new delhi cii president sanjiv bajaj who is also the cmd of bajaj finserv believes that the svb crisis will have a limited impact on india and suggests that the time has come for the rbi to chart its own interest rate trajectory independent of what other central banks do excerptshow do you see the svb issue impacting indian financial startup sectorsquick action has been taken by the us government to stop any contagion effect by protecting all depositors while also ensuring that taxpayer money is not used for it that itself would provide confidence to the market near term i believe action has been taken and now suitable buyers will come on board it also brings about the question that overdependence on any one entity is not good for the longterm and that kind of resilience needs to be built in any system so that we can avoid these kinds of shocks in the future as far as india is concerned our startup ecosystem some of them have deposits thats protected now i dont see any major impactwill there be a demand now from industry for domesti callyled financial institutions to fund the sectorthere is clearly the opportunity for doing that and already there are many lenders in the private space given the scale startups will keep growing it requires a discussion to say what is an enabling institutional mechanism that you create for a very long time we will need a significant amount of foreign capital so how do you provide a right viable longterm pathway for them to earn a reasonable return in a growing country like india we need to channelise our domestic savings also into productive longterm purposes because if it only goes into gold and real estate it gets locked down if that money goes into safe financial products for the long term it has a multiplier effect on the economy and two of the biggest sectors are pension and insurance which attract longterm money and which can make long term investmentwhat is the view on the angel tax issuethe government has been very proactive in promoting the twin agenda of ease of doing business and encouraging foreign investment we urge the government to reconsider amendment to introduce angel tax on consideration received from nonresidents in excess of face value of shares as proposed in this years budget this will encourage continuity of foreign inflows to startupsnow we have the svb shock and the adani issue do these shocks pose a risk to economic recoverythe indian economy is large and diversified enough not to be impacted by any local challenge that comes up it is also true that nobody can envisage and act in advance of every possible challenge that will come up but what the svb action has shown from the government side or over here with adani group their own action has shown is that when a challenge comes how quickly you address in dissipating the challengeis there a slowdown in