30TH NOVEMBER 2008 - GLOBAL ECONOMIC CRISIS
The meeting was chaired by CA Vikash Baid. The meeting was an interactive session providing basic idea and knowledge about Global Financial Crisis and the Global Meltdown. It was more of a discussion than a presentation. YP Shobhit Lakhotia started the proceedings. The meltdown was compared to the Great Depression. He explained it was a widespread and global crisis. The prime reason was explained as Sub-prime crisis. He traced back the slide to June 2004 when the Federal Reserve (USA) raised interest rates raising cost of borrowing. He threw light on the current events which brought New Century Financial, Merill Lynch, Bear Stearns, Lehman Brothers in the news but for gloomy reasons. YP Shobhit shared his detailed week-by-week analysis of the turmoil and the events which unfolded therein. This was followed by the Impact of the Global events on India. India is not delinked with the world and holds a pivotal position in the current global economy. Impact on various sectors viz. Financial Services, Real Estate, Infrastructure, IT was highlighted. The lessons learnt and road ahead was pointed out.
The document was appreciated by CA Vikash Baid and was described as a well researched one. He gave his inputs on how to improve the presentations. He shared some of his facts on views on the topic. He explained the Dollar-Rupee relationship, impact of inflation, difference between aggression and recklessness. He explained the main reasons and causes of sub-prime crisis. He spoke on Bear Stearns and AIG example and the real cause of downfall. To end on a positive note he briefed the forum on the positives in the dark time from Indian perspective - a strong regulatory body, a pro-active government, favorable demography and a strong local demand of over 1.1 billion populated economy.
YP Mohit Jain, YP Rohit Biyani & YP Lokesh Chandak gave their contributions and shared their bits of facts and figures with the members.
The meeting concluded with the selection of topic for the next week. It was decided to discuss on the recent buzzword “IFRS – An overview”. It was decided that YP Rahul Chowdhary would start the discussion and views will be shared by all the members. On a proposal being raised by YP Neha Dhanuka, it was also agreed to keep two topics for every meeting, one on technical matter and the other on general matters. Accordingly the second selected topic was “How YP’s plan to utilize the next 9 months (remaining articleship period)”
It was also repeated that the meeting are scheduled to be on every Sundays at “Elliot Park” and members need not be communicated of the next meeting date unless any change was planned or scheduled.
The document was appreciated by CA Vikash Baid and was described as a well researched one. He gave his inputs on how to improve the presentations. He shared some of his facts on views on the topic. He explained the Dollar-Rupee relationship, impact of inflation, difference between aggression and recklessness. He explained the main reasons and causes of sub-prime crisis. He spoke on Bear Stearns and AIG example and the real cause of downfall. To end on a positive note he briefed the forum on the positives in the dark time from Indian perspective - a strong regulatory body, a pro-active government, favorable demography and a strong local demand of over 1.1 billion populated economy.
YP Mohit Jain, YP Rohit Biyani & YP Lokesh Chandak gave their contributions and shared their bits of facts and figures with the members.
The meeting concluded with the selection of topic for the next week. It was decided to discuss on the recent buzzword “IFRS – An overview”. It was decided that YP Rahul Chowdhary would start the discussion and views will be shared by all the members. On a proposal being raised by YP Neha Dhanuka, it was also agreed to keep two topics for every meeting, one on technical matter and the other on general matters. Accordingly the second selected topic was “How YP’s plan to utilize the next 9 months (remaining articleship period)”
It was also repeated that the meeting are scheduled to be on every Sundays at “Elliot Park” and members need not be communicated of the next meeting date unless any change was planned or scheduled.
