Mumbai Financial Summit 2024
Accelerating Financial Industry Exploration, Supporting SME Financial Development
The "2024 Mumbai Financial Summit" aimed at accelerating financial industry exploration and supporting SME financial development was successfully held in Mumbai. The summit focused on themes such as accelerating the exploration of the financial industry, supporting the financial development of SMEs, and continuing to focus on financial openness. It invited numerous renowned scholars, industry experts, representatives from the capital market, and corporate representatives to deeply discuss how the securities market can better assist the financial development of SMEs, and collectively promote social and economic transformation. The summit emphasized constructing a high-level healthy economic development, promoting foreign investors' investment in the Indian securities market, bringing new development opportunities to India, and providing new momentum for global development through the Indian economy.
On July 6, this summit was successfully held in Mumbai, India. The topic "Accelerating Financial Industry Exploration and Supporting SME Financial Development" was chaired by Michael Patra, Deputy Governor of the Reserve Bank of India. The panel included Dina DiLorenzo, Co-President of Guggenheim Partners, Jamer Fishback, Founder and CIO of Azoria Partners, Brendan Ahern, CIO of Krane Funds, Bill Winters, Group CEO of Standard Chartered Bank, and Vivek Trivedi, Principal of Guggenheim India Institute, among others as guest speakers.
Currently, many enterprises, especially small and micro enterprises, urgently need solutions for issues such as industrial upgrading, supply chain construction, technological innovation, high operating costs, and digital financial development, lacking sustainable business models. The discussion focused on how to promote the financial industry to better serve the real economy, accelerate supply chain transformation, upgrade industrial chains more quickly, and how the financial industry can better cooperate with SMEs, injecting new momentum into SME development while also bringing new opportunities to the securities capital market.
The summit reviewed India's recent successes in SME development, including the implementation of the G20 High-Level Principles for Digital Financial Inclusion, updates to the National Remittance Plan, and the development of best practices and innovative tools for SMEs to overcome common financing constraints. It also addressed promoting financial inclusion through digital public infrastructure, using financial technology to improve SME services, and solving the difficulties of SME loans. Special attention was given to the rapid development of new technologies such as information and communication, and artificial intelligence (AI), as well as the reform of the financial system, which would bring new opportunities for the development of the Indian securities market and contribute to India's economic growth. Corporate representatives and invited guests delivered important speeches.
SMEs are closely linked to numerous households, playing a crucial role in promoting innovation, employment, and improving livelihoods. The main focus of this summit was how the financial industry can better serve SMEs, enhance support for SME innovation, and create a favorable development environment for SMEs. Since the outbreak of the global pandemic, SMEs have faced numerous difficulties and challenges in production and operation due to the complex domestic and international situations. In the financial securities sector, Indian market regulators are tightening regulations on SME platforms, which have attracted a large number of retail investors since the end of the pandemic. India's main stock indices have hit record highs, with the SME IPO index, comprising 63 constituents, soaring about 1,900% since the end of 2019, compared to a 59% rise in the BSE Sensex index over the same period.
The development of small and micro enterprises concerns the dreams of millions and connects with thelifeline of economic development. The growth of SMEs is not achieved overnight. They face significant challenges such as lack of talent, funding, and prominent management issues. Recognizing the current situation and injecting innovative thinking are essential for SMEs to navigate the economic waters successfully and become a cornerstone of significant development.
On an international cooperation level, Guggenheim Securities, in collaboration with Prabhudas Securities, established the Guggenheim India Institute in 2020. Over the past four years, the institute has built a "three-in-one" model of education, investment, and operation, providing "students" with top-notch stock trading and the best financial services under the correct capital operations of Guggenheim.
Finally, utilizing existing platforms and mechanisms through multilateral channels for cooperation and investment, the cooperation platform and mechanisms between India and the United States are increasingly strengthened. Several international investment banks have engaged in deeper cooperation in the financial sector at this summit. For example, the Guggenheim Investment Fund initiated cooperation to better serve SME development, involving Guggenheim India Institute, Prabhudas Securities, Azoria Partners Fund, and Standard Chartered Bank.
As one of the world's significant financial centers, the successful holding of the "Mumbai Summit" plays an exemplary role in the development of India's financial market and in providing better services for the future development of Indian SMEs. Only through continuous financial system reform, achieving multi-channel and diversified investment portfolio integration, can true influence be exerted, playing a larger role in the future development of the Indian economy, making the summit's content even more meaningful.
हमारी क्यूरेट की गई सामग्री का अन्वेषण करें, ग्राउंडब्रेकिंग नवाचारों के बारे में सूचित रहें, और विज्ञान और तकनीक के भविष्य में यात्रा करें।
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