Home Economy Others can learn from Indian reforms: Trinidad banking head

Others can learn from Indian reforms: Trinidad banking head

By Paras Ramoutar, IANS,

Port-of-Spain : Countries of the world can learn a lot from India’s economic reforms which have been tailored to its unique conditions, Governor of the Central Bank of Trinidad and Tobago Ewart Williams said Saturday.

“We in T&T have a lot to learn from India which has become one of the success stories in global economic development,” Williams told a seminar, “Business Opportunities–India and Trinidad and Tobago” here.

“Like India, we endeavour to fine tune the process that fits with the specific structural, institutional and operational realities that we face. We expect to enjoy the same level of success as India is currently enjoying,” Williams said.

The seminar was jointly organized by the India/Trinidad and Tobago Chamber of Industry and Commerce, which aims to promote trade and other links between the two countries. Over 250 delegates from industry, banking, government and business attended the seminar.

He said like India, the financial system in Trinidad and Tobago did not suffer much from the international financial crisis.

“Our institutions did not have on their balance sheets either sub-prime or any of the other exotic instruments that caused the problems, and credit expansion by our financial institutions is based on domestic deposit mobilization, rather than on interbank credits or foreign loans”, he said.

Indian High Commissioner Malay Mishra said there was a need for investments from both countries.

“Investment and trade must move beyond CARICOM (Caribbean Community and Common Market),”

he said, adding that the opportunity for serious business contacts between India and Trinidad and Tobago exists.

From its inception in 1973, CARICOM has been promoting economic integration of the 14 member nations.

Bank of Baroda Managing Director Kishor Kharat said that manufacturing, trading, agriculture, real estate, infrastructure developments and services are the main contributors to the growth of an economy and that small and medium entrepreneurs (SME) are the pillars of such growth.

“SME sector is an extremely important pillar of the economic development of any country. This development of SME segment can propel broad-based economic growth and that financial institutions need to work out a hand holding approach for financing SMEs,” Kharat said.

(Paras Ramoutar can be contacted at [email protected])