National Council of Applied Economic Research
The Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs and the National Council of Applied Economic Research (NCAER), New Delhi, in collaboration Christ University, Delhi-NCR successfully conducted a comprehensive workshop aimed at “The Journey from Financial Inclusion to Financial Empowerment: Ensuring Investor Protection to maximize Financial Well-being” on Wednesday, August 21, 2024, at Christ University, Delhi-NCR.
This highly engaging workshop attracted over 600 participants and featured prominent speakers, including financial sector expert, Government representative, claim settlement expert, academicians, and Capital Market Specialist. The workshop is part of the ongoing efforts by IEPFA and NCAER to equip youth people with the knowledge and skills necessary to navigate the financial landscape effectively and securely.
In her Welcome Address, Dr. Shivani Chaudhary expressed her delight at the collaborative effort and emphasized the importance of such workshops providing real-world knowledge and skills that are crucial for today’s youth.
Fr. (Dr.) Jossy George, Director & Dean, in his Inaugural Address, praised the first ever collaboration between IEPFA, NCAER, and Christ University, Delhi-NCR, and expressed enthusiasm for future joint initiatives aimed at enhancing financial literacy among the youth.
Ms. Anita Shah Akella, CEO of IEPFA and Joint Secretary in the Ministry Corporate Affairs, in her message, conveyed that investor education and protection is on the national agenda and highlighted IEPFA’s efforts in creating a more informed, protected, and empowered community of investors. Through her message, she encouraged the students to actively participate, engage with IEPFA initiatives and take this opportunity to enhance their understanding and promote advocacy of investor rights and education. She called for involvement of the youth in driving the progress IEPFA aims to achieve in safeguarding the interests of investors across the nation.
Dr. CS Mohapatra, through his highly interactive manner moderated the session and stated that the journey from financial inclusion to financial empowerment is practically a long step towards maximizing financial well-being. While financial inclusion ensures that individuals have access to essential financial services, true empowerment is achieved only when they are equipped with the knowledge and tools to make informed decisions. By prioritizing investor protection, we safeguard these individuals from potential risks, foster trust and confidence in the financial system and sustain their participation. Together, financial inclusion, literacy, and protection form a robust foundation that leads to long-term financial security and prosperity.
The panel discussants — Mr. Sumit Aggarwal, AGM Awareness, IEPFA, Ministry of Corporate Affairs, Government of India, Ms. Sumitra Chowdhury, Former Director, Financial Stability, DEA, Ministry of Finance, Government of India, Mr. Varun Gupta, Regional Head, BSE, Delhi and Dr. Anil Kumar, Professor, Delhi School of Economics & Independent Director, Board of Directors of Life Insurance Corporation (LIC) of India discussed the importance of financial literacy rigorously and different initiatives taken by the Government as well as regulators, including IEPFA, in promoting financial literacy and financial inclusion.
Mr. Sumit Aggarwal, AGM Awareness, IEPFA, effectively underscored the organization’s impressive accomplishments in recent years and conveyed an inspiring outlook for the future. He emphasized IEPFA’s dedication to fostering a secure and informed investment environment for every citizen, highlighting ongoing efforts in ease of doing business, efficient claim settlements, and the promotion of financial awareness. He passionately encouraged everyone to engage in IEPFA’s initiatives, stressing that true transformation begins at the grassroots level, and called on participants to collaborate with IEPFA in its mission to protect investor interests and enhance financial literacy nationwide.
Dr. Anil Kumar highlighted that the role of student bodies and universities is immense in spreading financial literacy to maximise financial well-being. The national financial inclusion mission of Government has brought about a sea change in ensuring financial well-being especially channelizing small savings into bank and small loans by way of government schemes/ programmes. A lot, however is still need to be achieved in augmentation of insurance penetration in the country, he stated.
Dr. Sumitra Chowdhury highlighted India’s significant progress in financial inclusion over the past decade and a half, emphasizing the need to continue the journey toward universal financial well-being. She acknowledged the crucial role of IEPFA and the IEPF Chair unit of NCAER in strategically educating the younger generation, empowering participants to further spread investor education within their communities. Dr. Chowdhury also addressed the growing challenges of financial security in the digital age, calling for enhanced efforts in financial education and investor protection to safeguard the interests of all citizens.
Mr. Varun Gupta delved into the criticalities of the capital market, emphasizing the inherent risks and opportunities that comes with investing in this dynamic environment. He discussed the importance of understanding market volatility, the impact of economic indicators, and the significance of diversification in mitigating risks. For the younger generation, Mr. Gupta advocated for early financial education, stressing that with the right knowledge and guidance, they can pursue capital market investments with confidence. By developing a disciplined approach to investing, young individuals can harness the potential of the markets to build wealth over time, contributing not only to their personal financial growth but also to the broader economic stability.
This workshop aimed to empower students with essential financial skills, preparing them to make informed decisions that will benefit their futures. By cultivating a generation of financially literate individuals, it will also contribute to building a more secure and economically resilient society.