PHDCCI Hosts Interactive Session on “Pre-Budget Expectations of BFSI Sector” Policy Priorities for a Strong and Inclusive Financial Ecosystem

The PHD Chamber of Commerce and Industry (PHDCCI), through its BFSI Committee, organised an Interactive Session on “Pre-Budget Expectations of the BFSI Sector – Policy Priorities for a Strong and Inclusive Financial Ecosystem” recently at PHD House, New Delhi.

The session brought together leading voices from the banking, financial services, insurance, and capital markets ecosystems to deliberate on key policy expectations, regulatory reforms, credit growth imperatives, and ease of doing business, ahead of the forthcoming Union Budget.

The session commenced with a Welcome Address by Mr Gurmeet Chadha, Chair, BFSI Committee, PHDCCI, and Managing Partner & Chief Investment Officer, Complete Circle Wealth Solutions LLP. He underscored the importance of stable policy frameworks, predictable regulation, and capital market-led growth in strengthening India’s financial ecosystem. He highlighted the critical role of robust capital markets in mobilising savings, deepening financial inclusion, and supporting India’s long-term economic growth.

The event featured two insightful Special Addresses:

·      Mr Abhinav Khandelwal, Senior Fund Manager, Aditya Birla Sun Life AMC Limited, shared perspectives on market outlook, policy priorities, and the role of mutual funds in long-term wealth creation. His presentation noted that improving macro stability, monetary easing, and a consumption-led growth revival are expected to support Indian equity markets.

 ·      Mr Vishal Biraia, Vice President – Equities, Bandhan AMC Limited, spoke on the need for continued capital market reforms to deepen investor confidence, strengthen market transparency, and ensure long-term sustainability in the BFSI sector. He highlighted India’s strong structural growth story, driven by domestic consumption, manufacturing push, and formalisation of the economy, and emphasised the role of capital markets in funding entrepreneurship, MSMEs, and infrastructure, thereby enabling large-scale job creation. He also underlined the growing participation of retail investors, rising SIP inflows, and robust equity markets as key enablers of India’s transition into a mature, resilient, and globally competitive capital market ecosystem.

 ·      A high-level Panel Discussion was held on the theme: “Expectations, Regulatory Reforms, Priorities, Credit Growth & Ease of Doing Business in the BFSI Sector.”

The panellists deliberated on budgetary expectations, regulatory simplification, credit flow to MSMEs, strengthening NBFCs, capital market depth, and measures to enhance investor participation and financial inclusion. India’s digital economy and AI-led growth will significantly increase data centre requirements, creating new investment opportunities, infrastructure demand, and employment across the value chain.

Key recommendations emerging from the session included the establishment of a dedicated Green Bank or Climate Finance Facility to catalyse private capital into renewable energy, energy efficiency, electric mobility, clean transport, and transition finance for MSMEs. Participants emphasised the need for budgetary support, risk-sharing mechanisms, and strong disclosure frameworks to ensure transparency and avoid greenwashing. The session also underscored the importance of a modern bank resolution framework, recommending upgrades to deposit insurance coverage, faster depositor payout mechanisms, and creation of a credible resolution funding backstop to reinforce depositor confidence and financial stability.

Another key area of focus was SME securitisation, where participants called for standardisation of structures, removal of tax and stamp-duty frictions, and creation of a government-backed credit enhancement facility to deepen the market and expand long-term MSME credit.

On institutional capacity and digital infrastructure, recommendations included a time-bound capacity enhancement of insolvency tribunals to reduce resolution delays and a national mission to combat digital fraud through real-time intelligence sharing, mule account detection, and coordinated recovery mechanisms.

To address rising funding pressures in the banking system, the session highlighted measures to strengthen deposit mobilisation, including enhancement of tax incentives on savings deposits, rationalisation of tax-exempt term deposit lock-ins, and introduction of tax benefits for RBI-compliant green deposits with longer tenors.

The panel comprised:

• Mr Abhinav Khandelwal, Senior Fund Manager, Aditya Birla Sun Life AMC Limited
• Mr Vishal Biraia, Vice President – Equities, Bandhan AMC Limited
• Mr Kshitiz Mahajan, Founder, CEO & Managing Partner, Complete Circle Wealth Solutions LLP
• Mr Pradeep Chauhan, Founder, Finfinity
• Mr Gurmeet Chadha, Chair, BFSI Committee, PHDCCI & Managing Partner & CIO, Complete Circle Wealth Solutions LLP
• Mr Raman Aggarwal, Co-Chair, BFSI Committee, PHDCCI & CEO, Finance Industry Development Council (FIDC)
• Mr Ashish Agrawal, Co-Chair, BFSI Committee, PHDCCI & Director, Resurgent India Limited

 The session concluded with an Interactive Q&A, allowing participants to engage directly with speakers on policy and market-related issues.

Mr Ashish Agrawal, Co-Chair, BFSI Committee, PHDCCI, delivered the Closing Remarks and Vote of Thanks, reaffirming PHDCCI’s commitment to constructive policy advocacy and stakeholder engagement.

The event concluded with a networking session, fostering meaningful interactions among industry leaders, policymakers, and market participants.”