60th SKOCH Summit: Jai Hind – $5 Trillion Transformation, 29th August 2019

Inaugural Session (0900-1030 hrs)

0940-0950 Welcome & Opening Remarks
Mr Sameer Kochhar, Chairman, SKOCH Group
0950-1005 Jai Hind Keynote
Sustainable Growth and $5 Trillion Economy
Mr Prakash Javadekar, Hon’ble Minister, Ministry of Environment, Forest and Climate Change &
Ministry of Information and Broadcasting
1005-1015 Jai Hind Keynote
Towards $5 Trillion Economy
Dr Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister
1015-1030 Mr C M Chang, Hon’ble Minister for Forest, Environment & Climate Change, Government of Nagaland

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Power Panel: Climate Change and $5 Trillion Economy (1100-1215 hrs)

This summer was the hottest in a 100 years. With every passing year, highest temperature in Delhi is inching up closer towards 50 degree Celsius. With droughts in 2002, 2004, 2009, 2014, 2015, 2016 and 2017, the India Meteorological Department (IMD) is examining if the quantity of ‘normal’ monsoonal rain needs to be revise downward and whether the withdrawal and onset dates need to be changed.
Climate change is upon us. Drastic and globally-coordinated emissions reductions are urgently needed. Under the Paris Agreement, countries have to develop national action plans to mitigate climate change. In the decade since India adopted its National Action Plan on Climate Change (NAPCC) and State Action Plan on Climate Change (SAPCC), the outcomes have been mixed. The SAPCC has not progressed beyond documentation. NAPCC and SAPCC need to be revisited.
The Panel will discuss:
1. Could environment be a short-term trade-off to reach $5 trillion economy?
2. What specific plans and road map is needed for increasing the share of renewable energy in basket of energy sources up from present 20% to 40% by 2030?
3. How will India build resilience to adapt to the changing climate?

Moderator: Ms Smita Sharma, Independent Journalist and Executive Editor (Consulting), TV9 Bharatvarsh
Dr Arvind Kumar, President, India Water Foundation & Governor, World Water Council
Mr Jay Cheema, Partner, Projects, Energy & Natural Resources, Cyril Amarchand Mangaldas
Ms Puja Mehra, Economist
Dr Rajat Kathuria, Director & Chief Executive, Indian Council for Research on International Economic Relations (ICRIER)
Mr Sumant Sinha, Chairman & Managing Director, ReNew Power

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Power Panel: Finding Investments for $5 Trillion Economy (1215-1330 hrs)

The resources crunch is real. Tax collections fell short of targets in FY19 by 0.9% of GDP. Government’s borrowings place excessive claims on the financial savings of the economy. Virtually all household financial savings, the chief pool of money from which the rest of the economy borrows, are going towards taking care of public sector borrowings, leaving very little for the private investors and the MSMEs. Therefore, lending rates are not declining quickly enough.
In FY18, household sector’s net financial savings fell by 3 percentage points of GDP. Naturally, growth in aggregate bank deposits also slowed to 9.7% in April from 10.0% in March. In May, the average interest rate on term deposits (maturity one year plus) remained at 6.9% for the sixth consecutive month, despite RBI’s rate cuts.
The constraints forced the Union Budget to announce intentions of raising foreign currency-denominated debt overseas to fund government’s rupee expenditure.
The Panel will discuss how will the capital needed to finance investments needed for a $5 trillion economy become available.
1. To vacate lending space for non-government borrowers and investors should the government raise sovereign debt in foreign currency?
2. Should Capital Adequacy norms be relaxed to free up more of the deposits raised by banks for lending to investors?
3. Loans for MSMEs are largely against collateral rather than business loans. Can we move away from collateralised to projects-based funding?

Moderator: Ms Puja Mehra, Economist
Mr Arun Seth, Chairman, NASSCOM Foundation
Dr Arvind Mayaram, Former Finance Secretary, Government of India
Ms Puja Mehra, Economist
Dr Ashwani Mahajan, National Co-Convener, Swadeshi Jagaran Manch
Dr Charan Singh, Distinguished Fellow, SKOCH Development Foundation and Non-Executive Chairman, Punjab & Sind Bank
Mr Ravi Varanasi, Head - Business Development, NSE Ltd
Dr Sanjaya Baru, Political Commentator and Policy Analyst
Dr Shamika Ravi, Part-time Member, Economic Advisory Council to the Prime Minister & Director, Research, Brookings India
Ms Zohra Chatterji, Former Secretary - Textiles, Government of India and Distinguished Fellow, SKOCH Development Foundation

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Power Panel: Policy Making for a $5 Trillion Economy (1430-1600 hrs)

The target is set. $5 trillion economy in the next five years. Now, the engines need to fire. The policy and technology environment both need to be transformational. India Stack based Direct Benefit Transfers (DBT) completely changed the subsidy paradigm.
From agriculture to health, education and financial services - practically every sector begs a similar transformation. Given the nascent stage of the next level of technology such as artificial intelligence (AI), blockchain and cognitive technologies, these transformations could ride on what these new technologies can enable. The challenge is to first be able to define problems that can bring about a sectoral transformation and only then look for the appropriate technology solutions. Innovation and transformation both thrive on financial viability, therefore, sustainable business models are essential.
The key is to get it right the first time through public participation rather than getting stuck in legal and regulatory challenges down the road.
The Panel will discuss:
1. What role will technology and policy play in more focused delivery of services?
2. What sector specific technology stacks need to be created with data privacy and security enablement?
3. How to ensure a fair business case and sector wise viability of such projects e.g. payments?

Moderator: Mr Sameer Kochhar, Chairman, SKOCH Group
Dr Laveesh Bhandari, Economist
Dr Praveen N Gedam, Additional CEO, National Health Authority
Mr Ravi Rajagopalan, Founder & CEO, Empays Payment Systems
Mr Sanjay Jaju, Joint Secretary, Department of Defence Production
Mr Sunil Kulkarni, Joint Managing Director, Oxigen
Mr Tanuj Bhojwani, Core Volunteer, iSPIRT Foundation
Mr Vivek Aggarwal, Joint Secretary (Crops & IT) & CEO-PM KISAN, Department of Agriculture, Co-Operation & Farmers Welfare, Ministry of Agriculture & Farmers Welfare

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SKOCH Governance Award 2019 Investiture Ceremony