The Bengal Chamber of Commerce and Industry organized India Economic Conclave 2020 Webinar Series-I on Unlocking the "New Normal" Indian Economy: Spotlight on Indian Economy and Finance.

The Session was moderated by Shri Sumit Bose, Former Finance & Revenue Secretary, Government of India and Chairperson, Economic Affairs Committee, The Bengal Chamber of Commerce and Industry.

The Speakers in the Session were as follows:
▪  Mr. Chandra Shekhar Ghosh, Managing Director and CEO, Bandhan Bank Limited and Former President, The Bengal Chamber of Commerce and Industry.
▪  Dr. Sajjid Z. Chinoy, Chief Indian Economist, J P Morgan and Member of the Advisory Council to the 15th Finance Commission, India.
▪  Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.
▪  Mr. Ajay Thakur, Head- BSE SME and Start Up, BSE Limited.

In the Session, Dr. Sajjid Z. Chinoy, Chief Indian Economist, J P Morgan and Member of the Advisory Council to the 15th Finance Commission, India mentioned that Union Government must do the heavy lifting in terms of fiscal spending. He mentioned that the approach he would prefer is to have a large infrastructure stimulus over the next 12-18 months which will boost aggregate demand, crowd in private investment, create jobs and help medium term growth. He added that the stimulus could be financed through aggressive asset sale over the next two to three years so that it is fiscally neutral. He also said the challenge for the government would be to maintain fiscal sustainability after the Covid-19 pandemic.

Mr. Chandra Shekhar Ghosh, Managing Director and CEO, Bandhan Bank Limited and Former President, The Bengal Chamber of Commerce and Industry expressed eagerness over the opening of the economy which was under a lockdown for almost five months. In his opinion the faster the economy opens the better are the chances for the Government turning it around. He said that rural is doing better than urban and therefore steps should be immediately taken leaving enterprises to the hands of entrepreneurs.

Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India said the Government should adopt an innovative approach to policy making which will bring back financial stability to the market through a coordinated approach between the Government and RBI using discretionary measures about future monetary policies.

Mr. Ajay Thakur, Head - BSE SME and Start Up, BSE Limited pointed out the impacting of the banking and auto sectors at the bourses. However, he was optimistic about the bourses turning around with easy liquidity and high foreign and domestic inflows gradually going up and a rise in the pharma sector.

The Session ended with questions from the participants which were addressed by the esteemed panellists.