The Russia-Ukraine conflict has no material impact on the ongoing investment cycle in India, says Sanjiv Bajaj, president, CII. “There will be a rebalancing of capital flows since the liquidity is being cut and the rates are going up. But capital will always be available for quality opportunities,” says Bajaj.

According to him no country in the world developed just by relying on foreign capital. “We must also encourage channelising the domestic household savings into financial assets. Then making sure those financial assets are used to build our economy. We should encourage individuals to save incrementally more in financial assets,” he says.

He cites the example of how the insurance money is being used all over the world as long-term funding to build infrastructure projects and support start-ups. “The insurance industry has recommended some tweaks in the insurance act. As we bring about some of these changes, the domestic capital will also increasingly play an import role in supporting the country in its capital requirement,” he adds.