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Shifts in risk appetite (need for preservation of principal) and return expectations – both at the retail and institutional level have created the need for product manufacturing and research in alternative investment areas. Recent events shaping these shifts include the following: Portfolio values of investors globally have shrunk to less than half during the financial crisis. The year 2009 marked the diminishing western dominance (and the emerging Asian influence) in the global socio-economic policy making arena. Two of the key events during the year that demonstrated this weakening grip of the developed nations were – 1) G20 formally replacing G8 as the main body for intermediating global economic policy; and 2) I am referring to Dr. Kaushik Basu, the Cornell University Economics professor who recently took charge as the Chief Economic Adviser to the government of India. I am also referring to the introductory passage of a lecture essay written by Dr. Basu 2 years back (while at Cornell) on India’s growth politics that Few days ago a high school buddy of mine called me (woke me up rather) from the U.S at the middle of the night to ask and discuss his idea of doing business in India. He is a tech geek and his business idea is about creating a comprehensive online financial intermediation platform. My friend The World Economic Forum’s India Economic Summit 2009 is underway in New Delhi. A host of ideas – economic and social including growth dynamics, sustainable development, education, climate change, governance issues and investments, will be on the discussion agenda to answer if, how and when India can become an economic super power and to map |
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