The number of taxpayers has increased from four crores to six crores. That is quite an achievement. Earlier, people did not want to pay their taxes! GST has also increased efficiency in the business and movement of goods from one State to another. Everything takes time. But a good beginning has been made.
The gentle, soft-spoken and modest Nilesh Shah, the managing director of Kotak Mahindra Asset Management Co Ltd, was in Doon valley on Thursday to participate in “She Talks” organised by FICCI Ladies Organisation.
It was his first visit to Dehradun and he was rather happy to be here. As he arrived in the valley this morning, he spoke exclusively to The Pioneer about the purpose of his visit and expressed his views on various financial matters.
He said he would be delivering a talk at the session focused upon financial empowerment for women here. With his twenty five-year long experience in the capital markets and market-related investments, he was one of the most apt experts to address this FICCI Flo event.The session was being held in association with Kotak Life and Balaji Investment and Consultants.This is what the financial expert had to share:
Why do you think there is a need to focus on the financial empowerment of women?
It is greatly needed as I belive that women have better mental ability to manage money.
They must be in a position to do that. Mostly, we see that their money matters are seen to by their husbands or sons.
Once women begin playing an important role in managing their money, things will change for the better. Financial freedom can give us the ability to pursue other activities and excel at them. It can change our way of life.
It is important that women learn to be part of the formal investment sector.
What do you specifically have in mind for Uttarakhand?
Uttarakhand is not as developed as Maharashtra or Gujarat. It has a lot of potential that has yet to be converted into performance.
Economic opportunities are not many here, thus money management assumes a far greater importance. People should understand how to invest their money wisely to get maximum returns.
How far have things changed from the traditional ways of investment?
We have always been a country of great savers but not of great investors. Fixed deposits, buying property and gold have been very popular as means of investment in our country.
However, now a beginning has been made and the trust factor in mutual funds etc is becoming stronger. In the next ten years, a major change will come about,
I believe. Awareness is steadily growing. More and more people need to be familiarised with the formalised financial system.
These days, there is so much information available on the internet.
Anyone who wishes to educate himself or herself in financial matters can easily do so. Of course, a lot of patience is needed!
What is your take on demonetisation and GST?
I feel that the positive effects of both these moves are now becoming evident. It was so important to bring savings into the banking system. Only a shock like that could have done it.
Now almost thirty three crore people are using Paytm. I recall that many years ago, I was in Nainital and ran out of cash.
This was a problem in those days. Today, you need not carry any cash at all. We have moved on quite a bit. Our mindsets are changing.
The number of taxpayers have increased from four crore to six crore.
That is quite an achievement. Earlier, people did not want pay their taxes! GST has also increased efficiency in business and movement of goods from one state to another. Everything takes time. But a good beginning has been made.
Would you be talking to the women of Dehradun about ways of managing money better?
Yes. I will be focusing also on the need to diversify the ways of investment. Most women invest in gold and this tendency must be checked and changed.
Maximum returns must be sought from one’s investment. The retirement plans for the older generation was dependence on their children.
However, in these times, proper financial investment is needed to be able to be secure after one retires.
The concept of security has changed and is changing. Everyone needs to be taking good care of his or her money. Wise investments are the need of the day.
Underprivileged women need to be focused on more and made aware of the need to manage their funds, however limited.
Financial wisdom can add value to one’s life. We must reach out to people from the middle class and the power middle class and speak to them in a language they can easily understand. They need to be included in the formal investment sector.