In this session, analysts from Moody’s and ICRA will discuss the highlights of India’s 2023 budget and what the government’s policies mean for the economy and credit quality.
Discussion Topics
- Can the budget support India’s growth in a worsening global economy with high inflation?
- Will the government retain its commitment to fiscal consolidation ahead of forthcoming elections?
- Can the financial system and private sector sustain strong momentum?
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SpeakersAditi Nayar Chief Economist, Head - Research & Outreach ICRA Limited
Christian de Guzman Senior Vice President, Sovereign Risk Moody's Investors Service
Natasha Brereton-Fukui Senior Vice President - APAC Lead, Research Content Moody's Investors Service
Abhishek Tyagi Vice President – Senior Credit Officer, Project and Infrastructure Finance Moody's Investors Service
Kaustubh Chaubal Senior Vice President, Corporate Finance Group Moody's Investors Service
Sweta Patodia Assistant Vice President, Corporate Finance Moody's Investors Service
Mohammed Ali Londe Vice President – Senior Analyst, EMEA Insurance, Moody's Investors Service
Srikanth Vadlamani Vice President – Senior Credit Officer, Financial Institutions Group Moody's Investors Service
Daniel Gan Analyst, Structured Finance Group Moody's Investors Service
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Aditi Nayar is ICRA’s Chief Economist and Head - Research & Outreach. She leads Indian economic, state finances as well as cross-sectoral 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 17 years, out of which 15 years have been with ICRA. 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.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Natasha Brereton-Fukui is Senior Vice President – APAC Lead, Research Content at Moody’s Investors Service. Natasha is a passionate advocate of diversity in the workplace, and previously served as co-chair of Moody’s APAC Multicultural Business Resource Group.
Before joining Moody’s in 2014, Natasha spent more than a decade in journalism, in Tokyo, London and Singapore, chiefly with Dow Jones Newswires and The Wall Street Journal. She was named “Journalist of the Year – Investment (Online/ Wires)” in the 2009 UK Institutional Press Awards for her coverage of the Bank of England’s adoption of quantitative easing.
Natasha holds a BA in Chinese Studies (Hons) from the University of Oxford, and was a Daiwa Scholar from 2002-4.
Abhishek Tyagi is a Vice President – Senior Analyst with Moody’s Project and Infrastructure Finance Group, based in Singapore. He covers companies in the port, airport and utility sectors in India and Southeast Asia.
Prior to joining Moody’s, Abhishek worked for eight years as an equity analyst with CLSA in Mumbai, covering Indian utilities and infrastructure companies. Previous positions also included an investment analyst at B&K Securities in Mumbai and a supply chain analyst with Tata Steel in Jamshedpur.
Abhishek holds an MBA from the Xavier Institute of Management, Bhubaneshwar and a Bachelor of Technology (Metallurgy and Material Science) from the Indian Institute of Technology (IIT) Roorkee.
Kaustubh Chaubal is a Senior Vice President with Moody’s Corporate Finance Group. Based in Singapore, he covers a portfolio of Indian and India-based issuers in the metals and mining (ferrous and non-ferrous), automobile, chemicals and pharmaceuticals industries.
Prior to joining Moody’s in 2015, Kaustubh spent eight years as a Ratings Advisor with Standard Chartered Bank in Singapore, the last two of which was as Head of ASEAN Ratings Advisory, while also covering issuers in the Middle East and Africa.
Kaustubh has also worked as a Senior Analyst at Standard & Poor’s India-based subsidiary, CRISIL, covering a broad array of industries including pharmaceuticals, building materials, chemicals, and investment holding companies. And, he has previously held analytical roles at ING Vysya Bank and Unit Trust of India Investment Advisory Services, as well as auditing roles at RM Ajgaonkar & Company and RD Samant & Company.
Kaustubh holds an MBA from The University of Chicago Booth School of Business and a Bachelor of Commerce from Mumbai University. He is also a Chartered Accountant with the Institute of Chartered Accountants of India.
Sweta Patodia is an Assistant Vice President in the Moody’s Corporate Finance Group. Based in Singapore, Sweta covers a portfolio of oil and gas and IT companies in India and real estate investment trusts in South East Asia. Sweta joined Moody’s in 2014 as an Associate Analyst. Prior to joining Moody’s, Sweta worked as a Credit Analyst for over three years at HSBC in Kolkata. Sweta is a Chartered Accountant, Company Secretary and a CFA charter holder.
Mohammed Ali Londe is an Vice President – Senior Analyst within Moody’s Insurance Group, based in Dubai. He is responsible for Moody’s insurance ratings in the Middle East. Prior to joining Moody’s in 2013, Mohammed worked in the Planning and Performance Management department of Zurich International Middle East. Mohammed’s past experience also includes working with Chartis Middle East (AIG) and as an auditor, within the insurance department of Deloitte Bermuda where along with performing numerous insurance and reinsurance audits, he was seconded to work with Endurance Specialty Insurance Ltd.Mohammed Ali holds a BSc from Oxford Brookes University, UK.
Srikanth Vadlamani is a Vice President – Senior Credit Officer for the Financial Institutions Group in Asia. Based in Singapore, he is primarily responsible for the credit ratings of banks and finance companies in India, Indonesia and Sri Lanka.
Prior to joining Moody’s, he was a Director in Daiwa Securities’ research department in Singapore, where he was responsible for the coverage of banks in the ASEAN region. He has also worked for other investment banks, including J.P. Morgan, Lehman Brothers and Nomura, where he covered banks and other financial institutions in India, Southeast Asia and emerging Europe.
Srikanth holds an MBA from the Indian Institute of Management, majoring in Finance and Economics.
Daniel is an Analyst in the Structured Finance Group. Based in Singapore, Daniel is responsible for analysing the credit quality of securitization and covered bond markets in South and South East Asia. He is also responsible for monitoring the latest legal, regulatory, and market developments of securitization in the region, authoring research and conducting outreach to the market.
Prior to joining Moody’s in 2022, Daniel was a Lead covering Asian project finance at Infrastructure Asia, where he managed relationships and undertook due diligence to originate infrastructure projects. Before that, he was a Vice President of strategy and research, covering the Asia-Oceania region at MUFG Bank for five years.
Daniel holds a Master of Science degree in Project Management (Specialisation: Project Finance) from the National University of Singapore and Bachelor of Engineering in Mechanical Engineering and Bachelor of Commerce in Finance from University of New South Wales.