Udaipur, India – February 3, 2025 – The Indian Institute of Management Udaipur (IIM Udaipur) successfully hosted the inaugural Roundtable of the JM Financial Centre for Financial Research, themed 'India @2047: The Role of BFSI.'The event brought together top industry leaders to discuss the pivotal role of the banking, financial services, and insurance (BFSI) sector in shaping India's economic landscape. Moderated by Prof. Ashok Banerjee, Director, IIM Udaipur, the roundtable focused on key trends, innovations, and strategic imperatives for sustainable and inclusive growth.
Key Insights from the Roundtable:
Mudit Jain – TATA Capital Ltd.
Mudit Jain, Head of Research – Corporate & Cleantech Finance, TATA Capital Ltd., addressed India's economic, social, and environmental challenges. He emphasized the role of clean technology, citing its high capital requirements but low operational costs. He also highlighted the urgency of climate action, focusing on both mitigation (avoiding the unmanageable) and adaptation (managing the unavoidable). Jain called for stronger contract enforcement, execution strategies, and carbon pricing to accelerate India's sustainability goals.Amit Goenka – Nisus Finance (NiFCO)
Amit Goenka, Chairman & Managing Director, Nisus Finance (NiFCO), discussed India's trajectory towards becoming the third-largest global economy. He underscored the significance of 80% mobile penetration, increasing banking access, and the shift towards financial savings. Noting that real estate is set for a major boom, he projected 50% urbanization within the next 4-5 years. Calling this the 'decade of real estate,' he emphasized key growth drivers such as infrastructure expansion, growing airports, and commercial space development.Casparus Kromhout – Shriram Life Insurance
Casparus Kromhout, Managing Director & CEO, Shriram Life Insurance, highlighted India's insurance sector's remarkable growth. From 5 life insurers in 2001 to 26 today, and general insurers growing from 9 to 32, he positioned insurance as a key economic enabler. Stressing the need for wider insurance penetration, he projected that by 2047, India must increase insurable lives to 1.1 billion and scale the industry’s sum assured by 100 times to support the workforce effectively.Sonia Dasgupta – JM Financial Ltd.
Sonia Dasgupta, MD & CEO – Investment Banking, JM Financial Ltd., explored India's capital market expansion, pointing to robust IPO growth and record-breaking funds raised. She lauded India’s emergence as a hub for Global Capability Centers (GCCs) and called for greater financial literacy, regulatory reforms, and streamlined capital-raising processes to ensure a more efficient and inclusive financial ecosystem.Rajesh Rai – ICICI Bank
Rajesh Rai, Business Head – Retail & Business Banking, ICICI Bank, highlighted banking's role in economic development. Comparing India’s banking growth to China and the USA, he projected that Indian banks will soon rank among the world’s top 20. He emphasized SME empowerment and the need to adapt traditional banking models to support India’s thriving startup ecosystem.A Vision for Viksit Bharat 2047
The Roundtable reinforced the BFSI sector’s critical role in achieving India’s ambitious Viksit Bharat 2047 vision. Discussions emphasized the necessity for sustainable finance, financial inclusion, and regulatory enhancements. IIM Udaipur and the JM Financial Centre for Financial Research remain dedicated to fostering industry-academia collaboration to drive cutting-edge research and innovation in financial services.About IIM Udaipur
IIM Udaipur is a globally recognized B-School, known for its world-class research and commitment to shaping future leaders. The Institute has achieved AACSB accreditation within just eight years of its inception, placing it alongside global institutions such as Harvard Business School, Wharton School, and MIT Sloan. IIM Udaipur has featured in the Financial Times (FT) Global MIM Ranking for six consecutive years and ranks 6th among IIMs in the QS Global MIM Ranking 2025. It is also recognized as the 4th leading institution in India for management research, according to the UT Dallas methodology.
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