Speeches & Media Interactions

Distinguished guests, participants, ladies and gentlemen, Good afternoon At the outset, let me thank the organisers for inviting me and giving me an opportunity to deliver the valedictory address and share some of my thoughts on a subject which continues to engage national as well as global attention. I believe there would have been fruitful deliberations on the topics of green and sustainable finance and the role of financial institutions, opportunities and challenges, aligning of regulatory and policy worlds, facilitating global financing, and integration of climate change aspects in credit risks of the financial institutions. Each of these topics require detailed deliberations and collectively they form the building blocks for creation of a robust ecosystem for green and sustainable finance for the economy and financial system at large.

I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

It is a pleasure to be here at the 24th FIMMDA-PDAI Annual Conference in Bali, an island that shares a deep and rich heritage with India, marked by centuries of cultural and commercial ties. 2. The past year has been eventful for financial markets globally. The initial optimism that global central banks were poised for synchronised easing of interest rates, seemingly reaching the final

Shared Vision, Shared Responsibility – Strengthening NBFCs (Speech by Shri Swaminathan J, Deputy Governor at the Conference of Non-Banking Financial Companies held at Chennai on March 28, 2025) CA Shri Charanjot Singh Nanda, President, Institute of Chartered Accountants of India; Chairpersons of the Audit Committee of the Boards, MDs & CEOs of NBFCs, and Statutory Auditors of NBFCs, Executive Directors from RBI and my colleagues from the Reserve Bank of India, Ladies and Gentlemen. A very good morning to all of you.

Governor Mr Ahmed Munawar, Maldives Monetary Authority (MMA), Dr Mahamood Shougee, Chancellor of the Maldives National University, Mr Ahmed Imad, Deputy Governor, MMA, other senior colleagues of the MMA, distinguished presenters and panelists and participants, ladies and gentlemen, good morning to all of you.

Monetary policy announcements are associated with frissons of animated speculation rippling through public discourse. Projections are revised, and the balance of risks are re-tilted. Shadow monetary policy committees take positions in print and in sound bytes. Curve fitting the central bank commences – is it behind the curve? – and accordingly, bird-like postures are conjured to characterise its angle of repose. Markets get poised to reprice, and financial institutions reassess interest margins. Depositors and businesses exert conflicting pulls on public opinion. Questions rent the air on the likelihood of rate movements, by how much, and on shifts in stance.

I am happy to be here at the Global Leadership Summit which marks the 25th anniversary of CNBC TV18. I would like to congratulate Team CNBC TV18 for its successful journey over the years. It is indeed an honour for me to join this occasion to felicitate three distinguished former Governors of the Reserve Bank of India – Dr. C. Rangarajan, Dr. Bimal Jalan and Dr. Y.V Reddy.

This year’s Nobel Prize in physics celebrated the role of artificial intelligence (AI) in revolutionising the way we work and live. It is widely believed that AI and robotics will usher in a new wave of secular innovation, much like past breakthroughs in steam power and personal computers. Silently, new technologies are offering a way out of the cross currents of diverging macroeconomic and policy pathways, geopolitical tensions, geoeconomic fragmentation and climate change in which the global economy is transfixed. Accordingly, these technologies are heralding a brighter future, arguably holding the key for many emerging and developing economies to escape the middle-income trap. It is estimated that generative AI itself could increase global GDP by $7-10 trillion over the next three years. Large language models are estimated to increase the productivity levels of workers by 8 to 36 per cent.