Mumbai based S. P. Jain Institute of Management and Research (SPJIMR) organized a panel discussion, with eminent speakers from the industry, to understand the complexity and impact of the crisis. The discussion on "Current Financial Crisis: Catastrophe, Consequences & Outlook", held on Sunday, 16th November 2008, saw a power packed auditorium with well informed audience.
The stage was set with an informative presentation, briefly introducing the audience to the gravity of the situation. The panel included eminent members, Dr. Samiran Chakraborty, Chief Economist, ICICI Bank, Mr.Anil Sarin, MD, Bessemer Venture Partners, Mr. Gul Tekchandani, Independent Investment Advisor, Mr. Amit Thawani, Associate Director, Investment Banking, Nomura, and Mr. Karthik Srinivasan, Co-Head, Financial Sector Ratings, ICRA, who along with the participants discussed various aspects of the crisis, their implications and the road ahead for both India and the world. The discussion was moderated by Ms. Latha Venkatesh of CNBC.
The audience included students from B-Schools across Mumbai, research institutions like IGIDR, professionals from banks, brokerage firms, financial services firms and some audience who in spite of no direct attachment to the crisis came from various parts of Mumbai to know more about the crisis.
It started off with a brief note from each of the members on the impact of the credit crisis on the World economy and India in particular. The panelists stressed on the fact that it was more to do with the crisis of confidence than that of fundamentals. The effect of the current financial situations on the GDP growth of India, the CapEx plans of the corporate sector and FII were seen as areas of concern.
On a positive note, some respite was seen in the form of reduction of oil and food prices, decreased interest rates, and possible investments in infrastructure projects. Several monetary and fiscal measures were suggested to curtail the negative impact of the crisis on Indian economy. The panellists also addressed questions from the audience related to the current discussions on the mark to market policy, fiscal deficit and growth of the country and the possible changes in SME and other sectors. At the end of the discussion, both the participants and the members of the panel returned much more informed and felt connected to the ongoing trouble looming over the world. After all "you will feel it only when you know everything about it".
