EVENT INTRODUCTION
The financial-system is the epicenter of all economic recessions in the past fifty years. However, the current recession is different from all other. It was caused by a global pandemic and subsequent response from the governments and society. This has resulted the supply and demand shocks and contraction of economic activities. The national and international financial systems felt the effect of the crisis in a massive way. The governments and policy makers across the globe struggled to limit the fall-out from the pandemic through numerous fiscal and monetary policy measures. The loan default and increased risk-weighted assets depleted many banks’ capital. However, the public-health responses and mitigating interventions reduced the extent of impact on the financial system. The Indian financial system is surprisingly resilient in the face of the pandemic contrary to the forecasted gloomy pictures. This may be because of quick recovery of business activities and well capitalized banks & financial institutions. The GDP growth of India was shrank by 7.3 percent in FY 2020-21 and expected to be recovering fast during FY 2021-22 to achieve 9-10 percent growth figures.
The pandemic is a learning experience and both devastating and empowering. It is devastating because it exposed the imperfection in the system; and empowering because it motivated people to innovate and move forward. All economies including India realized both the aspects and imbibed in designing policy measures. The imperative fiscal and monetary measures and intensified vaccination programmes have projected the global economy to grow at 4.7 percent in 2021 after a contraction of 4.3 percent in 2020. In India, the extraordinary responses from the government and central bank have revitalized the economy and financial system from the distressing impact of the pandemic. Every difficulty opens opportunities; operational flexibility, maintaining trust, digital initiative and enterprising are the new normal that the disruption taught us. Under this background, the 12th finance conclave endeavors to deliberate the Indian financial system buoyancy in the outbreak of pandemic and way forward.
Theme: Resilience in Economic & Financial Systems: Lessons from Disruptive Changes
The conclave will have a formal inauguration followed by discussions in two subsequent tracks. Interactive student workshops would be conducted in the second half of the day. Undergraduate and Post Graduate student contests shall be run before the conclaves.