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...BANKING HUB-2040.......

India may become world’s 3rd largest banking hub by 2040

ENS ECONOMIC BUREAU
Domestic credit will grow to $23 trillion in 2050, driven by growing middle class and private banks gaining market share ........

MUMBAI, JUNE 26: India is pegged to take the third place as a banking hub after China and the US by the year 2040 as banking sector growth in the major emerging economies of the world would outstrip that in the developed nations before 2050, a report said. The banking sector will grow significantly faster than GDP in the E7 group of emerging economies, consisting China, India, Brazil, Russia, Indonesia, Mexico and Turkey, according to a projection by accounting firm PriceWaterhouseCoopers.

Domestic credit in China alone may overtake Britain and Germany by 2010, Japan by 2025 and the United States by 2050, while India may be the third biggest domestic banking market by 2040, it said. Bank profits from seven of the biggest emerging markets could outstrip the sector’s profits from the current seven leading industrial nations or G7 — the US, Japan, Germany, the UK, France, Italy and Canada — by 2050, the firm said in its report Banking in 2050: How big will the emerging markets get?.
India may rise from the relatively low levels today to emerge as the third largest domestic banking market in the world by 2040 and in the long run it may grow faster than China, the report said. “China will continue to grow somewhat faster than India over the next 5-10 years but after that, Chinese growth will be held back by its rapidly ageing population and diminishing returns to its investment-led strategy,” PwC executive director Jairaj Purandare said.
The new report also forecasts that domestic credit in India would grow to $23 trillion in 2050 from $0.4 trillion in 2004, driven by the growing middle class in cities and private banks gaining market share in the state-run dominant industry. “M&As will encompass consolidation activity “in-market’ as local banks acquire one another, foreign banks enter E7 markets and banks from the E7 expand internationally through acquisitions,” said Nick Page, partner at PwC.
The report examines the possible changes in the scale of the banking sector till 2050 and highlights the pace of change, along with challenges for banks the world over. The projections in the report are based on an analysis of developments in the G7 and E7 since the 1950s. The PwC report said that the E7 banking markets would become more important than ever before in the global banking sector and those institutions, which do not develop strong positions in these markets, would find it difficult to maintain a healthy growth rate in assets and profits.
Continued high levels of deal activity in the E7 markets are expected, although with normal short-to-medium-term cyclical variations over time. Mergers and acquisitions would take place in the sector, with local banks acquiring one another, foreign banks entering the E7 markets and vice-versa, the report said. The E7 markets are relatively high risk, which may be mitigated by making long-term investments in a broad portfolio of emerging banking markets, PwC concluded in the report.
refered from http://www.indianexpress.com/story/202753.html

NIT

NIT(NEW INFORMATION TECHNOLOGY)

Chief Conference Organizer

Dr. Ching-chih Chen, Professor and former Associate Dean of the Graduate School of Library and Information Science, Simmons College, Boston is a sought- after consultant and speaker to over 30 countries. The author/editor of more than 29 books and author of over 150 journal articles, in areas of new information technologies -- multimedia technology, digital imaging, interactive videodisc technology, global information infrastructure, information management, and information resources, etc., she was the founding Editor-in-Chief of Microcomputers for Information Management (1984 – 1996), and produced the award winning interactive videodisc and multimedia CD entitled The First Emperor of China. For her expertise in the cutting-edge multimedia and optical technologies, and well as the use of Internet and World Wide Web for information sharing, she has served as consultant to many international organizations, including UNESCO, World Health Organization, World Bank, Soros Foundation, USIA. In the last 10 years, she has been advocating the global digital library concept by linking libraries and museums all over the world together, and this Global Digital Library Initiative has helped the development of digital libraries in numerous countries. Currently she is leading a major International Digital Library Project of the U.S. National Science Foundation, CMNet (Chinese Memory Net): US-Sino Collaborative Research Toward Global Digital Library in Chinese Studies, and is a consultant of numerous major digital library projects in the world, including the Tsinghua Digital Library Program.
A Fellow of the American Association for the Advancement of Science, President Clinton appointed her, in February 1997, to his President's Information Technology Advisory Committee (PITAC), by a new Presidential Executive Order. She is co-chair of the PITAC Subcommittee on International Issues, and a member of the PITAC Subcommittees on Next Generation Internet (NGI), IT*2 Initiative Review, and Digital Library. She also chairs the PITAC's activity on Digital Divide for Smaller Institutions.
Since 1987, Dr. Chen has been Chief Organizer of a series of 11 New Information Technology (NIT) conferences in many parts of the world -- Bangkok ('87), Singapore ('89), Guadalajara, Mexico ('90), Budapest ('91), Hong Kong ('92), Puerto Rico ('93), Alexandria, Virginia ('94), Riga, Latvia ('95), Pretoria, South Africa ('96), Hanoi, Vietnam ('98), and Taipei ('99) -- helping to bring NIT to many developing countries. The outcome of NIT '94 is her groundbreaking book, Planning Global Information Infrastructure. More information on NIT Conferences can be found in the 1998 published Message from the Chief Conference Organizer".
Active in professional associations, she has been the three-term Council-at-Large and Presidential Candidate (1996) of the 58,000-member American Library Association (ALA), the Director of the Board for American Society for Information Science (ASIS), and Library Information Technology Association (LITA) in addition to many committee responsibilities of ALA, ASIS, LITA, AAAS, etc.
She is a recipient of many major awards, including the ASIS' Outstanding Information Science Teacher Award (1983), the Distinguished Alumnus Awards from University of Michigan (1983) and National Taiwan University (1984), the LITA/Gaylord Award for Achievement in Library and Information Technology (1990), LITA/Library Hi Tech Award (1994), the Humphry Award (1996), the first ALISE Pratt-Severn National Faculty Award in Library and Information Studies (1997), and the Educator Award from Case Western Reserve University (1999). In recognition of her academic achievement, president Da-Zhong Wang appointed her as the guest professor of Tsinghua University in August 1999. She was also elected since 1985 as Fellow of the American Association for the Advancement of Science.

refered from http://web.simmons.edu

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