Singh, Chairman, Fifteenth Finance Commission and YES BANK officials
The maiden Economic Conclave witnessed the launch of India Fintech Mission by NITI Aayog. YES BANK is the Fintech Knowledge Partner to the Mission. Currently various State Governments, as well as private entities have undertaken various initiatives to build and support India’s nascent Fintech ecosystem. NITI Aayog, through the India Fintech Mission, aims to streamline, synergize and scale these efforts across the country. The India Fintech Mission will focus on 4 key areas:
L – Lighten Regulatory and Administrative Challenges
E – Enabling Environment
A – Augment Infrastructure
P – Partnership with global hubs
The Fintech Mission was jointly launched by Shri Amitabh Kant, CEO NITI Aayog and Ms. Anna Roy, Advisor, NITI Aayog along with Fintech knowledge partner YES BANK. Shri Amitabh Kant, CEO, NITI Aayog and Shri N.K. Singh, Chairman, Fifteenth Finance Commission also inaugurated the YES BANK - YES Global Institute report on ‘Employment: Unlocking the Demographic Dividend’. The report is an in-depth analysis of the various facets of India’s labour market – micro trends, link between growth and job creation, policy perspectives on improving employment generation capacity, along with likely impact of Industry 4.0. The report provides a timely macroeconomic overview of the labour market in India at a time when preserving and creating new jobs has assumed greater importance, given that India will account for 25% of the rise in the world’s working age population over the next decade.
Commenting on the Conclave, Rana Kapoor, MD & CEO, YES BANK said, “The admirable 'All-in' Budget FY19 underlines India’s capability to emerge as a high growth economy, while maintaining adequate fiscal balance. I believe that to achieve an 8%+ growth trajectory, with growing number of individuals coming of employable age, it is vital that India focuses on a GROWTH-JOBS paradigm, based on the forces of AET – Automation, Technology and Entrepreneurship - that are creating a fundamental shift in the way businesses are done.”
Shri Amitabh Kant, CEO, NITI Aayog said, “FY19 Union Budget brings the social sector into the centre stage with focus on healthcare, insurance and education. Going forward, policy will focus on - Uplifting Gross Capital Formation to 36% of GDP, Leveraging of technology and Ease of Doing Business; all of which will create an enabling environment for reaching o potential of 8-9% of GDP growth. ”
Shri N.K. Singh, Chairman, Fifteenth Finance Commission said, “FY19 Union Budget is popular, but not populist. The Budget provides comfort on the medium term fiscal roadmap along with incorporation of the recommended Debt/ GDP ratio as the fiscal anchor.”
The Conclave also hosted a panel discussion on ‘Putting Growth First’ led by Dr. Rathin Roy, Director, NIPFP & Member – PMEAC; Prof. Arun Kumar, Institute of Social Sciences, JNU and Dr. Devendra Kumar Pant, Chief Economist, India Ratings and Research. This was followed by another panel discussion on ‘Employment- Unlocking the demographic dividend’ with panelists such as Dr. Ashima Goyal, Professor, IGIDR & Member – PMEAC; Dr. Rajat Kathuria, Director and Chief Executive, ICRIER and Ms. Suja Chandy, Vice President, Invest India.
About YES BANK Business Economic Banking (BEB)
Business Economic Banking (BEB) is the research and knowledge driven team which provides authoritative, cutting edge macro markets outlook and sectoral research content, both for external and internal consumption, led by Dr. Shubhada Rao, Chief Economist, YES BANK. The Business Economics Banking team of YES BANK won the Reuters Most Accurate Forecaster Award for 2016 for the Indian economy. Earlier in 2013, they were ranked amongst top 3 forecasters for India by Bloomberg Markets Magazine and also the top currency forecaster. BEB continues to remain amongst the top four forecasters of Indian Macro Economy.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/