Modification Domestic Financial Regulatory Policy – Rita Teaotiya
National Conference on “Role of Trade Finance for Inclusive Growth” is inaugurated in Mumbai today.
Addressing to the gathering, Smt. Rita Teaotia, Commerce Secretary, Ministry of Commerce & Industry said, Export from India’s agro processing and handicraft sectors are 30%.Maritime sector is on 8th rank at world level, leading at world market but financial returns from these sectors are very low. Due to present banking regulatory system of India, increasing banks Non Performing Assets (NPAs), Liquidity Credit Finance and lending policy to the farmers etc.
She expressed that, taking an analytical view at global competition is important in order to find reasons of non- achieving goals.She added world regulatory policy framework is different and India needs to modify domestic regulation system according to the global scenario.
On the backdrop of low growth rate of Indian Economy, in last 2 years the Union Commerce & Industry Minister, Suresh Prabhu has recently announced that, Indian economy will reach Rs.5 trillion from existing Rs.2.3.Therefore; responsibility of concerned industries to make changes into their trade finance policy and adopt new technological, digitization, new legal frame work to solve issues and make online trade system hassel free.
In recent times Indian Economy shown improvement growth rate, which mean it has showing growth. India could not reach to double digit number in GDP but still continue with 7% growth rate, which is a sign of development said Rita Teaotia.
India’s marketing & finance sectors have to face global challenges by adopting digitisation, modern banking system, Robotic use etc. therefore; there is a need to solve logistic cost, standards technical regulations, and adopt qualitative connectivity,
She further said that, Union Commerce & Industry Minister has announced that, India’s economy will soon reach at Rs. 5 trillion where present economy cost is Rs.2.3 billion. To reach this goal, India needs to concentrate on MSME sector. Banks, Financial Institutions, ECGC should gear their trade policies, Secretary said.
Secretary further highlighted on inclusive financial growth.In first section, Shri David Rasquinha, MD, EXIM Bank Ltd., Smt. Amit Saxena, MD, & CEO, UAE Exchange & Financial Services Limited were addressed to the gatherings. Many dignitaries from MSME, Banking & Financial Institutions were present to the occasion.