Manthan Day 1 Highlights: Against all odds, India is moving ahead with growth, says FM Sitharaman

Business Standard Manthan updates: Catch all the latest developments from the summit here

8:09 PM

More discussions lined up for Day 2 of Business Standard's annual summit 'Manthan'

On Day 2 of Business Standard's annual summit 'Manthan', experts will be diving deep into India’s semiconductor ambitions, the future of jobs, and the investment landscape. There will be a fireside chat with Sunil Vachani, co-founder and executive chairman, Dixon Technologies at 11:40 am. Ajai Chowdhry, Co-founder, HCL will be speaking on 'Reimagining India’s Semiconductor Play' at 12:30 pm. Further, Samir Arora, Founder & Group CIO, Helios Capital will be speaking on 'Navigating the Investment Landscape in 2025' at 2:15 pm. Stay tuned as Business Standard brings live coverage and expert analysis from the event.

7:53 PM

Need technology and data analytics to pick up on irregularities: Pandey

Highlighting the increasing need of technology and data analytics in auditing, Pandey said, "There are 7,000 companies under the NFRA. Do I need to audit all these companies? Do I need to audit the audits of all these companies? The answer is no. We should be using technology and data analytics to pick up on irregularities."

7:52 PM

Would like to see that I pass the least number of disciplinary actions: Pandey

Talking about disciplinary actions of NFRA, Chairman Pandey said, " Ideally, I would like to pass the least number of disciplinary orders. We have to be non-adversarial."

7:50 PM

Of course actions should be taken timely: Pandey on delay in NFRA's disciplinary actions

"Yes, there has been delay in some cases. The NFRA was established in 2018. Initially, we had to hire people.. and then Covid struck.. so, I would say NFRA actually started working on scale in 2022. Since then, we have been taking quick actions," Pandey on delay in NFRA's disciplinary actions on auditing violators.

7:42 PM

No common global standards: Pandey on G20 discussing ESG global standards

"A lot of companies would like to be ESG compliant, but there is no common global standard for ESG as of now. So, how do you compare? This is still being debated at the global level. Whenever these norms are laid out, we should be ready to adopt them," Pandey said.

7:40 PM

Technology is the answer for every development, specially in terms of audit: Ajay Bhushan Pandey

Ajay Bhushan Pandey highlighted that in case of income tax, seven crores returns are filed, but only 2 lakh are scrutinised. He added that technology could be the answer in the field of audit and accounting.

7:37 PM

Must try to have a non-adversarial disciplinary system: Ajay Bhushan Pandey

"We have started conducting inspections and we have seen that if we conduct just one inspection in one firm, we see improvement in 100 firms and that improves investor trust," Pandey said. He further said, "If you look at the regulation part, the over regulation has been highlighted across various sectors And government has discussed on how to reduce over regulation."

7:35 PM

If you compare the audits now to a few years ago, the auditing has improved: Ajay Bhushan Pandey

"If you compare the audits now to a few years ago, the auditing has improved. I must commend auditing firms. We are seeing vast improvement and that is a great sign," Ajay Bhushan Pandey said.

7:30 PM

GDP needs to grow at 9%, for this we need investment, and so trust in financial reporting is required: Pandey

Ajay Bhushan Pandey, Chairperson, NFRA said, "When we want to become a Viksit Bharat, for that we need to grow and our GDP needs to grow at 9%. For that we need huge amounts of investment. How will people trust our figures if we don't have a standard financial reporting and auditing system?"

7:25 PM

Huge amount of public interest involved in auditing: Ajay Bhushan Pandey, Chairperson, NFRA

Citing as one of the reasons behind setting up of National Financial Regulatory Authority, its chairman Ajay Bhushan Pandey said that a huge amount of public interest involved in the process of auditing. Highlighting a case in the US he said, a question was raised by people, "Who audits the auditor?"

7:19 PM

Need a change in GFR, so that failures in research can be handled: Samir V Kamat

Samir V Kamat said that there is a need to change in GFR so that failures in research and development can be handled. He pointed that current GFR doesn't have a place for failures.

7:13 PM

Decision making process in defence has been transparent, but painfully slow: Admiral (retd) R Hari Kumar

Admiral (retd) R Hari Kumar said that decision making process in defence sector has been made more transparent, but is painfully slow.

7:06 PM

Need a more unified approach with a "whole-of-nation" mindset: Samir V Kamat

Talking about the role of private and public sector compnaines in defence sector, Samir V Kamat said, "We need a more unified approach. We must address issues with a "whole-of-nation" mindset to tackle challenges effectively for the country's benefit."

7:03 PM

Current accusation process too long by year end, we will have a much faster process: Samir V Kamat

Samir V Kamat said, "Our current accusation process is too long. It takes too long to place an order. By this year end, we will have a much faster acquisition process." Regarding level playing field, he said, "Whenever we choose our production partners, we treat PSU and private sectors equally. We are partnering with all large companies in India today."

6:55 PM

We can have a bank especially dedicated to defence sector: Admiral (retd) R Hari Kumar

Admiral (retd) R Hari Kumar said, "Many SMEs have approached me seeking assistance, particularly in terms of financing. We've discussed creating a specialized "defense bank," similar to banks for housing or infrastructure, as traditional banks struggle to understand the nuances of defense procurement. The approval cycle is slow, often rendering technology outdated before it's even approved. This issue has been raised at the highest levels, and in December 2023, the Finance Minister chaired a meeting. While she was not keen on establishing a new bank, she tasked the CP to facilitate support for SMEs, with Mr. Ami Beloved from Maharashtra taking the lead."

6:52 PM

Experience with private sector has been good: Admiral (retd) R Hari Kumar

"Our experience with the private sector has been good. There have been issues with ship building in terms of private sector. The main issue for us is the issue of funding in terms of private sector," said Admiral (retd) R Hari Kumar.

6:49 PM

'Ye dil maange more': Rajinder Bhatia on private sectors involvement in defence production

"The geotech scenario has clearly indicated that India, if it has to be a fixed barrel and it has to occupy the rightful place in the committee of nations, then it cannot be a net importer of security. That means we need to be self reliant," said Rajinder Singh Bhatia, chairman of Kalyani Group Defence. On private sectors involvement in defence sector, he said, "Ye dil maange more". He further said, "You can't win a match if half of your people are sitting outside. So you need a "whole nation" approach, and for that there is no way that private sector can be kept outside."

6:45 PM

Private sector only makes 22% of total production: Rajinder Singh Bhatia, Chairman, Kalyani Group Defence

"Private sector only makes 22 per cent of total production, but its share in total exports is much higher," said Rajinder Singh Bhatia, Chairman, Kalyani Group Defence.

6:41 PM

Much has changed in defence procurement with respect to private sector: Admiral (retd) R Hari Kumar

Addressing the BS Manthan gathering, Admiral (retd) R Hari Kumar, former Chief of Naval Staff said, "We've had very frequent interactions with the private sector. Much has changed in the defense procurement process itself. Earlier, I remember, the Indian private industry used to be looked upon as somebody, not too welcomed or talked to. But that is gone. It's out of the window now. And the results are there to see for us, be it the type of equipment that you're getting or ideas."

6:38 PM

Private sector more dynamic than government organisation, says Samir V Kamat

"Private sector is more dynamic than the government organizations. They have more flexibility in terms of how they can hire the latest talent or the best talent. Private sector, especially the startups and MSMEs, are also very flexible organizations. And with disruptive technologies coming in, we need startups and MSMEs to contribute in the innovations that are happening rapidly. The government organizations are not that capable of changing their work, nature of work at a short notice. So I'm I would say that the participation of private sector has started increasing, and I'm sure in the next few years we will have an equal role of private sectors as public sector and government organizations," Samir V Kamat, Chairman, DRDO said.

6:36 PM

Participation of private sector essential to achieve the goal of 'atmanirbharta': Samir Kamat, Chairman, DRDO

Taking part in the BS Manthan 2025, Samir Kamat, Chairman, DRDO said, "Participation of private sector is essential to achieve the goal of 'atmanirbharta' and in coming years we will see more private participation."

6:31 PM

India has ability to accelerate even further by leveraging the right policy and economic levers: DK Joshi

"India has the ability to accelerate even further. By leveraging the right policy and economic levers, the nation can push its growth rate higher and solidify its position as a global economic powerhouse," DK Joshi said.

6:26 PM

India’s economic cycles now more aligned with global trends: DK Joshi

Commenting over India's economic trajectory, DK Joshi said, "Over the past 40 years, India’s economic trajectory has followed a distinct path compared to advanced economies. If we chart the GDP data, two key trends emerge." "Global synchronisation, where India’s economic cycles are now more aligned with global trends and growth divergence, where advanced economies have seen a downward trend, India’s growth has consistently moved upward," he said.

6:23 PM

Don't think deregulation can happen without industries being open about the issues they face: DK Joshi

"I don't think deregulation can happen without industries being open about the issues they are facing," said DK Joshi, chief economist at Crisil. He said that all regulatory entities face two major issues. One, most of the regulatory agencies are under-resourced, and second regulators in India hardly ever talk to each other. "Even if you do not coordinate, in India we need them to attend least share information with each other," he said.

6:13 PM

Not getting enough cues from the industrial sector: Laveesh Bhandari

Talking about the path of Indian economy ahead, Laveesh Bhandari said that there is a need to look at the bigger picture. He further said that we have a stable government and a stable economy, but we are not getting enough cues from the industrial sector. Bhandari said that governments (union and state) needs to invest in sectors, like technology.

6:07 PM

If you can't get your primary schools right now, your 2047 dream is gone: Laveesh Bhandari, president, CSEP

Participating in BS Manthan 2025, Laveesh Bhandari, president of CSEP said, "Country's main workforce for 2047 has already entered primary school and most of them cannot read. So, your 2047 workforce is gone if you can't get primary education right. The government needs to invest in itself. Urban local bodies need to invest in education, or the 2047 dream is out the window."

6:04 PM

Today 6% of household savings coming into mutual fund industry: Sandeep Sikka

"Just 10 years back only 0.8 per cent of household savings were coming in the mutual fund industry. Today’s count to 6 per cent. Last year, there were 300 IPOs due to mutual fund industry," said Sandeep Sikka.

6:00 PM

Very interesting time in India for mutual funds: Sandeep Sikka, CEO, Nippon MF

Answering the question if mutual funds are right, Sandeep Sikka, CEO & MD of Nippon Mutual Fund said, "First, let me say it’s a very interesting time in India. We all grew up with the subject to market a mindset when we are talking about the economic of India. I think it’s very interesting to see how the trends are changing, how the mutual fund industry is able to convert a lot of household savings into capital market."

5:56 PM

Financial flexibility of corporate sector today is highest in last 10 years: DK Joshi, chief economist, Crisil

DK Joshi, chief economist at Crisil said, "I think the financial flexibility of the corporate sector today is the highest in the last 10 years. Yet they're not investing. The Budget, in a way, looks at deregulation, decriminalization as means to bring them back into the fold."

5:33 PM

Climate change not a one-month affair, says Bhupender Yadav

Yadav emphasised that discussions on climate change should not be limited to just one month in a year, highlighting the extensive process involved in global climate negotiations.  

 

Speaking on the issue, Yadav said, "We only discuss climate change once a year for a month, and then everyone moves on. Climate impacts all sectors. For this reason, we have a coordination committee to ensure there is holistic green growth."

 

He further pointed out that climate action is a continuous process, extending beyond the annual United Nations Climate Change Conference (COP). "And there isn't just one COP, there are three. Even before a COP is held, there are multiple meetings. Scientists also hold separate meetings," he said.

 

The minister underscored the importance of sustained efforts in tackling climate challenges, stressing that policymaking and scientific discussions take place throughout the year to address environmental concerns.