Delhi, , India
Content Writing, Reaserch in Economics
0 टिप्पणी करें | 185 लोगो ने देखा है | 23 अगस्त 19  | Namit Verma
Of Finance, Indian Economy and Growth – People who shaped India’s Diversified NBFC
Currently placed at 6th, India, backed by its strong demographic dividend, research & development and financial institutions, is expected to be one of the top three economic powers of the world by 2030. The country’s financial institutions have played one of the most effective and decisive part in its overall development.

Traditionally a major source of long-term funds in the economy, financial institutions have provided assistance to new enterprises, small and medium firms, as well as to the industries present in the remote or backward areas – funding businesses and microcosms of financial activity. Furthermore, a variety of financial institutions have also played an important part in fostering the process of industrialization via the coordination between savers and investors – thus helping in reduction of regional disparities by inducing widespread industrial development.

That said, India’s growing and diversified financial sector, comprising of commercial banks, insurance companies, has been aided by non-banking financial companies, pension funds and other financial entities. Playing one of the most critical roles in bolstering the economy, NBFCs (Non-Banking Financial Companies) have often taken the leading role in providing innovative financial services to MSMEs.

In addition to that, NBFCs complement banking sector in meeting the increasing financial requirements of the corporate world, delivering credit to the unorganized sector. The sector however has been shaped by a few brilliant minds and the years of integrity and diligence of Indian businessmen and entrepreneurs – right from the industry-core 70s to the economic liberalization in the 90s.

Through this stipulation, we will try to cover some of the keen contributions of people to NBFCs in India:

1. Nirmal Jain: An IIM graduate, Nirmal Jain started his career with Hindustan Unilever in the year 1989, as a commodities trader. From there onwards, he went on to establish India Infoline in the year 1995. Considered as one of the pioneers in offering the lowest brokerage in the industry, Infoline, with its launch of 5paisa trading platform gave freedom from traditional methods of transactions. Today, IIFL is one of the leading integrated financial services group in India with its diverse operating businesses, where Jain owns about 23% of IIFL, directly or indirectly.

2. Rahul Bajaj: An Indian businessman and philanthropist, Rahul Bajaj is the owner of one of the most diversified and profitable non- banks in the nation — Bajaj Finance. Deemed as one of the most successful businessman in India, he has amplified the scope of Bajaj Group. From providing the finance for 2- 3 wheelers to diversified business and property loans, Bajaj Finance has substantial business penetration across the nation.

3. Sunil Godhwani: Former managing director of Religare, Sunil Godhwani is a post graduate from the New York University Tandon School of Engineering. His strategy of getting into foreign mergers and acquisitions gave Religare a good expansion at the international market. Godhwani's efforts helped Religare in offering integrated financial services including loans to SME's, retail broking and affordable housing finance. He currently motivates several entrepreneurs and upcoming businessmen through his participation in various business platforms such as the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI).

4. Rashesh Shah: An IIM graduate, Shah has a rich experience of working in ICICI bank. After gaining experience in the banking sector, he started a NBFC, Edelweiss Broking Limited. This group has a sizeable presence in large retail segment through its businesses such as Housing Finance, Life Insurance which also incorporates Stock Broking. Besides this, Rashesh Shah also delivers many speeches, interviews on topics related to the financial markets and developments.

5. Motilal Oswal: An Indian businessman, Motilal Oswal is the chairman of Motilal Oswal Group. This company based in Mumbai and offers diversified financial services and products such as private wealth management, retail broking & distribution and Home finance. Oswal was also awarded the ‘Rashtriya Samman Patra’ by the government of India for being amongst the highest income tax payers in the country for a period of 5 years. He has also been honored with several prominent awards for his work and contribution to the capital markets.

Banking sector will always have an important part in the field of business, partly because of its credibility in complementing manufacturing, infrastructure and even for being the backbone for the common man's money. But in spite of this, the role of NBFCs remains critical and their presence will only take the Indian economy on the right track, as it continues to aid economic development of the nation with mobilization of resources, capital formation, employment generation and attracting foreign grants.
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