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Topic : Global measures for credit crisis
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Should India go slow on financial sector reforms?

Created by : Alok Kumar Singh, Sr. Associate, UBS  | 09 26 2008 12:33:17 +0000
Industry : Investment BankingFunctional Area : Strategy Execution(Strategy & Execution)
Keywords : INDIA Innovation Markets Government Economy Crisis RBI Go Reforms Slow Financial Sector
Activity:  353 views;  last activity : 07 06 2010 20:18:09 +0000

India will gain from financial reforms but the US crisis shows a gradual pace that takes into account the country’s regulatory abilities is more likely to work. The US lesson is the regulatory system has to be robust and fully aware of the overall risks, the US economy and people benefited considerably from the reforms in its financial sector and the innovation that it fostered. It enabled an inclusive growth that allowed funds to flow smoothly.

What do you think? What should be our approach? 

 

  
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India should tread carefully with any financial reform it planning. The country should not just follow  the West in its quest for reform in its financial sector rather, it should initiate any reform at its own pace. Guest what would have happen to the Chinese economy if they have been listening to the western experts who keep on badgering them on how to liberalised their economy.

We can now marvel at the the outcome of unregulated free for all capitalism. the Communist and the Islamist are now expected to bail out the capitalist. I wonder what the next book of Francis Fukuyama would be titled "the end of capitalism" or "the day the dollar die". nee!!    
By A. Yakin Rafiu, Team Leader -(NonTechnical), Bausch and Lomb  03 07 2009 12:07:13 +0000
 
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Financial sector reforms are much needed requirement,but then the regulatory system with powers to take corrective action in time shold not be lost sight of.Or else we may also land in same type of economic crisis in what U.S.A. is in to day.Tha u.s. crisis is challanging the economic stability of the world.But then this should not deter us from going strong on Financial Sector Reforms. 
By Bhuneshwar Ram Tripathi, Head/VP/GM-Production/Manufacturing, Bhatia International Ltd.  10 04 2008 12:53:45 +0000
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Mr.Yakin i completely agree with you. We should not follow blindly all the other nations introducing financial reforms, first we need to see the viability of that particular reform in our indian context then only we should try to introduce that. We can see from the fact that US is in a deep recession state just because they have introduce various financial reforms without checking its viability.

We should not imitate others and do what suits our country. what say?
By Dayanand Deshpande, Senior Consultant, Ernst & Young  | 04 08 2009 08:28:50 +0000
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Reforms .. of the USA type .. No ..no .. and never !! And now, we know the story of "hybrid instruments", S.P.Vs, created to suit the requirements of the dreaded Bankers .. !! These are exposed now ..  to our detriment .. to the detriment of the  global financial system. India is even feeling the ripple effects whereas there remain no faults of us. The foundation of "Capitalism" is now in question .. in the developed countries .. even in Europe. "Slow on Reforms" might have saved India this time to some extent. The weakness have been busted .. hiding so long .. only to encompass the globe to 'share' their losses .. by cunning jargon called "Globalisation". Globalisation for whose sake .. ?? To feed a country floating on 'credit and loans' ?? To sustain their 'fake' growth ?? To 'fund' their lavish lifestyle .. at the cost of others ?? No ... no.
By ASOKE KUSARI, Domestic Private Banking-Executive/Manager, A large leading PSU Bank - India  | 10 09 2008 19:42:52 +0000
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Yes, it should go slow on the reforms. The central bank has to be more responsible and there should be transparency in the banking system which is not there. if we continue with the same, we will also face a similar situation here also.
By Mallikarjuna Gupta Bhogavalli, Sr. Product Manager, Oracle India Pvt Ltd  | 09 29 2008 08:36:47 +0000
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Indeed, Excess funds flowing into coffers forced invention of newer asset classes. The efficiency of the markets allowed risk takers to take and off-load risks quickly, so slowly and steady works in todays market.Focus the risk calculations on the short term rather than the long term.
By Alok Kumar Singh, Sr. Associate, UBS  | 09 26 2008 12:33:17 +0000
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Alok what I fell is we need to do use the available analysis and advice to draw a road map that responds to our immediate and medium-term needs. Obviously, this is a shared responsibility of the government, the RBI and, indeed, all other regulators. Going ahead, consultations with all stakeholders will be an important process. We should engage in this task as quickly as possible
By Gandhi Rajan, Sr. Associate, ICICI Securities  | 09 26 2008 12:38:28 +0000
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