Episode 1: Managing the twin shocks of pandemic and recession
What are the global factors and domestic challenges driving India’s economy this year?
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Tuesday, February 16 | 11:30 IST | 14:00 HKT
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14:00
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14:05
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14:20
Panel Discussion: Credit after Covid-19: Economic and fiscal policy implications as India charts a recovery path
• Sovereign credit drivers: Examining the main risks and triggers
• Shape of recovery: Tracking India’s medium-term growth trajectory
• Stepping back from debt consolidation: Implications of a widening fiscal deficit
• Opportunity seized or missed: India’s COVID-driven reforms and stimuli
• Did the Budget do enough to sustain India’s recovery? -
15:10
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15:55
Speakers
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As President of Ratings, Ramnath Krishnan is responsible for driving strategy at ICRA Limited, the Group’s ratings business, strengthening analytical capabilities, providing thought leadership and managing client relationships. Over the course of his 33-year long journey in banking and finance, Krishnan has proved his leadership in successfully managing large teams building businesses across geographies. Prior to ICRA, Krishnan was the Chief Risk Officer at RBL. Prior to that he was with HSBC, for 23 years, where he had held senior positions in wholesale banking, private banking, investment banking and risk management, in India and overseas.
Krishnan is an Economics Graduate from Loyola College, Chennai. He is a Chartered Accountant from The Institute of Chartered Accountants of India and a Cost & Works Accountant from the Institute of Cost & Works Accountants of India.
Deborah Tan is an Associate Vice President within Moody’s Credit Strategy and Research Group. Based in Singapore, she leads Moody’s thematic research for India, Southeast Asia and Australia with a focus on producing forward-looking macro-credit insights and outlooks. Her responsibilities also include designing scenario analysis to test the resilience of Moody’s rating methodologies and assessing the impact of these scenarios. Prior to joining Moody’s in 2019, Deborah was a macroeconomist at BHP Billiton where she covered both India and the US and led the Group’s interest rate, FX and long-term growth projections for key markets. She has also worked at the Monetary Authority of Singapore and PWC. Deborah holds a master’s in Economics from the University of Cambridge and a bachelor of science in Economics from University College London.
Natasha Brereton-Fukui is Vice President – Senior Research Writer with the Sovereign Risk Group at Moody’s Investors Service, focused on the Asia Pacific region. Natasha is a passionate advocate of diversity in the workplace, and also serves as co-chair of Moody’s APAC Multicultural Employee Resource Group.
Prior to joining Moody’s in 2014, Natasha spent more than a decade in journalism, in Tokyo, London and Singapore. During nine years with Dow Jones Newswires and The Wall Street Journal, she covered central banks’ responses to the global financial crisis, Group of 20 efforts to boost long-term investment financing, negotiations on the Trans-Pacific Partnership trade agreement, and Myanmar’s economic liberalization, among other topics. She was named “Journalist of the Year – Investment (Online/ Wires)” for her coverage of the Bank of England’s adoption of quantitative easing in the 2009UK Institutional Press Awards.
Natasha holds a BA in Chinese Studies (Hons) from the University of Oxford, and was a Daiwa Scholar from 2002-4.
Tanvee Gupta Jain joined UBS in April 2017 as Chief India Economist.
Prior to joining UBS, she was the Chief India economist for Macquarie Securities (2011-2017). Tanvee has covered the Indian economy for more than a decade and has built a franchise based on thematic research and comparing India's economy with those of other emerging markets. Earlier, she had worked with the top ranked India and Asia Pacific Economics team at Morgan Stanley (2006-11) and with India's largest private sector bank, ICICI (2005-06).
Tanvee graduated from the Hansraj College, Delhi University, India with a degree in Economics (Hons); she holds a Master’s degree in Economics from the Delhi School of Economics, India.
As Vice President & Principal Economist, Aditi Nayar leads Indian economic research at ICRA Ltd. Her focus areas include macroeconomic analysis and forecasting, policy assessment as well as fiscal analysis and debt sustainability at the sovereign and sub-sovereign level. She has been a part of several credit rating exercises for sub-sovereign debt in India, including debt raised by state governments, state-owned entities spanning sectors such as irrigation, power, industrial and infrastructure development, pooled finance entities raising funds for urban infrastructure, as well as urban local bodies.
Aditi has an overall work experience of 15 years out of which 13 years have been in the present role. Previously she has had a stint with the World Bank as a research analyst where her focus was on fiscal and macroeconomic issues. Aditi has been named as one of the top forecasters of India by Bloomberg in the past.
Aditi has an M.Phil. degree in Economics from the University of Oxford and a Bachelor's degree in Economics and Psychology from Indiana University, Bloomington.
Gene Fang is an Associate Managing Director in the Sovereign and sub-sovereign Ratings Group in Asia. Based in Singapore, he manages the team that is responsible for sovereign credit ratings in the Asia Pacific region. Before joining Moody’s, Gene worked as an investment banker, covering financial institutions for J.P. Morgan and Citigroup in Hong Kong and Singapore. In this role, he managed client relationships across Asia and advised on debt, equity, and M&A transactions. Gene graduated from Columbia University in political science. He also holds an MBA from Harvard Business School and a Master in Public Policy from Harvard University’s Kennedy School of Government.
Brian Cahill is Managing Director, Global Head ESG for Moody’s Investors Service. In his role, Brian leads Moody’s strategy for the incorporation of Environmental, Social and Governance factors - including climate risk - into credit ratings, analytics, research and outreach. He has responsibility for ensuring that Moody’s is at the forefront of meeting this growing market need from investors, issuers and other important stakeholders. Brian has more than 24 years of credit experience at Moody's and has coordinated the MIS ESG initiative since 2014 building a strong platform for analytics, research and outreach in respect of ESG.
Brian has held various senior analytical and management positions with Moody’s. He joined the company in 1996, working first in Structured Finance and then Corporate Finance. He was regional head of the Asia Corporate Finance franchise from 2002 to 2020. In addition, he led the Asia project and infrastructure team from 2002 to 2018 and the Asia financial institutions team from 2009 to 2016. He was country manager for Australia from 2005 to 2009.Prior to joining Moody’s,
Brian practiced as a lawyer in London, New York and Sydney. He received an MA and Master of Law from St. John’s College, Cambridge University.
Gene Fang is an Associate Managing Director in the Sovereign and sub-sovereign Ratings Group in Asia. Based in Singapore, he manages the team that is responsible for sovereign credit ratings in the Asia Pacific region. Before joining Moody’s, Gene worked as an investment banker, covering financial institutions for J.P. Morgan and Citigroup in Hong Kong and Singapore. In this role, he managed client relationships across Asia and advised on debt, equity, and M&A transactions. Gene graduated from Columbia University in political science. He also holds an MBA from Harvard Business School and a Master in Public Policy from Harvard University’s Kennedy School of Government.
Nishad Majmudar is an Assistant Vice President and Analyst within Moody’s Sovereign Risk Group. Based in Singapore, Nishad covers a portfolio of sovereign credits across Asia-Pacific and writes thematic research on environmental, social and governance (ESG) issues in the region.
Before joining Moody’s in 2020, Nishad was a risk officer in Wells Fargo Bank in Singapore, responsible for setting internal credit ratings for countries in APAC. Prior to that, Nishad was an economist for the U.S. Department of the Treasury, where he specialized in South Asian economies.
Nishad graduated from Syracuse University with degrees in journalism and economics, and holds a Master’s in International Affairs from Columbia University and a Master’s in International Political Economy from the London School of Economics.
Michael Foley, Vice Chairman, Asia Pacific, is a senior member of the Moody’s Investors Service Regional Management team. Based in Singapore, Mr. Foley is also on the Board of Directors of ICRA Limited, a leading credit rating agency in India and a Moody’s affiliate. In his prior role as Managing Director, Global Financial Institutions, he was responsible for Moody’s Banking, Insurance and Managed Investment rating businesses in the Americas, EMEA and Asia. Mike joined Moody’s from the Board of Governors of the Federal Reserve in Washington, D.C. where he was the Senior Associate Director of Banking Supervision and Regulation from 2008 until 2012. While at the Federal Reserve, he managed a group responsible for the supervision of large, complex domestic and foreign banking organizations regulated by the Federal Reserve.
Prior to his role at the Federal Reserve, Mike spent 14 years at Moody’s in a number of roles. His last position, in 2007, was Managing Director, Fundamental Business Management. From 2002 to 2006, Mike was Managing Director, Regional Head for EMEA, where he had responsibility for Moody’s offices in Europe, as well as for Moody’s affiliate relationships, and matrix responsibility for EMEA ratings and research activities. From 1997 to 2001, Mike was a Managing Director in Corporate Finance managing ratings for telecom, media and technologies, energy, utilities, healthcare and basic industries. He was also a Managing Director in Finance, Securities and Insurance from 1996 to 1997 and a Vice President in the Financial Institutions Group from 1993 to 1996.
Before Moody’s, Mike worked at KPMG Peat Marwick and the Federal Reserve in Washington, D.C.
As President of Ratings, Ramnath Krishnan is responsible for driving strategy at ICRA Limited, the Group’s ratings business, strengthening analytical capabilities, providing thought leadership and managing client relationships. Over the course of his 33-year long journey in banking and finance, Krishnan has proved his leadership in successfully managing large teams building businesses across geographies. Prior to ICRA, Krishnan was the Chief Risk Officer at RBL. Prior to that he was with HSBC, for 23 years, where he had held senior positions in wholesale banking, private banking, investment banking and risk management, in India and overseas.
Krishnan is an Economics Graduate from Loyola College, Chennai. He is a Chartered Accountant from The Institute of Chartered Accountants of India and a Cost & Works Accountant from the Institute of Cost & Works Accountants of India.
Michael Foley, Vice Chairman, Asia Pacific, is a senior member of the Moody’s Investors Service Regional Management team. Based in Singapore, Mr. Foley is also on the Board of Directors of ICRA Limited, a leading credit rating agency in India and a Moody’s affiliate. In his prior role as Managing Director, Global Financial Institutions, he was responsible for Moody’s Banking, Insurance and Managed Investment rating businesses in the Americas, EMEA and Asia. Mike joined Moody’s from the Board of Governors of the Federal Reserve in Washington, D.C. where he was the Senior Associate Director of Banking Supervision and Regulation from 2008 until 2012. While at the Federal Reserve, he managed a group responsible for the supervision of large, complex domestic and foreign banking organizations regulated by the Federal Reserve.
Prior to his role at the Federal Reserve, Mike spent 14 years at Moody’s in a number of roles. His last position, in 2007, was Managing Director, Fundamental Business Management. From 2002 to 2006, Mike was Managing Director, Regional Head for EMEA, where he had responsibility for Moody’s offices in Europe, as well as for Moody’s affiliate relationships, and matrix responsibility for EMEA ratings and research activities. From 1997 to 2001, Mike was a Managing Director in Corporate Finance managing ratings for telecom, media and technologies, energy, utilities, healthcare and basic industries. He was also a Managing Director in Finance, Securities and Insurance from 1996 to 1997 and a Vice President in the Financial Institutions Group from 1993 to 1996.
Before Moody’s, Mike worked at KPMG Peat Marwick and the Federal Reserve in Washington, D.C.
Deborah Tan is an Associate Vice President within Moody’s Credit Strategy and Research Group. Based in Singapore, she leads Moody’s thematic research for India, Southeast Asia and Australia with a focus on producing forward-looking macro-credit insights and outlooks. Her responsibilities also include designing scenario analysis to test the resilience of Moody’s rating methodologies and assessing the impact of these scenarios. Prior to joining Moody’s in 2019, Deborah was a macroeconomist at BHP Billiton where she covered both India and the US and led the Group’s interest rate, FX and long-term growth projections for key markets. She has also worked at the Monetary Authority of Singapore and PWC. Deborah holds a master’s in Economics from the University of Cambridge and a bachelor of science in Economics from University College London.
Natasha Brereton-Fukui is Vice President – Senior Research Writer with the Sovereign Risk Group at Moody’s Investors Service, focused on the Asia Pacific region. Natasha is a passionate advocate of diversity in the workplace, and also serves as co-chair of Moody’s APAC Multicultural Employee Resource Group.
Prior to joining Moody’s in 2014, Natasha spent more than a decade in journalism, in Tokyo, London and Singapore. During nine years with Dow Jones Newswires and The Wall Street Journal, she covered central banks’ responses to the global financial crisis, Group of 20 efforts to boost long-term investment financing, negotiations on the Trans-Pacific Partnership trade agreement, and Myanmar’s economic liberalization, among other topics. She was named “Journalist of the Year – Investment (Online/ Wires)” for her coverage of the Bank of England’s adoption of quantitative easing in the 2009UK Institutional Press Awards.
Natasha holds a BA in Chinese Studies (Hons) from the University of Oxford, and was a Daiwa Scholar from 2002-4.
Tanvee Gupta Jain joined UBS in April 2017 as Chief India Economist.
Prior to joining UBS, she was the Chief India economist for Macquarie Securities (2011-2017). Tanvee has covered the Indian economy for more than a decade and has built a franchise based on thematic research and comparing India's economy with those of other emerging markets. Earlier, she had worked with the top ranked India and Asia Pacific Economics team at Morgan Stanley (2006-11) and with India's largest private sector bank, ICICI (2005-06).
Tanvee graduated from the Hansraj College, Delhi University, India with a degree in Economics (Hons); she holds a Master’s degree in Economics from the Delhi School of Economics, India.
As Vice President & Principal Economist, Aditi Nayar leads Indian economic research at ICRA Ltd. Her focus areas include macroeconomic analysis and forecasting, policy assessment as well as fiscal analysis and debt sustainability at the sovereign and sub-sovereign level. She has been a part of several credit rating exercises for sub-sovereign debt in India, including debt raised by state governments, state-owned entities spanning sectors such as irrigation, power, industrial and infrastructure development, pooled finance entities raising funds for urban infrastructure, as well as urban local bodies.
Aditi has an overall work experience of 15 years out of which 13 years have been in the present role. Previously she has had a stint with the World Bank as a research analyst where her focus was on fiscal and macroeconomic issues. Aditi has been named as one of the top forecasters of India by Bloomberg in the past.
Aditi has an M.Phil. degree in Economics from the University of Oxford and a Bachelor's degree in Economics and Psychology from Indiana University, Bloomington.
Gene Fang is an Associate Managing Director in the Sovereign and sub-sovereign Ratings Group in Asia. Based in Singapore, he manages the team that is responsible for sovereign credit ratings in the Asia Pacific region. Before joining Moody’s, Gene worked as an investment banker, covering financial institutions for J.P. Morgan and Citigroup in Hong Kong and Singapore. In this role, he managed client relationships across Asia and advised on debt, equity, and M&A transactions. Gene graduated from Columbia University in political science. He also holds an MBA from Harvard Business School and a Master in Public Policy from Harvard University’s Kennedy School of Government.
Brian Cahill is Managing Director, Global Head ESG for Moody’s Investors Service. In his role, Brian leads Moody’s strategy for the incorporation of Environmental, Social and Governance factors - including climate risk - into credit ratings, analytics, research and outreach. He has responsibility for ensuring that Moody’s is at the forefront of meeting this growing market need from investors, issuers and other important stakeholders. Brian has more than 24 years of credit experience at Moody's and has coordinated the MIS ESG initiative since 2014 building a strong platform for analytics, research and outreach in respect of ESG.
Brian has held various senior analytical and management positions with Moody’s. He joined the company in 1996, working first in Structured Finance and then Corporate Finance. He was regional head of the Asia Corporate Finance franchise from 2002 to 2020. In addition, he led the Asia project and infrastructure team from 2002 to 2018 and the Asia financial institutions team from 2009 to 2016. He was country manager for Australia from 2005 to 2009.Prior to joining Moody’s,
Brian practiced as a lawyer in London, New York and Sydney. He received an MA and Master of Law from St. John’s College, Cambridge University.
Nishad Majmudar is an Assistant Vice President and Analyst within Moody’s Sovereign Risk Group. Based in Singapore, Nishad covers a portfolio of sovereign credits across Asia-Pacific and writes thematic research on environmental, social and governance (ESG) issues in the region.
Before joining Moody’s in 2020, Nishad was a risk officer in Wells Fargo Bank in Singapore, responsible for setting internal credit ratings for countries in APAC. Prior to that, Nishad was an economist for the U.S. Department of the Treasury, where he specialized in South Asian economies.
Nishad graduated from Syracuse University with degrees in journalism and economics, and holds a Master’s in International Affairs from Columbia University and a Master’s in International Political Economy from the London School of Economics.