Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, Mr. S. Gopalakrishnan, President, Confederation of Indian Industry (CII), Mr. Jignesh Shah, Chairman, CII National Committee on Financial Markets, Mr. Chandrajit Banerjee, Director General, CII, distinguished delegates. Let me start by complimenting CII for selecting Indian Financial Markets: Fuelling the Growth of the Indian Economy as the theme of the session.
The global financial crisis taught us a lesson: microprudential regulation and supervision alone are not enough to safeguard the financial system. Vulnerabilities may build up across the financial sector through complex interlinkages – even though individual entities may seem stable on a standalone basis. The crisis was thus a catalyst for the rise of macroprudential policies.