The Global Financial Meltdown – an analysis by Mr. Anish Wig

The last four weeks have changed the world’s financial market forever. No one had even thought that Banking industry giants like Lehman Brothers and Washington Mutual will become history. Everybody is now thinking where this credit crunch will lead to and what will be its impact on jobs, salaries, interest rates, and availability of credit.

To address students' understanding of these problems, and clear various doubts, Proton conducted an in-depth session on “The Global Financial Meltdown”. The Expert Speaker for the same was Mr. Anish M. Wig (CEO, ICFP). He is an eminent banking industry professional, with a rich experience of 18 years in the banking industry and has served Merrill Lynch, Deutsche Bank and Credit Suisse.

According to Mr. Wig - “For the last 20 yrs the world has not faced such a dire situation and this is the basic reason that people are unable to adjust with the prevailing conditions. Opportunities are still there, they just need to be identified. The current situation demands leadership in crisis. The world needs specialists, not generalists."

Several questions were posed to him by inquisitive Protons. On a question about its impact on India and what strategy we should adopt he replied - “India is a fast growing economy having a population of 120 crores and a GDP growth of over 8%, alongwith a conservative banking system... making us safe from such immediate downfalls. The recession will have its impact on Indian economy which could be minimized by increasing the domestic trade and trade with the ASEAN and SAARC countries”.

It was a great learning experience where students got core knowledge about the current global financial crisis. After enlightening the students, Mr. Wig attended a press meet where he answered various questions raised by the journalists.