Archives: Event

Regional Energy Cooperation in South Asia: Scope, potential impact and Challenges of Cross Border Electricity Trade

NCAER organized an in-person lecture on ‘Regional Energy Cooperation in South Asia: Scope, potential impact and Challenges of Cross Border Electricity Trade’, by Dr. Saswata Choudhury, Fellow, TERI on Wednesday, 15 May 2024, 3:00 pm, as part of its Dialogue Room Seminar Series.

Details of the paper being presented and bios of the Speaker, Chair and the Discussants are shared below.

Abstract

South Asian countries, except Nepal and Bhutan, are primarily dependent on imported fossil fuels to meet their increasing energy demand. However, due to lack of domestic reserves, intra-regional trade in conventional energy is limited. At the same time, cross border electricity trade (CBET) has huge potential within South Asian countries especially among Bangladesh-Bhutan-India and Nepal (BBIN) countries. Electrification of end use activities is an important component of decarbonization only when electricity is generated from renewable sources. However, due to inherent nature of intermittency in generation, complete reliability on renewable is a major challenge. Generation variability can lead to grid imbalance, which can be addressed though incorporation of relatively expensive energy storage in the energy supply system. CBET is an effective alternative to address this issue. Moreover, CBET also provides economic benefits to the exporting partner to utilize scale benefit and facilitates the importing country to meet their demand-supply gap without much investment in capacity development. In case of green electricity trade, CBET helps to meet the decarbonization targets in importing countries as well. In the presence of demand-supply complementarity across countries in terms of diversified source of power generation and demand pattern, CBET could be very effective in South Asia. This study has measured the impact of CBET on individual economy and South Asian region in terms of GDP and welfare using GTAP database. The study found that CBET can lead to economic benefits to both trading partners, but level of benefits depends on scale of trade and nature of trading partners. The spillover effect also provides economic benefits to the entire region. The study also found that multilateral engagement is more beneficial than bilateral trade. However, there are several barriers (regulatory, political and infrastructural) which poses obstacles to realize the potential of CBET in South Asia. Regional cooperation in those sectors is required to overcome these challenges and reap the full benefits of CBET in the South Asian region.

Speaker

Saswata Chaudhury is a Fellow and Area Convener of Integrated Assessment and Modelling Area at The Energy and Resources Institute (TERI), New Delhi. He received his MPhil and master’s degree in Economics from Jawaharlal Nehru University, New Delhi. With a rich background in impactful research, Dr. Chaudhury has honed his skills at renowned institutions like ICRIER and NIPFP. His expertise spans across energy, trade, and development, with a focus on CGE analysis and NSS data decoding. He also has wide experience in primary survey and multi-stakeholder approaches to research including working with local communities, private sector, and government officials at all levels including the district and block levels. With numerous publications in prestigious national and international journals, he is at the forefront of cutting-edge research. Currently, he leads projects at TERI, delving into energy demand forecasting and CGE modeling in the energy sector.

 Moderator

Chetana Chaudhuri is a Fellow at NCAER. She has a doctorate degree from Jawaharlal Nehru University (JNU), New Delhi. She is a distinguished researcher, whose expertise spans across a multitude of critical areas. Her research areas include Energy, Environment, Macroeconomics, Employment, and Health Economics. Previously, she has been associated with the National Institute of Public Finance and Policy (NIPFP), Public Health Foundation of India (PHFI) and Institute of Economic Growth (IEG). She has worked on a wide variety of studies pertaining to macro-economic analysis, input-output modelling, social accounting matrix, health financing, labor market analysis, energy analysis of industries and the household sector, analyses of large sample surveys, qualitative and quantitative assessment of government schemes like ESI, PMJAY, PMMVY, and RKVY, etc.; benefit cost analysis, and benefit incidence analysis, among others.

Discussant

Arpita Mukherjee is Professor in Indian Council for Research on International Economic Relations. (ICRIER), Delhi. She is a member of government committees and policy panels and also a member of the editorial board of several international journals. She worked closely with the governments and multilateral organizations across multiple geographies such as India, United Kingdom (UK), Australia, European Union (EU) and its member states, ASEAN, and the United States (US). Her expertise spans across Sustainable trade and investment; retail, logistics and food supply chains; nutrition; trade infrastructure including economic corridors and SEZs; services; start-ups and entrepreneurs; e-commerce. She has over 25 years of experience in large project and leadership roles and also has over 75 publications including books, refereed journals, newsletters, government reports.

World Economic Outlook & India: What Lies Ahead

NCAER holds discussion on IMF’s ‘World Economic Outlook & India: What Lies Ahead’  

  • India poised for higher GDP growth based on domestic strengths: CEA
  • Indian economy getting more immune to traditional shocks: NCAER DG

NCAER on Wednesday hosted a discussion on “World Economic Outlook & India: What Lies Ahead”. The three-member panel for the discussion comprised Dr Poonam Gupta, NCAER Director General and Member of Economic Advisory Council to the PM; Dr V. Anantha Nageswaran, Chief Economic Advisor to the Government and Dr Auguste Tano Kouame, World Bank’s Country Director for India. The discussion was preceded by presentations from IMF economists, Dr Mehdi Benatiya Andaloussi  and Dr Nicolas Fernandez-Arias.

Speaking on the occasion, Dr Nageswaran said with supply-side investments on both physical and digital infrastructure, Indian economy is better placed to pursue non-inflationary growth and could achieve a GDP growth rate of above 7% this year, based on its domestic strengths.

“We need to recognise the geo-political and geo-economic context. We can achieve moderate to high growth over a long term … Small and medium sector is the backbone. We need them to grow their share in manufacturing. We also need to strengthen the supply-side infrastructure to have longer economic cycles and prevent overheating of the economy every 4-5 years, besides having financial inclusion, skilling, and electricity reforms,” said Dr Nageswaran.

Dr Poonam Gupta said, “The IMF has projected acceleration in global growth and world trade volumes, decline in inflation rates, and oil prices to remain around the current levels.  Based on its domestic strengths and a favourable global outlook, the Indian economy may be expected to grow at 7 plus rate this year and next.”

More importantly, she pointed out that India’s population growth rate had slowed down from 2.1% in the 1990s to almost 1% now, thus, translating GDP growth into bigger per capita income.

Dr Gupta said India’s GDP growth rate has become more resilient due to macroeconomic stability with various shocks, which mattered in the past, impacting it much less now. “With clear electoral verdicts, policy risks have become less; agriculture has become a little bit more decoupled from rainfall; large forex reserves have blunted effect of flight of capital due to any global disruption; and cleaning up of the financial sector has led to faster credit growth,” she said.

Earlier asked about inflation, Dr Nageswaran said, “With above normal monsoons, it is expected to come to the mid-point (4%) of the RBI’s target range. We don’t see at the moment any scope for nasty upside surprises yet there can always be scenarios in geopolitics that cause the inflation to spike.”

Dr Gupta also noted that despite fiscal deficit and public debt remaining high in India, their quality had improved. She suggested that instead of reducing government expenditure, the focus ought to be on enhancing “expenditure efficiency” and increasing revenue.

Dr Auguste Tano Kouamé said the Bank is to soon update its forecasts for FY24 and FY25 wherein the growth rates are likely to be upgraded because the signs are positive. “The uncertainties that were discussed are more due to the global economy and not the Indian economy,” he said.

“If India is able to maintain a growth rate of 6.5-7 percent in this global environment, then under more benign circumstances, it could possibly reach an 8 percent growth rate if the world economy remains stable,” he added.

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IEPFA-NCAER hold Investor Education and Protection Workshop for Youth

Modernizing Financial Education and Sustaining Investor Confidence through the Investor Protection Framework

The Investor Education and Protection Fund Authority (IEPFA), in partnership with the National Council of Applied Economic Research (NCAER) and I.T.S Ghaziabad, successfully conducted a comprehensive workshop aimed at modernizing financial education and enhancing investor confidence through effective investor protection frameworks.

The workshop brought together prominent experts from various sectors including financial sector, academia, and cybersecurity. The focus was on equipping the youth with necessary skills and knowledge to navigate through the complexities of the modern financial landscape.

In his welcome address, Dr. V N Bajpai, Director of I.T.S Ghaziabad, welcomed the esteemed panellists and participants and highly appreciated the NCAER- ITS collaborative effort for excellence in practical learning and stressed that such workshops provide real-world knowledge and skills that are crucial for every youth. The inaugural address was given by Mr. Surinder Sood, Director of PR at I.T.S – The Education Group, who also lauded the first ever collaborative efforts between IEPFA, NCAER, and I.T.S Ghaziabad, expressing enthusiasm for future joint initiatives aimed at enhancing financial literacy among youth. He emphasized the value of such partnerships in driving impactful educational programs and looked forward to more such endeavours to further empower young investors.

Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary in the ministry corporate affairs, emphasized, in her message, that the significance of investor education and protection on the national agenda and highlighted how initiatives like this workshop serve as vital awareness programs to equip individuals, especially budding investors with the knowledge and skills needed to protect themselves from prevalent fraudulent acts and scams. She expressed confidence that the discussions and insights from the workshop would substantially contribute to IEPFA’s efforts in creating a more informed, protected, and empowered community of investors.

Dr. CS Mohapatra, IEPF Chair Professor at NCAER, opened the panel discussion session with insights into the critical need for robust financial literacy in today’s fast-evolving economic environment. He moderated the session in a very engaging and participatory mode emphasizing the importance of foundational financial education to safeguard investor interests and enhance market stability. He highlighted how financial literacy serves as a critical defense against fraud and poor investment decisions. Underscoring the urgency for comprehensive and modernised financial education, he stated, “It’s crucial to equip ourselves with modern knowledge to navigate the complex financial landscape safely and to embrace technology, while recognizing the risks and opportunities it presents.”

Prof Mohapatra presented compelling data showing significant strides in financial inclusion and digital payments in India, with bank account ownership among adults increasing from 53% in 2014 to 78% in 2021. He stressed the need for modernizing financial education, using tools like personalized learning platforms and interactive online courses matching with the speed of financial innovations. He also highlighted the initiatives led by the IEPFA to promote financial literacy through campaigns and collaboration with educational institutions, aiming to instill a strong foundation of financial knowledge from an early age. The key to sustaining investor confidence lies not just in understanding the markets, but having an effective investor protection framework by regulators and government. It’s not just about making money; it’s about individuals making informed decisions that secure our financial future and ability to maximize financial well-being, he stated.

A panel discussion featuring Mr. Abhishek Bondia, Co-founder of SecureNow Insurance Broker Pvt. Ltd, Prof. Amit Kumar Singh, Member of FLC, University of Delhi, Ms. Aprajita Sharma, Assistant Editor at Mint and Mr. Gangesh Varma, Principal Associate in Technology and Policy at Saraf and Partners delved into various aspects of financial education, digital advancements, and investor protection.

Mr. Abhishek Bondia stated that while making an investment or buying an insurance, most individuals focus on return on capital and product features. However, equally important is return of capital in an investment and ability to make a claim in insurance. To protect public interest, regulators have put several safeguards in place. The need of the hour is to educate the masses through accessible and modern knowledge sharing methods. This would ensure that public’s confidence in financial markets remain intact, and they keep coming back to the market for their financial needs.

Prof. Amit Kumar Singh highlighted that wealth and health: Both require mindful investments for lifelong prosperity. Effective financial planning, including exploration of diverse investment avenues like investing in IPOs at the right time and in the right company is paramount and essential for navigating uncertainties and achieving long-term financial stability.

Ms. Aprajita Sharma stated that examples may differ but core for financial education remains the same — compounding wealth over long term, taking into account inflation, present needs and retirement goals. While one must know the process to reclaim funds from IEPF, we should make people aware so that it does not happen with others. Adding nominee details and making your family aware of your investments and insurance will ensure smooth transition. 

Mr. Gangesh Varma emphasized that Data literacy is going to be an essential element of financial literacy and education of the future. Knowing and understanding your data rights under the data protection laws is a good starting point. However, this can be effective only in the backdrop of proper enforcement of the data protection law, more ethical data processing, and improved cyber hygiene practices. He stated that awareness and capacity building will be foundational because consent is the cornerstone of India’s data protection regime, and a well-informed and empowered user is necessary for meaningful consent.

The workshop concluded with a vote of thanks by Shri Sumit Aggarwal, AGM Awareness at IEPFA, who lauded the collaborative spirit of the conference, aligning stakeholders towards the shared goal of enhancing financial literacy and safeguarding investor interests.

Investor Education and Protection Strategies in India: Challenges of Modern Times

The Investor Education and Protection Fund Authority (IEPFA), in collaboration with the National Council of Applied Economic Research (NCAER) and the Department of Commerce, DSE, University of Delhi hosted a conference for youth to bolster financial literacy and inclusion.

The conference titled “Investor Education and Protection Strategies in India: Challenges of Modern Times” brought experts from various sectors, such as RBI, Ministry of Corporate Affairs, cybersecurity, regulatory bodies, academics and capital market experts to shed light on critical financial issues and empowerment strategies in today’s digital age.

In his address, Prof. Ajay Kumar Singh, Head and Dean, Department of Commerce, Delhi University, underscored the importance of collective efforts in fostering a financially literate and empowered society.

The address set the tone for the day’s proceedings, emphasizing the conference’s commitment to actionable insights and strategies for financial inclusion of youth.

In his address, Prof. Balaram Pani, Dean of Colleges, University of Delhi, highlighted the critical role of investor education in today’s fast-evolving financial landscape and called for unified actions to bridge knowledge gaps and ensure equitable access to financial resources and information.

In her message, Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary in the ministry corporate affairs, emphasized the significance of investor education and protection on the national agenda. She encouraged students to start early with investments to build a brighter and more secure future.

Moderating the discussion, Dr. C S Mohapatra, the IEPF Chair Professor at NCAER, highlighted that the rapid digitalization of financial services, while offering unprecedented accessibility and opportunities, also presents new challenges in this modern era in terms of cyber security, online fraud, and the complexity of modern financial products.

Prof Mohapatra emphasized that younger generation, who stand on the frontier of digital finance revolution needs more attention in terms of education and protection. “Today’s youth, as digital natives, are uniquely positioned to leverage the vast potential of fintech innovations, yet they are also at risk from the very complexities and vulnerabilities these technologies introduce,” he said.

He said it is imperative that the strategies framed by regulators not only educate them about the fundamentals of investing but also arm them with critical digital literacy skills. This includes understanding cybersecurity measures, recognizing online scams, and making informed decisions in an environment saturated with information overload and finfluencers.  Dr Mohapatra stated that “by empowering our young investors with knowledge and tools for protection, we are not just safeguarding their individual financial futures but also fortifying the backbone of our economy”.

Lt Col Tushar Anand delved into the microeconomic importance of investor education and protection, emphasizing the initiatives by IEPFA for investor education and the current scenario of claim settlements.

Ms. Suchitra Maurya tackled the complexities of the Grievance Redressal Mechanism, highlighting the significant strides and challenges within the banking sector. She spoke on the evolving landscape of digital banking, coupled with insights on cryptocurrency regulations and Central Bank Digital Currency (CBDC).

Dr. Sanjay Bahl focussed on cybersecurity measures, focusin g on government actions and the common pitfalls consumers face in the digital realm. He spoke about the need for regulatory landscape for finfluencers and financial apps at a time when lot of Apps-related scams have come to light.

Dr. Ravi Prakash Singh stated that the influx of young investors to the capital market has a profound impact by driving innovation through technology adoption, embracing risk for long-term gains, promoting socially responsible investing, leveraging access to information and education for informed decisions.

Concluding the discussion, Mr Sumit Aggarwal, AGM at IEPFA, extended a vote of thanks, acknowledging the invaluable contributions of all the participants, speakers, and attendees. He lauded the collaborative spirit of the conference, aligning stakeholders towards the shared goal of enhancing financial literacy and safeguarding investor interests.

Book Launch & Panel Discussion: India’s Social and Economic Transformation in the 21st Century

NCAER’s National Data Innovation Center hosted the book release ceremony of “India’s Social and Economic Transformation in the 21st Century,” a collected volume of papers using data from the Indian Human Development Survey, curated by the editors, Pallavi Choudhuri, Sonalde Desai, and Amaresh Dubey, and published by Routledge.

The event commenced with an insightful panel discussion themed “Data for Development: Assessing Human Development in a Rapidly Changing Society,” where the editors and distinguished speakers embarked on a deep exploration of the challenges and opportunities stemming from India’s rapid transformations.

The 21st century has witnessed remarkable global advancements in educational expansion and economic growth. However, alongside these achievements, persistent social inequalities persist, demanding urgent attention. Furthermore, external factors such as the pandemic, global financial issues, and climate change emphasize the necessity to reevaluate social safety nets to ensure resilience in the face of unforeseen challenges.

Chaired by Sonalde Desai of NCAER, the panel comprised esteemed speakers:

  • Dean Joliffe, Lead Economist, DECDG, World Bank
  • Pronab Sen, India’s First Chief Statistician
  • Rukmini Banerji, Chief Executive Officer, Pratham
  • Ashwini Deshpande, Professor of Economics, Ashoka University
  • A. K. Shiva Kumar, Development Economist

The panel deliberated on identifying priority areas and formulating effective data collection strategies to drive an evidence-driven approach to policymaking. Their discourse provided actionable strategies to navigate the complexities of our evolving society, emphasizing the imperative for evidence-driven policymaking to address persistent social inequalities.

The ceremony culminated with the release of the book by our esteemed Guest of Honour, Shri Suman Bery, Vice Chairman, NITI Aayog, alongside the panelists and authors.

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