Connect with us

Hi, what are you looking for?

Finance

ETMGS: Financial sector at a tipping point, digital is the way to go

The financial sector is in a state of deep churn as it rides..

The financial sector is in a state of deep churn as it rides..

The financial sector is in a state of deep churn as it rides on a slew of positives.

This red-hot sector was high on the agenda at ET Markets Global Summit 2018 in Mumbai on Thursday, which saw some of India's best thought leaders come together and discuss the road ahead.

Nirmal Jain, Chairman of IIFL, counts the entry of millennials into the formal financial sector as a tailwind. He also sees multiplying benefits of the digital space "although the penetration is very low".

Jain believes the financial space is full of promise. "If we presume that the economy grows at 7 per cent, the financial industry can grow faster," he asserted.

He sought to allay the widely-held fear that automation leads to a jump in unemployment. "Every phase of technology increase gives rise to fears of job loss, but history shows it creates more jobs. Technology will create a lot more jobs in 5-10 years," he said.

According to S Naren, Chief Investment Officer, ICICI Prudential Mutual Fund, small and midcaps are currently overvalued and largecap valuations in many sectors remain reasonable.

Coming to dynamic asset allocation, he favoured the idea of adding debt to the portfolio, given rising yields. He also made a passing reference to accrual funds.

The fund house is overweight on power utilities, select corporate banks and upstream oil and reasonably positive on the metal industry.

Naren sees a huge scope for Jan Dhan in the MF industry rather than banking.

Original Article

Finance

In an interview with ET Now, Dabur India Director Mohit Burm..

Science

The 147th Open championship will be at Carnoustie Golf Club in Scotland. Jan Kruger/R&A Golfers ..

Tech

Enlarge Oliver Morris/Getty Images) In response to an Ars re..

Tech

Enlarge/ You wouldn't really want to use Nvidia's ..