View Point

The Changing Scenario of Management Education in India
Prof. C. S. Venkataratnam, Member, FICCI Higher Education Committee & Director, IMI, New Delhi
Ms Shobha Mishra,
Joint Director & Team Leader, Education & Health Services Division, FICCI
AcademiaArticle: Towards a successful career
path: MBA in Retail Management
Article: Art & ManagementPersonality Development Current AffairsCampus NewsGD Topics

Euro zone crisis to have ‘minimum effect’ on exports, says Finance Secretary

Euro Zone Sovereign Debt crisis would have “minimum effect” on India’s exports in current fiscal as it has maintained a good track record of successfully overcoming bigger crisis of much larger scale and volume in recent past thus there is no need to be apprehensive on this front as situation would shortly improve, says Finance Secretary, Mr. Ashok Chawla.

Inaugurating ASSOCHAM organized Conference on Banking and Financial Regulators here on Monday, the Finance Secretary, however, admitted that India’s exports in short term to European Union and it’s market could face some problem due to it’s ongoing financial crisis.

In the long run, however, the impact would be negligible as India has faced bigger crisis of larger volumes without letting its economy shrink beyond a point and the current crisis of Europe are going to be a temporary affair.

Therefore, there is no need to worry on this front, assured the Finance Secretary while responding to queries raised during ASSOCHAM Conference. He went on adding that domestic capital market would also absorb the off shoot of crisis, arisen in European markets in the sense that FIIs investments into it would continue and the flight of their capital is unlikely to other destinations.

Mr. Chawla said that Indian economy would grow at anticipated rate of close to 8 per cent. Even if crisis in overseas economy would temporarily go on as domestic market is their to provide cushion against such isolated cases of economic crisis. The domestic economy, according to the Finance Secretary would move on to double digit growth rate but the challenge for policy maker will remain for this growth to be made inclusive.

On the issue of 3G Spectrum auction, Mr. Chawla said that the response has been extremely favourable as the bidding process was fair and transparent. The government expects revenue generation through 3 G spectrum allocation on anticipated lines, said the Finance Secretary without unveiling estimated figures of revenue through 3G spectrum allocation.

In his keynote address, wholetime Member SEBI, Dr. K.M. Abraham regretted that neither capital market regulator nor government and policy makers have devoted required time and energy to evolve measures to ensure inclusive growth.

According to him, not much of efforts have been made on policy front for encouraging financial institutions and commercial banks to ensure financial inclusion for masses belonging to countryside and this is one reason that the growth so far remains exclusive.

Dr. Abraham emphasized the need for expanding banking net in villages as their capital levels are rising because of various social schemes of UPA government to bring in this capital for much more productive use.

Mr. Joseph Massey, MD & CEO, MCX-SX in his observation said that an exchange for medium and small enterprises need to be set up so that their inclusion is done in the capital market for effective use and multiplying their capital.