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ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * ETBFSI AWARDS 2022 * GLOBAL INSURANCE BROKERS PVT. LTD * ETBFSI.COM CONVERGE Thriving in the world of digital * ETBFSI CXO CONCLAVE Connecting Financial Institutions Digitally * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION * ETBFSI FINNEXT SUMMIT The Future of NBFCs and FinTechs * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT * LEARNFEST * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x * BFSI News * Latest BFSI News * Industry EXCLUSIVE WORLD CANNOT AFFORD INDIA TO FOLLOW CHINA'S MANUFACTURING MODEL, SAYS RAGHURAM RAJAN "Weightless services also consume little energy on the way to the final consumer, unlike manufactured goods. Export-led services growth will be much less environmentally harmful – the world cannot afford India to follow China’s path, even if it were open to it," former RBI Governor Raghuram Rajan said. * Ankit Saproo * ET Online * October 17, 2022, 15:17 IST * * * * * * * * HIGHLIGHTS * Rajan focused on the positive impact of liberalising services which offers massive potential in reducing inequality, * Liberalising trade in services is good for both industrial as well as emerging market economies, * Rajan said liberalising manufacturing has diminishing returns and is politically fraught., * He explained that services, unlike manufacturing, can be distributed across a country and reduce pressure on megacities, Former RBI Governor Raghuram Rajan has batted for a services-led export model for India instead of following China's manufacturing-led one in order to grow faster. In a lecture on globalisation and climate change, Rajan focused on the positive impact of liberalising services which offers massive potential in reducing inequality in industrial economies and also contributing towards climate action. Liberalising trade in services is good for both industrial as well as emerging market economies. Since many of these services are weightless, they have low climate impact benefiting the efforts to mitigate climate change. "Weightless services also consume little energy on the way to the final consumer, unlike manufactured goods. Export-led services growth will be much less environmentally harmful – the world cannot afford India to follow China’s path, even if it were open to it," Rajan said. He said liberalising manufacturing has diminishing returns and is politically fraught. "One reason industrial countries have soured on open borders is their manufacturing workers have been disproportionately hit by global competition and outsourcing, while service workers have benefited. Both politically and economically, further liberalization of manufacturing has diminishing returns." He explained that services, unlike manufacturing, can be distributed across a country and reduce pressure on megacities that are turning into heat sinks and becoming increasingly unlivable. Such a distribution of services away from large cities will boost rural incomes and provide an alternative in case of loss of agricultural incomes. "The production of these services can be distributed across a country. In developing countries, this will reduce the burden on the large megacities that are becoming heat sinks and increasingly unlivable. It will also generate a source of income and a reliable stock of human capital to seed rural communities that would otherwise lack the economic capacity to survive the loss of agricultural incomes," Rajan highlighted. This is how Rajan thinks services will help in climate action: * Emission mitigation and climate adaptation will require effective redesign of appliances, machinery, and buildings – think R&D, engineering, design, and architecture. * Relatedly, it will require more effective reuse of materials (such as glass, wood, and concrete) recovered from the tearing down of climate-unfriendly structures. * As those services flourish globally, every country will benefit from global best practices and thinking. This is not the first time that Rajan has spoken about the benefits of a services-led growth model. In the past, he has cautioned against the perils of blindly following a China-led manufacturing growth model. He has quite often said India needs to focus on spending on education and skilling its youth to create jobs which will come from services rather than manufacturing. Rajan has also called for a careful analysis of the benefits of the production-linked incentive scheme (PLI) to boost manufacturing in the country as the benefits accrue to bigger industrial houses rather than the small and medium manufacturers. Rajan is not the only one to talk about the importance of services-led growth. Noted economic commentator Swaminathan Aiyar, writing for ET, argued for a services-led growth model stating that the future lies in services and not manufacturing. He said that India needs to focus not just on services like IT but education and health that have been grossly underfunded for years. He is of the view that the outsized focus on providing subsidies for manufacturing will undercut the limited resources for human development. The PLI scheme is one of the flagship programmes of the Modi government to attract manufacturing to India. Multinational corporations want to diversify their manufacturing base away from China due to strict COVID policies along with rising costs of doing business in the country. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Industry raghuram rajan swaminathan aiyar rbi india china reserve bank of india PLI scheme manufacturing india india economy economy Read on App Read on App SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. INDUSTRY * 3 hrs ago RISHI SUNAK TO BE UK PRIME MINISTER: WHAT YOU NEED TO KNOW * 4 hrs ago UK BONDS SEE RECORD GAIN WITH SUNAK AS PM * 4 hrs ago CREDIT SUISSE SETTLES FRENCH TAX PROBE FOR 238 MLN EUROS * 23 hrs ago RISHI SUNAK ONE STEP CLOSER TO BE ELECTED UK PM ON DIWALI View More EDITOR'S PICK * 3 hrs ago ARE MILLENNIALS IN A DEBT-TRAP BY ADVANCE SALARY APPS? * 4 hrs ago SBI CONTINUES TO DOMINATE DEBIT CARDS MARKET WITH 30% SHARE * 1 day ago BANKS RAISE RS 2.4 LAKH CRORE DEPOSITS AS CREDIT GROWTH NEARS 18% * 2 days ago YES BANK’S NET PROFIT DIPS BY 32%, NEXT TWO QUARTERS CHALLENGING FOR BANKS: PRASHANT KUMAR, MD & CEO * 3 days ago UDAY KOTAK LOOKS AHEAD WITH CAUTION BUT NOT NEGATIVITY IN HIS DIWALI MESSAGE BFSI VIDEOS * NEOBANKING & CLOUD: THE DIGITAL WAY FORWARD FOR FINTECH Synopsis: While we are talking about the digital and emerging technologies it is pertinent to understand what is the importance of digitisation in reviving the legacy financial services organisations? How useful AI insights are for Future-Ready Neobanking industry? How Fintech industry are reinventing themselves and building the digital way forward? On the sidelines at the ETBFSI CXO Conclave this special session will explore various features on the future.Moderator: Sneha Jha, Deputy Editor, ETCIO; Nirav Choksi, CEO, CredAble; Gaurav Jalan, Founder and CEO, mPokket; Yashoraj Tyagi, CTO & CBO, CASHeNatraj Choudhury, Head of Engineering, Zolve; Adarsh Prabhu, Associate Director, Niveus Solutions. * 6 days ago FIRESIDE CHAT: BFSI: EMBRACING THE NEW DIGITAL TRANSFORMATION ERA * 7 days ago CISOS DISCUSSION: WHAT WILL MAKE BFSI BULLETPROOF AMIDST THE RISING CYBER ATTACKS * 8 days ago BFSI CHROS : MANAGING THE FUTURE WORKFORCE View More EXCLUSIVE SPECIAL DRTS TO DEAL WITH HIGH-VALUE CASES OF OVER RS 100 CRORE High-value cases are just 1 per cent of the total cases but form 80 per cent of value, making it imperative to set up such tribunals. * ETBFSI Click Here to Read This Story * * * * * * * * With high-value cases amounting to the majority of claims by value, the government has designated special debt recovery tribunals (DRTs) for speedy recovery in such cases. The Finance Ministry has designated one Debts Recovery Tribunal (DRT) each in Chennai, Delhi and Mumbai for speedy adjudication and recovery in high-value cases of Rs 100 crore and above. DRT 1 Mumbai will handle all applications involving a debt amount of Rs 100 crore and above falling under the jurisdiction of DRT 2 and 3 Mumbai, DRT Pune and DRT 1, 2 and 3 Ahmedabad, DRT Aurangabad and DRT Nagpur, according to a notification issued by the ministry. DRT 2 Delhi will deal with high-value debt cases falling under the jurisdiction of DRT 1 and 2 Delhi, DRT Jaipur and DRT 1, 2 and 3 Chandigarh. DRT 1 Chennai will deal with all applications involving a debt of Rs 100 crore and above falling under the jurisdiction of DRT 2 and 3 in Chennai, DRT Madurai, DRT 1 and 2 Bengaluru, DRT 1 and 2 Ernakulam, and DRT Coimbatore. As of February-end, there were 1,61,034 pending cases at the DRTs, with DRT 2 Chandigarh having the most (10,578 cases), followed by DRT 3 Chandigarh (8,885) and DRT 3 Kolkata (7,171). The tribunals have been designated after banks made a request to the government for special DRTs to expedite recovery in high-value cases. The recovery through DRT is around 4 per cent in the last two years, making it imperative to set up such tribunals for speedy and higher recovery. High-value cases are just 1 per cent of the total cases but form 80 per cent of value. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Industry drt finance ministry drt pune drt nagpur drt madurai drt jaipur debts recovery tribunal chennai mumbai delhi Read on App Read on App * Industry News * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News * CONTACT US ADVERTISE WITH US We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Please contact us to know more details. * SIGN UP FOR ETBFSI NEWSLETTER Get ETBFSI's top stories every morning in your email inbox. 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. * FOLLOW US @ETBFSI Follow @ETBFSI for the latest news, insider access to events and more. * * * * * * About Us * Contact Us * Advertise with us * Newsletter * RSS Feeds * Embed ETBFSI.com Widgets on your Website * Privacy Policy * Terms & Conditions * Guest-Post Guidelines * Sitemap Copyright © 2022 ETBFSI.com. 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