SWIFT Business Forums 2009 Mumbai Report
…………………………………… Mumbai contact Arun Tiwari
Head of India and Subcontinent arun.tiwari@swift.com
One year on: our road to recovery
After welcoming the crowd, SWIFT's Chief Executive for Asia Pacific Ian Johnston was joined by Head of India and the subcontinent Arun Tiwari to learn more about Arun's recent attendance at the World Economic Forum India Forum prior to the Business Forum. Arun reported a clear consensus that the financial sector plays an important role in the development of the Indian economy, not just in terms of financing the significant market infrastructure investments that need to be made but also in supporting domestic market growth. In terms of economic forecast, Arun said, the WEF discussion was about how to get back to 9 percent growth on a sustainable basis, because everyone was assuming that the current growth of 6-7% is being realised.
modern regulatory infrastructure, which no other economy this size in Asia can really boast of." He also remarked that "India is extraordinarily open to foreign participation in its financial markets. Right now, seeing a huge influx of new participants (this year) coming into the market. People see the opportunity here and they're starting to set up their businesses, which will be an enormous driver of growth and of innovation." Competition will therefore also be an important driver for growth, according to Shapiro, and he asserted that "very few countries around the world have a regime as open to competition – certainly in the stock market or exchange space, as India."
…………………………………… Fast facts
Date 11 November 2009 Delegates 267 Speakers 16 SWIFT partners - ACE - Clearstream - ERI - Nelito - SmartStream - SUN - Xchanging - Volante
SWIFT is key to India's development as well as the continued success of the Bombay Stock Exchange, added Shapiro: 'We've recently become the first securities industry participant in James Shapiro, Head of Market SWIFT in India and this represents the Development at the Bombay Stock beginning of a long term and important Exchange, gave an opening speech partnership for us," he said. "In a way, about why he believes that right what I've seen in terms of our relationship with SWIFT is really a model for now there are "very exciting opportunities for India to establish me in terms of building relationships Mumbai and its capital markets as a with other participants in the market. true financial centre and to expand We see at the BSE that the path to the future is about adapting and changing exponentially for the next five our business model. And you do that – years." and we've seen other stock exchanges do that – through partnerships."

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